At the end of 2019, Hanwha Life obtained a license to use Silvermoon’s LUNOS software as the basis for their ‘Next Generation Core Insurance System’. Hanwha’s strategy was to obtain a new, more modern platform to completely replace their previous Insurance Administration System.
One of the most important aspects for Hanwha was to have control over the project. Extensions to LUNOS and any specific logic based on the LUNOS Core components always vest with the client, never with Silvermoon. Also, LUNOS clients can add to the LUNOS EXT by themselves without requiring Silvermoon’s assistance. This gave Hanwha the assurance that they would be able to add any required functionality into the system without ever being locked into what Silvermoon could provide.
Before embarking on the project, Hanwha verified with Silvermoon whether the architecture of LUNOS would indeed enable Hanwha’s envisaged new Core Insurance System to support all required business logic. During this verification Hanwha and Silvermoon went through a large set of functional use cases to ensure that all requirements could be met.
Another box Hanwha needed to tick before proceeding with Silvermoon was the one of product flexibility. This is a traditional requirement in insurance companies and is solved in different ways by Insurance Software providers. Silvermoon’s approach is to represent the product definition using a Product Model which represents an insurance product entirely in data. Once the product is published in LUNOS, the Product Model serves as metadata for policy management. This is fundamentally different to parameterisation. Where a parameter-driven system is limited in functionality to what the designer had in mind, with the Silvermoon approach there are no such limits. This was important for Hanwha as they needed to support several hundreds of different insurance products and versions thereof.
With all this checked, Hanwha was now ready to embark on their project in early 2020…. And then Covid struck. Having to accommodate working from home didn’t make the project delivery easier but still, Hanwha was able to deliver all required functionality and do a full data migration of their portfolio of 11 million policies before the end of September of 2022. The success of this project would not have been possible without the hard work and dedication of everyone involved at Hanwha Life, and they deserve congratulations for their achievement.