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Underwriting accident and health team saved an impressive 70% of their time whilst doubling the size of their business.

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Underwriting accident and health team saved an impressive 70% of their time whilst doubling the size of their business.

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The challenge

Our client always relied on rich data and insights for gauging product performance, analysing claims, spotting fraud and reporting to capacity providers.

Before implementing their advanced Performance MI platform, at least 70% of the team’s time was spent producing MI across finance, operations and service delivery. This very resource-intensive process took the team away from key value-adding activities.

Hours were spent every week on the tedious process of collating and formatting data. The company was also experiencing significantgrowth and each new on-boarded client brought with them a torrent of new dataformats and reporting methods to contend with. Plus, since many bordereaux werebespoke to each broker, lots of time was spent pulling reports together. 

Each underwriter had their own way of analysing data, resulting in insights that were often somewhat inconsistent and difficult to compare.

What were they using before?

To collate the data, the client relied on using pivot tables and Excel spreadsheets, as well as a lot of copy and pasting! The company identified that there was an opportunity to make their business more efficient by automating many of their data analytics processes.

With this in mind, The GIROUX platform was chosen as it was clear it would be able to fill a significant gap in the business. The client was instantly impressed by GIROUX and its ability to assist them in drawing down on the data quickly.

What are the benefits of Giroux?

There are many benefits that come hand in hand with theGIROUX platform, including daily updated performance analyses such as:

  • Powerful and rich analyses across 2000+ schemes and about 700 brokers
  • Metrics including Gross and Net, and Net-Net premium and loss-ratio analyses.
  • Rich dashboards individually tailored for each broker looking at:
    - Scheme performance
    - Claim overview and analyses by section
    - Large loss analysis
    - Claim development and Claim Age band analysis
  • Capacity personalised reports looking at binder performance by policy, destination of travel, currency, inception date/month/year, by broker and by residency and age group
  • Medical screening dashboards
  • Scheme earned premium analysis
  • Profit and loss analysis

The Results

The GIROUX platform has allowed the client to enjoy the following results:

  • Now that the GIROUX platform is in operation, every underwriting decision is made using the platform, having a significant impact on the way the business functions day-to-day.
  • Across the whole company, the approach to data diligence has considerably improved, creating a ‘data first’ policy across all teams and setting a standard for the quality and format of data accepted from partners.
  • The business is now able to gain more consistent insights and have ‘one source of truth’ when it comes to data analysis, no matter which underwriter is using the platform.
  •  The business now has the ability to drill down deeper into their data, and the ability to tell a more intricate story to its brokers and partners to find out the real performance drivers in the company.
Client testimonial
Daniel Hallmark
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The GIROUX analytics platform is essential to our continued success. We cultivate long-term partnerships with our capacity partners and customers so timely, detailed insights that inform our decisions is essential, not to mention the time we liberate from laborious MI reporting that is better spent creating value.

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Daniel Hallmark
Head of Underwriting, Millstream Underwriting

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