Scaling Up Specialty Insurance Processing: A £180K Efficiency Boost

Challenges

A major specialty insurance provider at Lloyd's encountered significant operational hurdles:

• Unpredictable Volume Fluctuations: Uncertain policy volume trends made it difficult to allocate resources efficiently, leading to delays. During peak months, demand could surge by up to 160%, exceeding capacity.
• Turnaround Time Bottlenecks: Fluctuating volume and limited resources resulted in delays in processing policies, impacting client satisfaction.
• Accuracy Concerns: The pressure to meet deadlines with limited resources increased the risk of processing errors.

These challenges combined to hinder the client's ability to deliver efficient and accurate service, potentially impacting client satisfaction and retention.

Solution

Coforge implemented a comprehensive solution to address the client's challenges and improve operational efficiency:

• Offshore Delivery Center: We established a dedicated offshore delivery center, offering a "plug and play" model for flexible resource scaling. This allowed the client to quickly ramp up or down capacity based on demand.
• Cross-Skilling Matrix: We developed a "cross-skilling matrix" to dynamically manage workload allocation. This ensured the right skilled resources were assigned to specific Lines of Business (LOBs) based on policy complexity.
• Short-Term Capacity Enhancements: To address peak workload periods, Coforge provided an additional staffing model for short-term capacity increases. This ensured sufficient resources were available during surge months.
• End-to-End Processing Platform: We implemented AdvantageGo "Subscribe," a comprehensive policy administration platform, to streamline processing workflows and maintain accurate policy records.

The Impact

The Coforge solution delivered significant benefits for the client: