Beneva: building a foundation for growth
Three pre-merger systems have been replaced with one
Integration of systems after the coming together
The new system can manage five times more records
Ability to scale up with increased business volume
Highly future-proofed system
Allowing business growth by enabling future cloud implementation
“The new system is ideal for our growing business. GFT’s experts were particularly helpful in challenging some of our plans and suggesting new approaches that would better serve our goals.”
Beneva was created in 2020 following the coming together of La Capitale and SSQ Insurance. The new company faced a sizeable challenge as it needed to integrate mission-critical systems and processes from two separate organisations with similar business goals, but different technological approaches.
SSQ Insurance's systems were founded on Guidewire InsuranceSuite. While this had successfully supported SSQ Insurance's needs, these systems were not ready to accommodate the much greater volume of business and process complexity that La Capitale would bring. Equally, La Capitale’s custom-built systems were limited in terms of how much they could evolve to meet the needs of the new company.
Beneva also wanted to be able to migrate to the cloud in the very near future, to take advantage of the flexibility and additional capabilities that cloud offers, such as the ability to scale up with increased business volume.
GFT is working closely with Beneva on a three-year partnership to identify and analyse the organisation’s needs and opportunities to implement the Guidewire platform in line with the target operating model for the new company.
At its largest point, more than 60 GFT experts were working on the project to migrate Beneva’s systems to Guidewire ClaimCenter, PolicyCenter and BillingCenter. As well as working with Beneva throughout the whole process, including analysis, development and QA, GFT provided strategic advice before the project. GFT also contributes advice on architecture design and ensures that third party systems in the Guidewire ecosystems are effectively integrated.
Beneva chose to work with GFT due to the successful relationship and high level of trust it had built with SSQ Insurance during its previous implementation, as well as GFT’s Guidewire expertise and its deep experience in the insurance sector.
After the coming together, a single system for the new company was implemented which will ultimately replace three previous systems. This reduces the amount of user training required, contributes to employee satisfaction as one system is easier and simpler to use, and frees up staff to focus on higher-value activities such as client relations rather than admin. It also lowers maintenance expenses and increases efficiency, which is particularly beneficial at a time when many companies are facing labour shortages. Naturally, change management was required when the new system came in, and the teams supported employees through this change.
GFT’s knowledge and experience of both the Guidewire technology and the Canadian insurance sector give it a unique ability to advise Beneva on its business strategy and to plan around future features and market trends. It has provided impartial advice on navigating the complexities of a merger through the implementation of Guidewire and has used its expertise to challenge approaches and processes that are not best suited to the new company’s operations. For example, it has helped Beneva move to a new Agile methodology by challenging the existing delivery model and advising the company on how this could be adapted to better meet its needs.
GFT is helping Beneva leverage the out-of-the-box functionality of Guidewire, instead of excessive customisation. This allows Beneva to reduce TCO and to realise the true power of the Guidewire implementation, so that it evolves with the company and that new functionalities and technologies can be harnessed as they are developed.
The new system can manage five times more records than the previous one, supporting Beneva’s need to accommodate a significantly greater volume of business. The system is highly future-proof, as it offers automation options, can be integrated with third party partners, and provides a foundation for the organisation to move to the cloud once the implementation is complete.
With $26.8 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry. Its head office is located in Quebec City.