Scaling Up Underwriting Operations to Support Rapid Growth
This global top 10 diversified reinsurer has five decades of industry presence and operations. They offer property, casualty and specialty products through various operating affiliates in most major insurance centers around the world.
Manual quote and slip entry for more than 15 lines of business with multiple channels and platforms, topped with specialized products requiring complex workflow management, resulted in a colossal volume of administrative work. This led to extended turnaround times, inefficiencies, errors, and steep operational costs.
The group was also rapidly expanding into Europe and APAC regions, opening branches under a new service model. They needed a partner who could help them set up underwriting support operations quickly, enabling their sales team to reduce time to market for new products.
Establishing Processing and Language Centers of Excellence for Underwriting Support
Our first step in this partnership was to aid portfolio management for underwriters and bordereaux processing through effective risk aggregation. This helped the reinsurer to evaluate their delegated authority contracts performance and ensure their estimated premium incomes are accurate.
Sutherland implemented real-time interactive dashboards infused with predictive analytics and trend analysis to streamline internal processes, reduce errors, and provide greater visibility into the entire supply chain. Our domain experience improved new business efficiencies, reducing turnaround time for quote entry by 84%.
We established a right-shored shared service model to facilitate the reinsurer’s expansion into continental Europe and APAC regions. This involved setting up a processing center of excellence in India to assist underwriting, delegate authority, and exposure management processes, alongside a language center of excellence in Bulgaria, delivering underwriting support in German, French, Spanish, and Dutch.
Our hub and spoke model provided the optimum blend of language skills, domain expertise, and processing scale, and was designed to support expansion to 12 European languages.