Speeding up the insurance supply chain

The Challenge

Within any given month, there are tens of thousands of spreadsheets emailed along the insurance value chain, from retail broker to managing general agent (MGA) to wholesale broker to underwriter to reinsurer. And back again. Our client wanted to increase the amount of business it does through these channels (delegated underwriting) without a significant increase in cost. There was a vast amount of manual effort expended in reviewing the spreadsheets, making adjustments, assessing the quality of the data, and transferring into underwriting systems.

Our proposal

We re-engineered the entire process and automated the receipt, discovery, checking and validation, enrichments, and insertion into target systems with the use of iQroute. Using Discover and Accelerator, our team was able to load, map, and validate spreadsheet data with speed and provide feedback to the business on data integrity that they hadn’t expected.

In business-as-usual (BAU), the re-engineered process, enabled by the tool, extracted a 27% cost reduction. Further, data quality from brokers has improved, and the level of confidence in the data has increased.