Wrapping Up the Year 2023
The Sunday Times Best Place to Work
r10 was named one of Britain’s Best Places to Work as recognised in The Sunday Times Best Place to Work for Small Company and Highly Commended Best Place to Work for Ethnic Minorities for 2023. A huge achievement for r10, as these awards celebrate companies that prioritise employees and recognise the best workplaces – demonstrating our commitment to creating a fulfilling workplace culture.
A successful International Women’s Day Panel Event
r10 hosted a successful International Women’s Day Panel Event on “How to Hero Women at Work for the Future” that resonated with the London Market community. Our panel, featuring incredible women like Lorraine Candy, Tamara Howe, Rachel Wilson, Maneeze Chowdhury, and Hélène Stanway, sparked conversations about issues like gender inequality, imposter syndrome, and leadership. The talk pushed for more supportive and fair workplaces – whether it is understanding the persistent challenges of gender inequality or embracing the power of diverse leadership.
Joining Forces with Alchemy Technology Services
Big news towards the end of 2023 – r10 was acquired by Alchemy Technology Services, a global IT services provider for the finance and insurance industries. The acquisition of r10 by Alchemy creates a synergy that goes beyond the sum of its parts.
r10’s London Market expertise combined with Alchemy’s technical proficiency offers an end-to-end solution, from strategy to implementation, ensuring a seamless digital transformation journey. This comprehensive service allows clients to leverage our combined understanding of business and technical aspects across the insurance value chain.
As a result of the acquisition, our clients also have access to a broader network of insurance-specific partners, vendors and suppliers that expands the ability to find and integrate specialised services and solutions. Simultaneously, with a wider talent pool, clients benefit from a range of certified professionals who understand the challenges of the industry.
Shared Expertise on London Market Digital Transformation
A Data-First approach is a key driver of transformation and r10’s Advisory team experts are there to support organisations to make that transition. From insights on the importance of APIs and data standards, to data trends and challenges outlined in the “Market Insights: Data Dominance in Insurance”, it is evident that the industry is shifting. Blueprint Two emphasising the need for standardised data with the spotlight with the Core Data Record (CDR). Hélène Stanway, r10’s Advisory Director, explored the strategic choice of brokers and carriers between a data-first and a document-led approach, each presenting its challenges and opportunities, indicating the data-first approach as the direction of travel and a game-changer with the seamless flow of data between the insured, the broker, and the underwriter.
Also, this year, we welcomed Sam Kelly to r10’s Advisory team as the London Market claims expert, contributing insights on challenges and trends and a technology lead approach in reshaping the claims landscape. Sam’s domain expertise was the missing puzzle in offering well-rounded strategic, business transformation and technology investment advice to our customers in the claims area, which is often overlooked.
Delivered Results and Transformative Solutions
In 2023, r10 drove clients towards digital transformation, delivering tailored solutions and expertise highlighting our commitment to innovation.
We developed an Intelligent Data Extraction (IDE) solution for a client, focusing on extracting data from documents like the Market Reform Contract (MRC). It was designed to improve speed and accuracy of data entry, successfully addressing the challenges of multiple document types and formats within the London Market.
r10 provided a market scan of outwards reinsurance software solutions for a Lloyd’s Syndicate. With a focus on enhancing operational resilience, r10 engaged with reinsurance vendors, providing market analysis and shortlisted options aligning technology solutions with client needs.
By streamlining processes and creating a target operating model, r10 consolidated a Managing Agent’s Delegated Authority book. Leveraging innovative technology solutions, we proposed a mechanism to consolidate data from various sources, enhancing efficiency and data quality.
Collaborative Transformation through Partnerships
We have continued expanding on our partnerships to bring knowledge and proven solutions to the forefront of our client’s digital transformation journey – in a more collaborative, faster, and cost-effective approach.
For another year, the r10 Partner Ecosystem provided end-to-end solutions across the entire insurance value chain, welcoming a new member Tautona, an intelligent policy and claims automation solution powered by AI, to complement the offerings and fit the challenges we see in the market.
Noteworthy is our work with Lime Syndicate Management which leverages our Partner Ecosystem solutions, contributing to Lime’s vision for a technology-led future. This year, we worked with Lime and played a crucial role in securing ‘in principle’ approval from Lloyd’s, setting the stage for a dynamic approach to managing third-party syndicates.
The solution that is now being implemented takes advantage of modern cloud hosted technologies that are API-ready and most importantly ready for the Lloyd’s Blueprint Two deliveries, as they become available.
r10 + Deedbees Acceleration Programme
A highlight of our year was launching the r10 + Deedbees Acceleration Programme, where the r10 team invested time and expertise through one-on-one sessions to provide guidance and mentorship to their members.
Our partnership with Deedbees (now ConnectHive), a not-for-profit organisation supporting young individuals on their journey to success, irrespective of their backgrounds. This partnership is dedicated to our commitment to investing in future generations, and our alliance with ConnectHive was a collective effort towards a brighter future.
Giving Back to the Community
We continued to invest in our community and proudly supported causes through volunteering and supplying resources. We endorsed the work of the Lloyd’s Military Network, with our very own colleague and veteran Gregor Penman guiding industry newcomers into fulfilling careers in insurance. Members of the team volunteered alongside the Armed Forces Community at the Royal British Legion’s Poppy Appeal, raising funds for their invaluable work. Additionally, for another year, r10’s Talent in Sports Programme continued sponsoring sporting talent to promote the benefits of sports for young athletes.
Looking Forward to 2024
As we enter 2024, we carry the lessons and achievements of the past year. Looking ahead, we anticipate continued momentum in London Market digitisation and progress of Blueprint Two. We also look forward to offering our clients the full extent of the synergies and combined strengths of the recent acquisition in the following year.
We extend our heartfelt thanks to our community of clients, associates, and partners for their support. The r10 team remains motivated and committed to continuous improvement. Here’s to a successful 2024!
