Background
r10 were commissioned by a large global (Re)/Insurance company to carry out a review of their Delegated Authority Underwriting Systems to understand if they could be enhanced to meet their increasing reporting and regulatory requirements. At the same time the client asked for an independent review of other alternative systems that might better support their business going forward.
What was the challenge?
The client wanted to ensure that not only the best solution was selected, but it also integrated into their existing systems. In addition, whilst their IT and Operational teams were sponsoring the programme, they needed help in creating a solid business case for their executives.
How did r10 help?
Having a good understanding of our clients business helped all understand that the existing systems were unable to support their business model going forward. r10 were able to focus with accuracy upon vendors that could meet specific requirements. Upon completion of a full in-depth analysis of vendors solutions, we provided an easy to understand capability comparison matrix. We visited solution providers, examining closely their systems, support models and plans for the future. Our capabilities study included providing our client with a full report of features relevant to their business as well as identifying any other services that may be of interest in the future. We leveraged our close working relationships across the market to meet and interview vendors own clients first hand, obtaining feedback and information as regards the quality of the product and supporting services. Written testimonials were provided which formed part of a complete due diligence package that could be used internally by the executives making the final decisions.
What was the outcome?
Our evaluation and design process ensured the client was able to select with confidence the right product and support model for their business going forward.
The internal reviews were performed with pin point accuracy, saving the client enormous expense in trying to carry out this work themselves. r10 were asked to help socialise the programme internally as well as help build the elevator pitches.
As an independent advisor r10 were also able to provide the client with a holistic view of the market. The client additionally requested r10 views and guidance on final product selection, implementation and delivery. The final stages would see r10 running workshops on behalf of the client to ensure that the chosen products perform as expected in a live environment.