Customer Story

NH NongHyup Life Insurance

Korea’s largest mutual insurance company for the agricultural and livestock industries, NH NongHyup Life Insurance, is completely dedicated to well-being and financial security for the families of its millions of policy holders. That dedication includes adhering to the insurance industry’s highest actuarial accounting and financial management standards.

In the midst of application development efforts to meet the new IFRS 17 regulatory standards, the IT team responsible for NH NongHyup Life Insurance’s Actuarial Accounting applications was struggling with a problem that was seriously impacting current operations. The company’s actuarial systems were hosted on the same IBM AIX servers as many of its other core business applications and databases. The highly complex actuarial processing was demanding excessive system resources, resulting in unacceptable operational delays for all the applications.

Working together with an eye toward the future, NH NongHyup Life Insurance found a way to solve today’s systems overload problem with a solution that will also provide a strong foundation for their IFRS 17 development projects.

In the midst of application development efforts to meet the new IFRS 17 regulatory standards, the IT team responsible for NH NongHyup Life Insurance’s Actuarial Accounting applications was struggling with a problem that was seriously impacting current operations. The company’s actuarial systems were hosted on the same IBM AIX servers as many of its other core business applications and databases. The highly complex actuarial processing was demanding excessive system resources, resulting in unacceptable operational delays for all the applications.

The decision was made to build out a new, dedicated IBM AIX system to host the actuarial applications and their associated databases. To make this possible, it was going to be necessary to move and integrate huge volumes of data from multiple existing systems and databases. The team worried that burdening the existing systems with even more workloads for the migration effort would only make their problems worse.

NH NongHyup Life Insurance