Case Studies | Digital Transformation in Insurance by Genesis Tech Consultancy

Velonetic and Lloyd's: Blueprint 2

Largest ever Digital Transformation in the London Insurance Market (ongoing)

Velonetic and Lloyd's of London were faced with a business-critical need to overhaul its legacy processes and applications, which support back and front office processing of circa £115 billion p.a. in premium and claim transactions for Lloyd's and the London Insurance Market. We have been engaged to product manage and lead the overhaul for the Premium Processing workstream. This involved creating a high performing team of 20 business and technical analysts from scratch, alongside providing direction to the supplier's 100-member build squad; navigating opposing stakeholder’s views; delivering operational efficiencies; and introducing a comprehensive application stack replacement from mainframe to cloud-based, API-first and UX-centric products developed in-house. The team at Genesis Tech Consultancy are playing a pivotal role in transforming the legacy IT estate using Agile development, ensuring seamless processing of premiums whilst introducing cutting-edge and efficient technologies that will eventually reduce operating costs for Lloyd's, Velonetic and inevitably the London Insurance Market.

MS Amlin: Technical Pricing Programme

1.5x improved speed and 15% improved accuracy

MS Amlin required specialist skills to deliver a Technical Pricing Modelling Review Programme. Genesis were engaged to spearhead business analysis and manage delivery, replacing legacy systems (including spreadsheets) with RPC's Tyche modelling and pricing platform. We led process re-engineering and systems implementation across various lines, e.g. Specialty, CAT, reinsurance; managed pricing requirements across several business areas e.g. actuaries, modellers, and underwriters; and ensured seamless coordination and communication among various teams. The team succeeded in delivering 1.5x improvement in speed and 15% more accuracy in Technical Pricing of risks while managing a complex stakeholder landscape.

Aon: Target Operating Model redesign & legacy systems replacement

20% reduced placement & claims processing times

Aon required delivery of a major business transformation and systems implementation programme, replacing a complex network of legacy applications with an enterprise scale Policy and Claims Administration solution by DXC (Brokasure) and a placing solution by PPL (Placing Platform Ltd). Genesis were engaged to product manage and lead business analysis across multiple workstreams including Placing, Premiums, Claims and Accounting & Settlement. Reporting to the C-suite (Transformation and Operations Directors), we provided SME input to help redefine the Target Operating Model; orchestrated the delivery of applications replacement and adoption across all (re)insurance verticals; and collaborated effectively with stakeholders to ensure alignment with strategic objectives. We succeeded in driving forward major change initiatives, resulting in enhanced operational efficiency, reduced processing times (up to 20% in some areas) and improved customer service.

Starstone (Enstar Group): Systems integration & messaging automation

1.2x improvement in claims processing, matching & settlement

Starstone Insurance, part of US based Enstar group, speciaiises in purchasing profitable run-off books of business. As part of a multi-million dollar transformation programme, Genesis were brought in to lead analysis and project manage a complex integration of Policy Admin and Claims systems. Leveraging in-depth domain knowledge and technical expertise, we acted as a key subject matter expert on London Market Claims processing and claims messaging throughout the engagement. The programme was implemented using Agile methodology, leveraging Visual Studio Team Services (VSTS) for backlog and test management. We successfully integrated ClaimCenter with a Policy Admin System (Sequel Eclipse) and automated claims processing by ingestion of global standard ACORD messaging, improving claims matching and settlement efficiency by 20%.