Database Dev for LTC Insurance Platform
Please find under a summary covering project details and feedback. The innate facts are kept as they are, private information is amended.
A fast induction on the buyer’s organisation
I work with an investment controllership structure that sells life and mortgage insurance.
What challenge were you trying to address with Waypoint Consulting?
Financial reporting standards demand companies to educe methodologies to estimate expected credit losses for their asset investment portfolios. As we were implementing new financial instruments for US Gap and International Financial Reporting Standards (IFRS), we hired Waypoint Consulting to educe a enduring solution.
What particular tasks were
Coding in Sequel, Waypoint Consulting educeed a database and automated IT tool that allowed us to execute processes, engender results, and prepare a solution that met set standards.
There is a big quantity of historical credit loss data that needs to be brought into the process. Developing the processes to fetch that data in and then engender the specific components of the expected credit loss estimation, and the educeed estimation steps of fetching in appropriate data on our asset positions, and then applying the credit loss estimation components to our data to then engender results.
Facilitating the project, they brought in subcontractors to fix that specifications and policies were in accordance with the standards. Working with our inner IT team, they worked to educe the technical specifications and documentation.
Was there a dedicated team?
Our project ruler and ruler were our two key contacts. Though, our IT team works closely alongside their educeers as well.
How did you come to work with Waypoint Consulting?
When we began looking with labor preparers to associate with, Waypoint Consulting was able to prove how they would meet our firm deadlines. Their power to combine both their expertness set and then also fetch in the appropriate subcontractors was very permissive. Compared to the alternatives, their cost point was very good.
We felt veritably good almost having them work alongside us throughout the process, and we were excited almost being implicated in their everyday educement process. Having that intimate working relationship with them was a veritably big plus. Additionally, they are able to handle and maintain the database going advanced.
What are you access expents (if diclosed)?
The project itself has cost almost $1.8 million, but we also spent almost $250,000 on gap analysis.
What is the terminal result of working with
We began working unitedly in June 2018, and the project is ongoing.
What evidence can you share that proves the contact of the engagement?
We’ve had independent parties assess the standard, comparing the standard’s result to theirs. The first goal of these exercises has been to make sure they’re snug and suit with the access. Both our inner risk team and an outer firm have had lucky results.
How did Waypoint Consulting accomplish from a project handlement standpoint?
Our timeline is very firm, but they’ve consistently delivered results based on the schedule we prepared. We adjoin via phone, Slack, and JoinMe.
What is (from your point of view) the key factor to pay observation while intercourse with
They’ve been helpful and hardworking throughout the project. When they see issues, they always take the lead, working through the challenge to help us find a solution and meet our goals. The workload has been challenging at times, but they',re always ready to put in the extra effort, working pliant overtime to meet our deadlines.
What aspects of their work would you like to get improved?
We could have conducted additional gap analysis, but their team remained pliant and was quiet able to make changes within the existing budget.