Transforming DUA Manual Processes into Digital Solutions with Fusion
What was the Challenge?
The fast-growing US-based reinsurer faced significant challenges due to their reliance on manual processes and data management.
The challenge was beyond identifying and implementing an ecosystem of solutions to digitalise their processes. One of the concerns our client needed to address was around their management of data with the managing of general underwriters (MGUs) and coverholders. This meant that our client needed their data to be in a specific way to reach the next stage, and communicating with the MGUs was crucial to the value of improving data quality to align their vision.
Therefore, they sought a DUA solution to:
- Educate MGUs on providing essential information
- Improve data accuracy and reporting
- Streamline manual operations
How did we help?
In collaboration with Amarillo, we conducted a thorough gap analysis to evaluate the data quality necessary to meet the client’s reporting needs. Our approach included:
- Client Understanding: Engaging with the reinsurer to ensure a tailored and cohesive implementation strategy alongside new and existing tools.
- Requirements Gathering: Collaborating closely with the client to gather detailed functional and non-functional requirements.
- Communication Strategy: Establishing a clear communication plan for the onboarding lifecycle, facilitating a smooth transition.
- Dedicated Support: Providing a single point of contact to address challenges and requirements throughout the integration process.
- Integration Process: Integrating Fusion with other software, particularly a Policy Management System, and conducting rigorous testing to ensure compatibility.
The Outcome
ALM successfully implemented Fusion as the reinsurer’s DUA digital solution, facilitating a managed transition from manual to fully digital processes.
Currently, the client is utilising Fusion’s capabilities to enhance data management and reporting, with the objective of achieving greater operational efficiency and autonomy in their processes.
The client can have a holistic view of their book of business, exposure and loss record. Because of the API connection, all the bordereaux information is held in Fusion, and the summary information will be held in the Policy Administration System.
This successful transformation has led to recommendations for ALM to other (re) insurers seeking similar digital advancements.
