SKF supports the entire insurance process

SKF has been a global technology provider since 1907. SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services. SKF is represented in more than 130 countries and has around 15,000 distributors worldwide. Annual sales in 2013 were SEK 63,597 million and the number of employees was 48,401.

SKF Reinsurance AB is responsible for all insurance issues within SKF including leading the important loss prevention work.

Klas Iloson, Managing Director at SKF Reinsurance, describes the assignment:

“The challenge is to get a full understanding of the international environment of SKF’s operations. It requires complete and correct information in combination with professional advice in processing and analyzing the information. A basis for an equivalent treatment is to have the same system within the whole company. Each unit should be able to take note of and understand the information that affects them.”

Since 2010 SKF Reinsurance uses INSMAN to support the entire insurance process, issuing of insurance policies, renewal, invoicing and claims handling. Before SKF used three separate systems to handle the different steps in the process. The goal of implementing INSMAN was a complete system for the full process.

Klas Iloson continues:

”When implementing the insurance system from iFACTS, it was important that the internal audit requirements were fulfilled. Among other things, the IBNR calculations were integrated into the system. We also get support from iFACTS’ software in the work with the Solvency II regulations. The claims handling work was substantially improved by moving from 3 systems to 1.”