To implement the company’s Risk Management policy across the organisation.
The client was a London Market broker with a multiple divisional structure and a sophisticated Risk Management policy.
A clear monthly reporting framework was developed, which was linked to all risk indicators. Management information requirements were identified and systems put in place to provide concise, easily read information in a timely manner. Risk management training was provided to all senior management.
A clear, structured, sustainable internal system that allows all areas of the business to focus on and manage key business risks.
To automate scheme renewals in order to reach a challenging efficiency savings target.
Provincial broker specialising in schemes business with high volume, low premium cases and a high dependency on manual processing.
Limited in-house management resources and expertise with which to redesign processes. The client’s IT system provided limited functionality and the business had an over reliance on manual “work arounds”.
The key renewal underwriting criteria was identified and a new process designed to capture underwriting data. Business rules were established to identify those renewals that would require manual review. The resulting new business and interim processes were documented and all staff were trained to a high level of competence.
Manual processing has been eliminated for the vast majority of renewals. Those not processed automatically are auto flagged for underwriting. The entire process has been simplified significantly and manual intervention is now targeted at only the cases requiring underwriting consideration. The project resulted in savings of approximately 80% over previous processing costs.