A Lloyd's managing agent and one of the world’s leading providers of reinsurance and specialty insurance was looking to create a more efficient and future-proof reserving environment that would integrate all the core systems in their existing reserving process. They wanted to transform their reserving process and embed this within an automated solution that enables initial results to be produced within 24 hours of quarter end.
Their detailed objectives were:
WTW and the managing agent worked collaboratively to understand the challenges and to design a solution that would achieve the future state objectives. The solution was delivered on the client’s own systems and automated the client’s own tools: from raw data stores and SQL databases to ResQ and ultimately to management reporting. WTW provided support, training and guidance on how to use ResQ and Unify in combination to develop a market leading reserving function. The managing agent team retained ownership of the result and built the environment with review from WTW.
Unify orchestrated the transmission of data among key applications and controlled and governed user interactions - notifying individuals at key steps along the way and requesting and documenting reviews and signoffs. The Unify platform enables these same capabilities to be applied to any process that interacts with the reserving function and is also applicable to wider enterprise activities.
Following this collaborative approach, the managing agent is now completely self-sufficient, and has embarked on full implementation of the solution in production with WTW providing support when requested. This enabled a cost-effective deployment for the managing agent while still ensuring that the system design and build was aligned with best practices identified by WTW.
The client also valued the guidance we offered with their broader transformation objectives, moving away from a complex process with significant amounts of end-user tooling in Excel that introduced opportunities for manual errors. That was replaced by a robust, efficient and well-governed solution comprised of SQL, ResQ and Tableau integrated, automated and controlled by Unify. We further introduced a rules-based reserving approach with an algorithm that would decide where prior selections could be maintained, where to make new selections and which segments should be escalated for human review – all completed in time for the first day after quarter close. With minimal human effort and elapsed time, this process produces the first cut of the client’s reserves, which previously took a full week to perform manually – an 80% reduction in time, effort and resources.
Furthermore, we were able to demonstrate our technical experience, process excellence and client focus to generate trust in our solution and services.