Designed a scalable cloud-based Crystallisation System for a leading Insurance Run-Off Claims Business in London

About the Brand

A leading London-based Insurance run-off claims business specializing in all major commercial lines of P&C business and served new businesses from 1977-2001.

Business Challenges

  • The customer was utilizing legacy technologies like AS400, Cobol etc, which required regular maintenance and enhancements
  • Dependent on excel sheets for complex calculations, which sometimes led to financial leakages due to incorrect cash/ledger entries
  • Inefficient reporting system led to mismanagement of important business data

Business Needs

  • Required a user-friendly cloud-based accounting and reporting solution to support Crystallisation processes
  • Needed assistance to successfully migrate data from Senator, Broker Cover/Line slips (including Gallagher) and Lead Paint database into the new system

Solutioning proposed by Espire

Espire implemented a scalable cloud-based crystallization system for the administrators

  • Designed & implemented an automated crystallisation system to carry out cedant commutations for run-off businesses
  • Successfully migrated critical business data from legacy solutions to cloud-based crystallistion system
  • The crystallisation system supports end-to-end inward and outward data with all possible business use cases
  • Deployed a fully automated ledger module and related cash maintenance processes which resulted in efficient reporting out of the system
  • All required policies, claims and ledger data would be readily available in the reporting module for easy access to the administrators
  • Setup a well-controlled user access management system

Business Benefits

  • The centralised crystallisation system will provide consistency between all claims & related financial movements
  • Easy access to critical business data and faster generation of reports
  • Enhanced control frameworks
  • Automated crystallisation process allows the administrators to get auto calculated liabilities out of the system for a creditor
  • Increased automation accounting processes, outward/inward closings & ledger enquiries & maintenance processes

Tools & Technologies

  • MS Azure
  • .NET Core


Download Case Study

RELATED CASE STUDIES

Designed a self-service portal to improve time to market for a leading European Insurance Holding Company

Espire set up a Service Portal using Quadient Interactive for a leading Insurance Company in Europe - that focuses on Customer experience & driving personalized communication, which provided interactivity to the service agents in updating the documents whenever required by directly using the service portal.

Delivered personalized customer experiences for a leading UK-based Motor Insurance Company

The need was to drive personalized engagements to target specific customers and address their needs. Espire leveraged Sitecore to deploy marketing automation to drive personalized & contextual experiences to customers across touchpoints. We carried out effective customer journey mapping providing a 360-degree view of the customer, put in place persona driven marketing campaigns with custom predefined goals to drive greater customer acquisition and retention

Designed a scalable cloud-based Crystallisation System for a leading Insurance Run-Off Claims Business in London

The customer needed a user-friendly cloud-based accounting and reporting solution to support Crystallisation processes. Espire designed & implemented an automated crystallisation system to support the end-to-end inward and outward data flow with all business use cases. We successfully migrated critical business data from legacy solutions to cloud-based crystallistion system. Our solution provided easy access to critical business data and faster generation of reports, improving staff efficiency and experience

Revamped Customer Communications Management for a leading Canadian Insurance Provider

The brand was leveraging a legacy customer communications system and was unable to process high volume insurance requests. Espire implemented Quadient-based solution for timely delivery of customer centric information across all touchpoints and multiple devices, which improved customer engagement and loyalty

Enhanced Customer Retention for a leading Singapore-based Life Insurance Company

The need was to devise a way to address the non-engagement of the customers. Espire helped the company implement a scalable multi-channel customer communication strategy to drive real-time contextual and personalized communications across all devices and channels, which improved customer satisfaction by over 5% and retention by over 6%

Insurance claims management system top 5 ways to maximize business growth

Insurance companies have been struggling with disparate systems and outdated claims processes for decades. Leveraging claims management software can help brands in the insurance industry automate manual processes and optimize workflows, while improving staff efficiency and reducing operational costs

Mitigating the problem of unallocated cash in insurance industry with digital transformation

Businesses in the insurance sector need to deploy agile technology solutions to reinvent complex operational processes and adopt an aggressive strategy for the efficient management of unallocated cash, to strengthen their credit position and build lasting customer relationships

Transforming the insurance sector with digital experience data analytics and automation

The customers of today demand one-click claim submissions, 24X7 access to customer service professionals, seamless transactions and premium renewals etc. Leading insurance brands are accelerating their digital transformation initiatives to simplify complex business processes like regulation, policy design, claim management and customer service among others.

Digital transformation usecases for the insurance sector

There is a need for a holistic digital transformation in the insurance sector to offer innovative solutions, keep pace with changing social, technological, economic and environmental change and identify new opportunities in real time. From engagement, retention, selling, and servicing, digital transformation has the ability to bring a customer in direct correspondence with an insurance company

Top 4 benefits of embracing digital transformation in insurance for 2021

With the increase in Insurtech players, tech savvy customers and competitive growth of digital services, digital transformation has become imperative for the insurance industry for both customer acquisition and retention. Eminent insurance providers are utilizing disruptive technology and predictive analysis to examine customer demands and deliver personalized solutions and great customer experience