Challenge
A global reinsurance broker’s facultative business processes were highly manual and lacked cross-regional consistency.
The company sought to modernize its operations through a process-led, technology-enabled redesign, to not only enhance efficiency but also improve visibility across the value chain.
Approach
- Stood up Intelligent Ingestion Agent to enable automated extraction of data from documents and emails (80%+ of all data inputs into the reinsurance broking process)
- Designed Data-and-API-First architecture flows data from ingestion to destination systems to eliminate manual rekeying, improve data quality, and reduce cycle times
- Implemented Workflow automation to ensure the ‘right data at the right time’ within process to automate handoffs, controls, and escalations, while maintaining human-in-loop visibility
Results
Re-engineered 7 key areas across E2E lifecycle, reducing 70% of tasks identified as manual or non-value-add
With automation, freed up 20% of broker capacity to drive new business
Embedded 6 types of digitally enabled controls across automated workflow (e.g., permissions, auto-audit logs, exception routing) to enable compliance
Incorporated data-driven and automated capabilities including Document Management System, Digital Contract Builder, Workflow Engine, and MI and KPI Reporting