How Moody’s helped a leading Lloyd’s insurer enhance its submission processing speed and respond to a busy renewal period by swiftly integrating a highly proficient insurance analyst into its existing team.
Key takeaways
- Rapid secondment of experienced insurance analyst
- Precise alignment of analyst’s skills with role’s demands
- Increased speed of submission processing
- Up-to-date live portfolio
- Demands of busy renewal period met
- Contract extended due to analyst’s skills and knowledge
- Seamless integration of Moody's data and capabilities
The challenge — managing increased submission volume during renewal period
A leading international insurer operating in the Lloyd’s market wanted to improve its ability to process an escalating number of submissions at speed. In addition to managing the volume of submissions and ensuring its portfolio of live business was current, the company also needed to bolster its team of analysts to address increased activity during forthcoming renewals.
To fulfill this requirement, the company had to engage an analyst in a short time span who had the right skill set in insurance analytics and hands-on modeling experience. The analyst would have to quickly and seamlessly fit into the company’s existing analytics team.
The solution — embedding a highly skilled analyst after a thorough but speedy assessment
Moody’s has considerable experience within Lloyd’s and provides services to most of the market’s leading syndicates. This was a major factor in the speed of response to the company’s requirement for the secondment engagement, which contracted an experienced analyst to work on the insurer’s in-house analytics team.
Moody’s Analytical Services can quickly deploy our skilled analysts with deep (re)insurance knowledge spanning lines of business, regions, and perils. This kind of engagement is ideal for expanding capacity during peak periods or providing support on day-to-day activities during staffing shortages.
The insurer interviewed three highly skilled analysts from the Moody’s Analytical Services team. Each candidate had multiple years of insurance analytics experience at Moody’s and in the industry. They also were proficient at working with exposure data, reading slips, and working with our models and structured query language (SQL), as well as having other relevant skills including policy interpretation.
Following the interviews, the company selected the candidate who was most closely aligned to its requirements. The analyst would be able to conduct detailed financial interpretation of policies with Exposure Data Module (EDM) coding of bound submissions for an initial secondment. Moody’s would also support the immediate onboarding of the candidate, who would participate in a rigorous internal training process. Furthermore, we continued to monitor the analyst’s progress, with the option of changing analysts if required.
The outcome — improving submission processing significantly and increasing the scope of secondment engagement
This process allowed for the speedy deployment of a highly proficient analyst who underwent a short but comprehensive training period. The client benefited from the analyst’s experience and resources from day one, without a lengthy recruitment process, demonstrating how Moody’s can help clients quickly bolster their analytical teams.
The analyst assigned to the company processed hundreds of post-bind submissions well within the stipulated timeline and made sure the company had an up-to-date portfolio. Initially brought on for bound submissions, the analyst was then redeployed to conduct slip interpretation and modeling for risk evaluation, using multiple in-house and external applications.
The secondment’s success resulted in the contract being extended, reflecting the client’s satisfaction with both the service and the analyst. Moody's was able to make sure the same analyst remained in the role to guarantee continuity of service and client experience.
As a result, the client was able to maintain its speed-to-market for quote submissions given the increase in activity and conduct a thorough and efficient renewals process. The secondment helped demonstrate the robustness of Moody’s RMS™ models and data in addition to our analysts’ skills and experience.
Learn more
Catastrophe modeling
In an unpredictable world, discover how Moody’s best-in-class approach to catastrophe modeling, which integrates innovative analytics, technology, and science, is helping clients to quantify the potential impact of catastrophic events.