Centralized data portal
Chaucer shortlisted three potential workflow solution providers and supplied them all with a brief outline of the process that it wanted to automate.
“K2 stood out clearly from the other vendor. The K2 consultants came to the meeting and showed us our process already created in the K2 platform,” recalls Mark Cooper, Head of Exposure Management Services at Chaucer. “This gave us confidence in the solution.”
Over a period of several weeks, Chaucer then worked with K2 to extend and improve the solution in an iterative process,
at a pace that suited the business. “The consultants were patient and flexible when we suggested different ways of doing things,” Cooper says. “It was a very positive experience, and now we have a user-friendly process that works for my team of modelers and also works for the underwriters. For such a small IT project, it has delivered big benefits, quickly.”
The new K2 workflow is organized in one centralized place, saving more than 600 employee hours each year and providing instant visibility. Analysts spend less time chasing up information and answering underwriters’ emails and calls about tasks.
By providing a clearer overview of the number of analysis requests received and their due dates, the K2 process helps Chaucer’s risk analysts prioritize jobs more effectively.
“If we don’t deliver risk analysis reports when they are needed, the underwriting process is delayed and this could result in lost premiums or even reputational damage,” says Cooper. “Since launching our K2 process, the number of reports that we deliver on schedule has increased from around 90% to 99%.”
The K2 process has also improved the transparency of Chaucer’s risk analysis request process. Underwriters working in four different time zones can now see at a glance who is working on their analysis request and which stage it has reached, greatly improving their satisfaction with the overall service.
The K2 platform also provides Chaucer with regular reports on the analysis request process, showing managers how many requests the team has received and how quickly they were handled. This insight helps the business to ensure the team is properly resourced and expectations are realistic, particularly in busy policy renewal periods.