UNDERWRITING WORKBENCH OPTIMISATION
In 2023, leading low code tech provider Netcall PLC approached FUSE to help them enter the market for insurance underwriting workbenches. FUSE helped Netcall identify key underwriter use cases, build a proof of concept and then present this to clients in the London market.
An underwriting workbench is a low code layer of easy to maintain tech that integrates with multiple applications in an insurer’s IT estate. It gives the underwriter a single place of work with information about their portfolio, individual risks and tasks to complete. It enables automation of processes to quote simple risks so allowing underwriters to focus on the more complex (and profitable) risks, as well as build key distribution relationships.
If you want to discuss how FUSE can support your own workbench project, please get in touch.
DIGITAL INSURANCE UNDERWRITING - PROCESS OPTIMISATION & AUTOMATED WORKFLOW
In 2019 the London Wholesale Division of US insurance company Markel International announced ambitious plans to further grow its business over the next three years. The “One Wholesale” Programme’s stated objectives included greater productivity, an improved customer and employee experience together with an operating cost reduction.
Seeking a transformative new digital way of working, FUSE Consultancy were engaged to redesign the wholesale underwriting process, capture of data and system architecture to promote models for change.
Working with multiple front and back office teams and technology partners Infosys, through 2020 FUSE Consultancy designed and built a future state digital underwriting process deploying automated workflow and multiple API integrations.
Key features of the new insurance underwriting process included the import of risk data, customer email integration and automated workflow of key activities. The end-result was an impressive 25% reduction in system touch points and 50% improvement in end-to-end processing time.
The Technology Partnership PLC (TTP), a 300 FTE science consultancy based in Cambridge, U.K
FUSE Consultancy were engaged to direct and lead a programme of change and communication activities after TTP made a strategic decision to replace three legacy IT systems with a single Enterprise Resource Planning (ERP) tool, NetSuite Oracle.
After an initial change readiness assessment, a programme of change management activities was designed and scheduled. FUSE helped identify 50 key people in the business to form a change network before leading this group over a 6 month period. This critical change network was tasked with two key functions: (1) detailed system configuration, in a series of workshops; then, post-implementation (2) helping drive user adoption of the new way of working across five separate business units as champions of the change in technology and business process.
DELEGATED AUTHORITY INSURANCE - UNDERWRITING PROCESS IMPROVEMENT & STRATEGIC REVIEW
Delegated Authority insurance is a specialised form of delivering insurance services via approved agents or, so called, coverholders. It is key aspect of every modern-day insurance company’s operations and requires highly efficient and cost-effective processes to manage data transfer as well as counterparty governance.
Leading insurer Markel International provide significant Delegated Authority insurance capacity to the insurance markets in the UK, Germany, Denmark, Netherlands, Spain and Canada. As part of this global insurer’s strategic planning for growth 2020-25 FUSE Consultancy worked with 150 staff across 6 international teams to complete a complex piece of work analysing the full end to end Delegated Authority insurance process, data and technology in use, delivering detailed recommendations across the business.
The Delegated Authority insurance market is a complex business channel which the traditional insurance industry has struggled to manage effectively. Multiple Delegated Authority technology providers now exist all trying to help solve industry wide challenges of data management, reporting and audit.
If you would like to hear FUSE Consultancy’s view on the evolving Delegated Authority insurance technology landscape, do get in touch.
Working in support of Ocado PLC’s Transformation Office in 2018-19, guiding a business undergoing major change around pace and scale, FUSE Consultancy supported numerous change initiatives all designed to improve efficiency in ways of working internationally.
Business Process Management (BPM)
Helping to identify and iron out key end to end process pain points. FUSE established a new Centre of Process Excellence deployed across multiple projects, refining key business processes and the capability to capture, visualise and govern process using fully implemented third-party process management software.
Portfolio Project Management (PPM)
Leading a team conducting a comprehensive Business Requirements study and RFP process for PPM software. FUSE shortlisted 3 providers (Planisware, ServiceNow and Clarity), completing a qualitative scorecard assessment of product features and benefits, leading to a Board recommendation on implementation.
Specialty insurance MGA Build Out
Overseeing a Specialty Underwriting Agency’s build out into a US$ 60m premium business unit with new operations in multiple geographies.
As Deputy Chairman and Integration Programme Manager at Thomas Miller Specialty between 2016 and 2018 Roger Lewis established and led a team of function heads to acquire and integrate multiple business units into a single operation. Weekly working groups, careful management of agreed deliverables and working papers and effective leadership of the key people involved in the project and its day-to-day operations, all contributed to the successful start of this new business and nurturing models for change.
Custodian D&O Underwriting Training
Custodian are a specialist PI and D&O MGA based in the UK.
FUSE were engaged to help accelerate the learning and development of the underwriting team. FUSE delivered an 8-week programme of underwriting Case Studies that required the team to review actual submission material and prepare outline terms.
Alternatively, underwriters had to explain their reasoning for a prompt decline based upon risk appetite or authority restrictions. Other features of the course included: risk appetite traffic lights, pricing models, key policy wording features and common claims.
The training was delivered in a series of bite-size sessions to fit around day-to-day work commitments.
If you need underwriting training, please get in touch.
INTERNATIONAL OPERATIONS SET-UP
Due to confidentiality reasons we've had to withhold the name of this client and pertinent details relating to this project. Please feel free to contact us for more information.
A key part of the strategic plans for this new business unit was to expand their London operations into Canada. For those in the know, the regulatory regime in Canada requires significant commitment and engagement to succeed as well as deployment of effective local resources. Once in flight, it was a pleasure to engage and hand over this live project in good hands to its local team to complete its delivery.
This business unit required a brand-new green field operation on the Island of Guernsey as well as insurance support in London. Detailed dialogue with regulatory professionals and engagement with programme work streams enabled the necessary approvals to be obtained and new office to be up and operational to deliver upon promised business objectives.