The client is a leading insurance broker based in the United Kingdom (UK). It is one of Europe’s largest, independently owned insurance intermediary; and it handles approximately £3 billion premiums annually. Built through the acquisition of several inorganic local broking firms, it has over 80 branch offices across the UK.
The client started a transformation program as it emerged from 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 of six business units.
The solution was structured as follows:
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