Strategic Plan for a Surplus Lines Insurer
Business Problem:
An excess and surplus lines insurer, offering Casualty, Property, Inland and Ocean Marine, and E-Commerce products and providing underwriting, claims, and administrative services. Currently writing in 41 states, the company targets the small to mid-size market ($100 million and less in revenue, 10 to 500 employees) with an average policy premium of $40,000 annually. The company currently has approximately 80 employees in two offices.
As the organization and policy base continue to grow, the company has recognized the need to evaluate and improve their operational processes, procedures and supporting information systems in order to allow for increased growth while lowering operational costs and expense ratios.
Solution:
RESolutions Consulting performed a study of the company’s business processes, operational workflow, and supporting information systems in order to develop a new model that will converge the business and technical requirements into an integrated model, automate and streamline business processing, and develop a framework that will allow for dynamic and comprehensive access to information, while providing for scalability as the business continues to grow.
Return on Investment (ROI):
The following is a partial list of the improvements expected as a result of the study and plan:
- Improved quality and processing time of Underwriting operations and supporting functions
- Improvement in operating performance related to manual and paper-based processing that will be automated or streamlined through improved information systems
- Auditable accuracy and validity of data and a reduction in redundant data entry to non-interfaced systems and applications, currently resulting in errors and omissions and increased processing time
- Enhanced and expanded management reporting and decision support capabilities
