LEADING UK-BASED INSURANCE BROKER REDUCED COST BY 34 PERCENT WITH MPHASIS SOLUTION

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CLIENT

 

A leading UK-based, independently owned insurance intermediary, built through the acquisition of several inorganic local broking firms.

BUSINESS CHALLENGE

 

The client started a transformation program as it emerged from a significant debt and low profitability across business units. It required our help with over 2,800 full-time equivalents (FTEs) in back-office functions across new business, underwriting, claims, and support services across six business units.

SOLUTION

 

The solution was structured as follows:

  • • Started a business discovery and process journey mapping for all business units
  • • Formulated a transformation hypothesis modelled on
    • Technology-led cost-take-out
    • Customer relationship strengths across local offices
    • Talent/skill consolidation
    • Right-shoring
  • • Developed a line of business (LoB) based transformation blueprint, which would be easily replicable by new acquisitions of the client
  • • Applied technologies across workflow (Pega), robotic process automation (RPA), autonomics, and cognitive

BENEFITS

Our solution came with a 24-month implementation plan broken into 27 major project rollout schedules to realize benefits starting from month four. The outcomes were as follows:

• Decreased time to quote by 25 percent

• Increased net promoter score (NPS) by 10-15 percent

• Augmented win rate in high margin book

• Helped drive 34 percent cost take out

• Improved process efficiencies and responsiveness of mid/ back office

• Industrialized solution to other lines of business

• Rationalized UK operations under a hub-spoke model

• Ensured right-shore operations

• Retired legacy policy admin system (PAS) to consolidate across two major PAS