The Client
Property-casualty insurance and surety carrier providing consultancy services, privately owned with $3.1B in assets
Challenge
- Low “Submission to Conversion” ratio for Quotes -Agents & Brokers had to use multiple systems to process applications
- Speed to market for new products; expansion into newer U.S. States took years
- U/W capabilities were key to success but due to siloed systems Underwriting/ Workflow/ Referrals process became cumbersome
- TCO was high due to disparate in-house legacy systems on IBM infrastructure
Solution
- Jointly Identified platform of choice to digitize the siloed business & IT systems as part of the core platform modernization
- Use of implementation templates, accelerators and automation tool kits from experience with execution of large scale legacy modernization programs
- Brought in a SWAT team along with unique expertise on both Legacy PAS systems and modern COTS product including Duck Creek
- Normalized product offerings across business units with product configurability feature which allowed quick roll out of products and expansion into newer markets.
Value Delivered
- Reduction in quote processing time frame from 3 days to under 15 mins
- Major product lines rolled out to 50 states in <18 months
- $64Mn in DWP in <9 months from nationwide roll outs
- TCO savings of $1.1Mn in first year by retiring major legacy systems