Timely and Accurate Simulation of Risk for Specialist Insurance and Reinsurance Business
100
%
Reduction in manual effort.
0
Higher accuracy in calculating risk exposure – results yet to be quantified.
The Process
The client is a long-established specialist insurance and reinsurance business, part of the Lloyds of London market. It underwrites a wide range of specialist Marine, Energy, Aero, and liability classes of commercial insurance. A large part of the Lloyds market work is manual in nature with large binder files for specific insurance cases. Risk aggregation in the underwriting of policies required to validate potential risks due to previously underwritten policies in the region.
The process requires categorizing risks associated with underwriting policies with similar risks in the area. Existing tools available would simulate potential disasters and identifying risk exposure. The tools itself were high cost and integration with them is time-consuming.
The Solution
Robotic Process Automation (RPA) was used as a tool to drive data into cloud-based Risk Aggregation tools and provide a simulation of risk exposure. The exposure was then run through analytics using Aiwozo’s bots, and the final results were updated in the underwriting tool for underwriters to evaluate. There was no need to integrate with third-party applications as the data was sourced with the help of RPA and used for simulation.
Challenges Addressed
Key business and operational challenges that limited performance, scalability, and governance before automation was introduced.
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Time consuming -
Higher costs -
Risk exposure
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Errors due to manual work
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High skill requirements