SEND Underwriting Workbench
implementation case study
About customer
Global underwriting company, leading international reinsurance and insurance organization, renowned for its strong presence in the global market. Specializing in both property and casualty reinsurance, it’s recognized for its financial stability and robust credit ratings. With operations spanning over 100 countries across 6 continents, it offers a wide range of reinsurance and insurance products and services.
The goal of the project
The overarching aim of the project was to streamline the underwriting workflow across all business segments through the implementation of the Underwriting Workbench. The key objectives included enhancing the visibility of upcoming submissions and maintaining a high level of responsiveness. Furthermore, Client aimed to strengthen transparency in tracking and monitoring progress of forthcoming submissions. Client’s goals also extended to improving data quality, ensuring consistency, and facilitating coherent reporting.
Implementation of SEND Underwriting Workbench was meant to help the Client with realization of the long-term strategy, including geographical and offering expansion. Client also needed to provide more transparency in reporting, together with higher data quality.
With multi-step pre-bind process and numerous teams operating all over the world, Workbench implementation should enhance the visibility of upcoming submissions, which in turn helps to maintain a high level of responsiveness, better communication flow with brokers and continuity of business.
What solution was implemented
Sollers adeptly launched the SEND Underwriting Workbench, a flexible and adaptable platform designed specifically for the intricate commercial and specialty market. This implementation efficiently simplified underwriting processes, seamlessly integrating external systems such as Google Maps, LexisNexis, D&B, and Companies House. The project also established external role for an outsourced submission-processing company, while adjusting workflows for different teams, including the catastrophe modelling team. Compliance features, including “know your customers” questionnaires, sanctions checks, and identification of high-risk territories, played crucial roles in the project’s scope. This initiative freed up underwriters’ capacity, providing more time for meaningful interactions with brokers and customers.
Interesting facts from the project: Swift and cost-effective execution
- Go-live milestones: Achieved go-live for one business segment just 3 months after kick-off, including seamless integration with the core system and external tools like D&B, Companies House, and Google Maps.
- Continuous innovation: The company’s commitment to being at the forefront of technology and innovation was demonstrated by regular releases of new functionalities. In just over a year, we prepared and went live with 9 releases.
- Present usage: The Underwriting Workbench is currently in operational use across 6 countries.
Summary
The overall project objective was achieved. The underwriting process has been streamlined across all business units, visibility of incoming requests has been improved with a high level of responsiveness and with an increase in data quality.