Overview
Better communication, increased automation, and faster decision-making were the drivers that led a specialist insurance broker to better mitigate risk and deliver smarter services for itself and its clients. These outcomes would be the pathway for sustainable growth and maintaining the competitive edge that had seen it make such an impact as a niche startup only a few years earlier.
However, the company could have seen progress stall if it did not improve the ability of its IT infrastructure to handle growth aspirations.
By recognising the situation and, with the help of SoftServe’s expertise and capabilities, it defined and developed what needed to change in the business. This included:
- Automation of entire business workflows
- Improved visibility across client business processes
- New features to accelerate client processes
- Alignment across multiple locations
- Integration of data analysis with centralized accounts
- Additional features to simplify and enhance client workflows
The result of the automation and digitalization programme meant that the broker could improve the quality of risk assessments and accelerate the time it took to process them. This was done regardless of the disparate countries and regulatory jurisdictions where it was required to operate.
The company also simplified and enhanced customer onboarding experiences, including all KYC requirements. At the backend, the implementation of dashboards and transparent settlement processes strengthened the quality of claims processing over much shorter timeframes.
This case study looks at how this project was conceived, assessed, and developed and how the client worked with SoftServe to achieve the desired outcomes. It will show how improved visibility and communication not only underpinned customer retention, but also boosted sales productivity with automatic lead generation to maximise new business growth.
The beginning
Launched in 2019 as a boutique risk solutions business, this new insurance broker quickly made its mark on the industry by demonstrating that an open, aligned, and progressive insurance market could benefit all interested parties.
It focused on clients with complex and challenging needs, acting as a broker between multiple businesses with the same risk and primary insurers, which could take part of that risk as a single contract. This would provide an easier transfer of risk to reinsurance companies and a reduced risk of claims refunds for insured companies.
The broker aimed to create specialist transactions to manage risk while delivering economic flexibility and stability for clients. Backed by a significant incumbent with experience across financial services, and with ambitious global plans, the firm’s senior leadership was ready for long-term success.
Business growth quickly followed, but bottlenecks developed as a small in-house IT team struggled to resolve the complexity of sharing client data across the business. This was exacerbated by manual client workflows, which required the implementation of paperless cooperation on both sides.
In essence, the original, digital workflows had become insufficient for further business scaling. The company recognised that it needed to change, which required more mature IT technical expertise and support to move forward.
