How a top Lloyd’s broker lowered operational costs and increased customer retention
Key takeaways
- Higher levels of customer satisfaction and retention
- More targeted when identifying prospects and cross-selling opportunities
- Ability to flexibly expand operations when needed
- Onboarding of new analytics providers in days, not weeks
- Reduced processing times from hours to minutes
- Heightened data accuracy at all stages
- Integrated 95% of workflows into the platform in the first quarter of use
The challenge — get more value from data and analytics
A leading property and casualty insurance broker was looking to differentiate itself from the competition by better leveraging data and analytics. It wanted a solution to provide actionable insights that could integrate quickly and seamlessly into business workflows. The goal was to grow the business by deepening customer relationships and better identifying opportunities.
From a workflow perspective, the company needed the new capabilities to integrate seamlessly and efficiently into current risk management tools. In addition, the solution had to be easy to access, with no additional support requirements or infrastructure costs.
The solution — Moody's Risk Modeler™ to gain real-time insights
The intermediary chose Moody’s Risk Modeler to provide near real-time insights into day-to-day business decision-making across the organization. As a software-as-a-service (SaaS) product, Risk Modeler provided improved workflows, better features, and core functions, such as public APIs, which allowed seamless integration into existing systems.
The outcome — higher levels of customer retention and competitiveness
The company has taken a significant leap in its digital journey and is more competitive among its broker peers as a result.
By capitalizing on Risk Modeler’s centralized, enhanced, and intuitive analytical functionality and reporting capabilities, the broker heightened data accuracy at all stages and helped the company gain a deeper understanding of client portfolios.
Risk Modeler’s intelligent workflows have also helped minimize operational burdens — with over 95% of workflows integrated into the platform in the first quarter of use — reducing processing times from hours to minutes for numerous functions. Furthermore, the platform’s flexibility allowed for the rapid onboarding of new risk analysts and cat modelers, and during busy periods the company can adapt easily and efficiently.
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