CASE STUDY
A Specialist Managing General Agent (MGA) offering bespoke, niche products backed by A-rated insurers reduced data analysis time out of their INSLY system by a massive 90%
Our client, a Specialist Managing General Agent (MGA)offering bespoke and niche products, conducts their business through their INSLY system, which provides a seamless process to obtain quotes, bind business, and produce policy documents. However, trading electronically leaves the client with a large amount of data to contend with and their existing system produced limited reports.
Before working with Giroux, producing basic ManagementInformation (MI) involved a time-consuming manual process, as it was quite challenging for the client to extract meaningful performance insights out of their INSLY system. Typically, this would take 5 days per month to complete and would involve exporting data into Excel before manually adding formulas and formatting. The process was time-consuming, inflexible, prone to human error, and restrictive in terms of the complexity of data it could handle. This is why our client turned to us for support.
Through the use of the GIROUX platform, the client was able to :
The GIROUX team worked closely with the client to fully understand the business needs, its strategy, its MI requirements, and why an analytics platform was needed. This was achieved through various one-to-one interviews with key stakeholders and an interactive workshop to ensure that the platform would deliver value from day one. The platform was tailored at speed, sourcing data from the client, as well as several other sources.
Now the system is live, quote and premium data is extracted automatically from the client’s INSLY system. This is completed on a weekly basis, with claims data being added monthly. The data is unified so that the client can now analyse it easily. Earned premium and triangulation reports are automatically calculated and populated by the platform.
Just a few months since the launch, the client is now able to drill down into the data and create variations of an original report, without the need to spend hours on manual processes and data collection.
These time savings have led to a report-generation process of just a few hours, rather than 5 days per month as had previously been the case. And the client expects to reduce this time even further as they continue to automate more processes.
The GIROUX platform proved critical in future-proofing our business, as with multiple sources of data to contend with, data reporting proved to be difficult and time-consuming. We now use Giroux to make data accessible to everyone, at the push of a button. This has allowed for rapid decision-making and improved relationships with our insurer partners.
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