Management and technology consultancy BearingPoint supported the insurance firm in choosing and implementing SimCorp Dimension
Frankfurt, November 18, 2013 – WAVE Management AG, Asset Manager of VHV insurance group with more than €14 billion euros of assets under management, has, with support of BearingPoint, successfully adopted and implemented a new investment management system - SimCorp Dimension.
The Hanover, Germany based company will use SimCorp Dimension to manage its entire capital investments, and will also be able to review externally managed public or special funds. SimCorp Dimension provides capital investment data, as well as the risk calculations needed for Solvency II requirements of pillar 1 and 3. It is used specifically for Portfolio Management, Compliance, Risk Management and Reporting, connecting to the existing SAP back-office.
Management and technology consultancy BearingPoint developed and managed the project for more than two years from proof-of-concept through to the detailed planning and implementation phase, focusing specifically on the areas of quality, test, change and risk management. Central to the project, was BearingPoint’s ability to provide expert advice and support for the realization of Solvency II requirements. Dr. Lars Rothe, Member of Board of Directors, WAVE Management AG, VHV group, commented: “BearingPoint impressed us with their highly qualified advisory team and support during our asset management software selection and implementation. They enabled us to take the management of our capital investments to a new level.“
Best Practice for all companies operating in insurance, banking and asset management
This project is an excellent example for companies in the insurance, banking and asset management sector managing system selection and implementation processes. Especially for the proof-of-concept, the market and vendor know-how of BearingPoint in relation to industry solutions, best of breed and cost structures were a critical success factor. These factors allowed a shortening of the selection process without loss of quality. This was also reflected in an application-based project implementation, in which not only functional requirements, but also the technical aspects have been considered. Finally, the proven quality and test management within the system implementation enabled a successful project completion.
“The implementation of new IT architectures is very complex. It requires precise project planning and execution. A detailed specification of all relevant functions, processes and data, and their realization by means of suitable test environments as well as the execution of a standards-based quality and test management are critical for a successful implementation“, said Dr. Rolf Meyer, Partner at BearingPoint and insurance leader in Germany.
“For this reason, at our VHV project we have followed an approach which was proved and standardized by BearingPoint, allowing a transparent and result-oriented system implementation. With this, we have worked hand in hand with our client from analysis to successful roll-out”, added Thomas Seibel, Senior Manager at BearingPoint.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our 3350 people, together with our global consulting network serve clients in more than 70 countries and engage with them for measurable results and long-lasting success.
For more information, please visit: www.bearingpoint.com