U.K-based Broker Reduces Cost of Issuance by a £120 Million Takeout

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CLIENT

 

The client is one of Europe’s largest, independently-owned insurance intermediaries with more than 80 branch offices across the United Kingdom (UK). It handles approximately £3 billion in premiums annually, and it was built through the acquisition of several, inorganic, local broking firms.

BUSINESS CHALLENGE

 

The client had just emerged from a £1 billion debt and lower-than-expected profitability across business units. It required our help in transforming its back-office functions across the new business line, underwriting, claims, and support services; with 2,800 full-time equivalents (FTEs) across six business units. The client also faced siloed operations due to inorganic growth and required process standardization.

SOLUTION

 

Our team devised the following action plan across its broking advisory, personal, and commercial lines of businesses:

• Executed business discovery and process journey mapping for all business units

• Formulated a transformation hypothesis modeled on technology-led cost takeout, customer relationship strengths, skill consolidation, and right-shoring

• Developed a line of business (LoB) nuanced transformation, easily replicable to new acquisitions

• Implemented a rollout schedule for 27 major projects in a 24-month period

• Applied technologies across workflow (Pega), robotic process automation (RPA), autonomics, and cognitive computing

BENEFITS

Our solution allowed the client to:

 

• Reduce time to quote by 25 percent

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

• Increase win rate in high margin book

• Reduce cost of issuance, driven by an approximately £120 million takeout