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Financial Services

UK-Based Underwriter of Speciality Insurance

Speciality insurer automates peer review process to see 200% quality improvement and automated audit trail

Financial Services

UK-Based Underwriter of Speciality Insurance

Speciality insurer automates peer review process to see 200% quality improvement and automated audit trail

  • CUSTOMER:
  • UK-Based Underwriter of Speciality Insurance
  • INDUSTRY:
  • Financial Services
  • LOCATION:
  • United Kingdom

200%

improvement in process quality

25%

reduction in time to complete underwriting


300

pending reviews in backlog cleared


The UK-based specialty insurance provider was looking to optimize their legacy peer review system which was almost 20 years old and had led to a backlog of over 500 items.

In just four months, the peer review system was completely rebuilt, improving the quality of processes by 200%, whilst taking 25% less time. The centralized platform also produces an automated audit trail and provides users with a more comprehensive view of the policies.

Talk to Bizagi

We’ve exceeded expectations. The real improvement and key measures are in quality, which has improved by 200%. Time saving has been an unexpected benefit."

Solutions Delivery Manager

Objectives:
  • Replace legacy software with centralized peer review solution
  • Improve the standard and timeliness of peer review completion
  • Reduce dependency on email and improve action point follow up
  • Save time opening large Excel documents and eliminating Batch performance issues
  • Create processes in adherence with Lloyd’s Underwriting Minimum Standards and deliver audit trail
Achievements:
  • Increased quality level across peer review process by 200%
  • 25% less time spent on process thanks to all peer, quote and policy reviews being centralized
  • Reduced backlog of pending reviews from over 500 to less than 200
  • Centralized access to historic review information to improve decision-making capabilities
  • Automated audit trail in compliance with Lloyd’s Underwriting Minimum Standards
 

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