One of the major brokers and managing general agents in the Lloyd’s market wanted to position itself for growth. It needed to put processes in place that delivered efficiencies of scale and were flexible enough to be utilized for multiple types of business. The client realized its existing processes were obstructive and shortsighted rather than extensible and supportive for rapid, strategic expansion.
As a significant service provider for the broker over time, Xceedance is now a steady partner in many key operational areas of the business, including:
- Underwriting initiatives
- Customized workflows
- Development of analytic tools
- Streamlining of policy administration processes and reporting
The partnership has flourished significantly over time. Xceedance was involved in three major initiatives:
- Creating the core expertise platform using third-party software (Sequel Impact)
- Building tools and standardized processes across underwriting and policy administration
- Assembling a conversion tool (converting data from SI to RL database) so the client could focus on operations instead of addressing data conversion issues
Development and Delivery
Xceedance delivered the conversion tool in three months and continues to develop and deliver support tools every quarter.
Tools and Technology
The Xceedance team tapped its vast experience with software solutions, creating a customized processing platform using the most advanced technology:
- Aggregation software such as Open Xposure, Sequel Impact and Risk Browser
- CAT modeling software such as Risk Link and AIR Touchstone
- Policy administration software such as Genius, Eclipse and Duck Creek
- Xceedance-developed reserving system
One of the most time-consuming tasks of processing quotes was scrubbing the data received from small brokers and insureds. Considering the worldwide nature of incoming data, it became increasingly difficult to geocode the data in a legacy system environment.
Instead of accepting the geocoding engine of the legacy system, Xceedance initiated external geocoding by using Google Maps APIs. Xceedance used Python coding to call the Google Maps library and geocoded locations at respective levels outside of the system. After the geocoding task, data was pushed into the client system with the required information. By eliminating manual practices, the client saves significant time and effort.
Accounts are now processed within 24 to 72 hours, depending upon complexity.