Program & Fronting business streamlines data preparation process increasing efficiency

Program & Fronting business streamlines data preparation process increasing efficiency

Client

An Excess & Surplus carrier writing dozens of specialty admitted programs, through program administrators and managing general agencies as well as fronting business through insurance companies.

Results

  • A 5x improvement in operational efficiency and a 2x reduction in operational expense.
  • Days, instead of weeks, to close the month end process across dozens of programs and fronting arrangements.
  • Automated the ingestion and data prep process but also automated the process to feed the various complex downstream systems.
  • Improved the quality and accessibility of data to the organization.
  • Increased the number of data views available across the business.

"These new capabilities have helped us completely rearrange how we think about data. They helped us solve data quality issues we did not know we had."

Senior Vice President & CFO Specialty Insurance Company

What They Experienced

On average, the processing and approval of business took hundreds of man-hours and several weeks each month, resulting in:

  • Increased operational costs, impacting the profitability of the existing business.
  • An inefficient customer experience to onboard new programs.
  • Decreased operational efficiency, which impacted the carrier’s ability to close the business each month, earn premiums and claims.
  • The need for independent and outsourced services

Why They Chose Quantemplate

Time is money. Within thirty days we quickly proved that the carrier could create an automated and repeatable process which:

  • Reduced the time to process and approve the business from weeks to days.
  • Reallocated hundreds of man-hours of critical resources back to the business.
  • Enabled automated business rule validations.
  • Eliminated the requirement of outsourced services verifying results.
  • Met the complex requirements of financial and reinsurance systems.
Automated business rule validations
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