Enabling B2B in Commercial Insurance

The Company

One of the world’s leading providers of commercial property and casualty insurance and reinsurance, this is a multi-billion dollar insurance group. The European subsidiary, headquartered in the UK, has an established presence in 20 countries across Europe. Business is written solely through brokers.

The Challenge

The objective was to provide an online platform to enable the company’s UK and European brokers to trade more quickly and efficiently with the insurer. The insurer required a flexible web-based system to support business acquisition and servicing for a range of products including Professional Indemnity, D&O, Marine and Accident and Health. The platform had to be scalable and had to include all insurance processes including rating, quotation, policy issuance, document production, mid term adjustment and renewals.

The Solution

Wildnet used its Wild Commercial web-based front office solution to implement an online B2B platform for the insurer. Authorised brokers as well as internal users access the system via a secured connection. Users are able to quote using an internal rating engine, and save quotes for later use or proceed to bind. For both quote and bind events, the appropriate set of documents is generated and emailed automatically to the broker. For referred cases, the responsible underwriter is alerted via email and will also appear on the underwriter’s task panel. Bordereaux reports are generated in respect of quoted and bound cases. Integration with the back office means data is never entered more than once.
The strength and flexibility of the framework enabled the insurer to launch new products rapidly in the UK but also in other European territories. Speedy implementations are possible using the multi-lingual and multi currency capabilities of Wild Commercial.
More than 15 products are now live on the platform with more than 350,000 quotes, 100,000 policies and 2,200,000 endorsements. The company has achieved 300% increase in premium volume while reducing its headcount by more than 50%.

Benefits

The platform has provided a powerful distribution channel offering:

• Speed to market
• Excellent customer experience
• Scalability across multiple products and territories
• Quick Return on investment