Supporting a Lloyd’s Syndicate in their discovery phase for a replacement Outwards Reinsurance Software solution
What was the challenge?
The Lloyd’s Syndicate wanted to analyse existing processes to create an ‘as is’ view of current operational tasks, resources, and technology and to create a ‘to be’ future state Outwards Reinsurance Target Operating Model (TOM) to identify the benefits and gaps prior to any system implementation.
How did we help.
To begin with, we ran a series of workshops across the Outwards Reinsurance team to deeply understand current systems (technology architecture), processes, line of business nuances and individual tasks and people/ knowledge dependencies.
Then, the Alchemy London Market team undertook a deep immersion into the Outwards Reinsurance solution of choice to understand the full functions and capabilities of the new software.
What was the outcome?
As a result of the workshops, the Alchemy London Market team documented:
- 29 ‘as is’ processes with circa 4-5 processes with additional sub-processes
- A full and documented current state technology architecture view
Also, we created:
- A consistent TOM of processes considering the different line of business nuances and the various outward reinsurance contract types
- A new technology architecture including the Outwards Reinsurance System of choice
We were also able to recommend reducing the number of current tasks and processes based on using the new Outwards Reinsurance system to its fullest:
- 13 process flows could be removed or significantly improved due to the recommended consistent TOM and the functionality of the Outwards Reinsurance System of choice
- 6 gaps were identified where existing processes need to remain pending the roadmap development of the Outwards Reinsurance System of choice
The Alchemy London Market team recommended moving forward with replacement of the existing Outwards Reinsurance system in order to achieve the process, efficiency and technology operational resilience benefits of a modern technology software platform.
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