INSTANDA, in partnership with Deloitte, has delivered a solution for a top 5 global insurer that will massively improve the efficiency of one of their most complex speciality books. In just eleven weeks, Deloitte applied the INSTANDA platform to digitise complex processes which will enable the insurer to increase the size of their book by 100% in three years.
The global insurer needed to significantly enhance business process and improve efficiency to service the volume of submissions on their speciality book. Despite offshoring a significant amount of the administrative effort, their model was only able to assess and quote on, 12-15% of the 10,000+ submissions received. Deloitte were tasked with building a digital platform to increase the submission to quote ratio towards 100%. That would enable the client to achieve their goal of increasing the size of the book by over 100%.Deloitte’s breadth of expertise in assembling digital ecosystems, enabled them to combine a Robotic and Cognitive Automation solution from UiPath, which with INSTANDA, created a platform capable of Straight Through Processing at scale. The seamlessly integrated solution covers the automated consumption of submission, full actuarial rating model with business rules, and generation and digital delivery of Primary and Excess quote documentation.
In this ever increasingly competitive market, being able to leverage modern technologies that are designed to be intuitive to use and economically very attractive and can deliver results in weeks, is paramount to the future success of any global insurance firm.
The accelerated project timeframe and complex nature of the book of business presented challenges along the way. However the INSTANDA and Deloitte partnership successfully orchestrated the many moving parts among the clients Actuarial, Underwriting, Operations teams and the underlying technology solutions, ultimately delivering a platform that far and away exceeded expectations empowering them to broaden the ambition for the next phase of the project.
Tim Hardcastle CEO of INSTANDA said: “Across our client base, specialty lines are very challenging for traditional systems due to their complexity and diversity, hence many are manually run. Once freed from these constraints, these lines offer tremendous potential for efficiency and growth. INSTANDA is designed to simplify the complex and as the first and leading no code platform, enabled Deloitte to rapidly create a sophisticated solution that they can scale out across all its key speciality markets globally”.