A lack of technology was a business inhibitor
Our client, a major global financial services company quoted on NASDAQ, acquired an independent insurance broker to develop insurance services in a new vertical sector. The broker suffered from a lack of automation – most business processes were manual and paper based. Smaller contracts were commercially unappealing so the company only pursued larger deals that would yield a more acceptable return. As well as inhibiting business growth, dependency on manual processes hindered regulatory compliance.
Furthermore, broker decision-making relied on a complex array of underwriting variables and large volumes of unstructured data. Working with a clumsy, haphazard and error-prone system, broker decisions were subjective and inconsistent. GFT established clear business objectives for the project:
- Deals of all size to be commercially viable
- Business must offer economies of scale
- Compliance burden to be eased through automation
- Data and business insight should drive future business