A long-standing insurer deeply rooted in Jersey's community, sought to modernise its operations while respecting the island's unique traditions and customer expectations.  

For this Jersey-based insurer, maintaining a strong connection with its customer base and upholding its reputation for personalised service were paramount. However, the client faced the challenge of replacing its legacy, custom-built solution with a system that could streamline processes, improve efficiency, and meet evolving regulatory requirements, all while aligning with Jersey's distinct business culture. 

Challenge

The insurer's legacy system presented several key challenges: 

• Limited Functionality: The custom-built system lacked the flexibility to adapt to changing market needs and regulatory requirements, particularly concerning the introduction of new products and services. This limited JMI's ability to respond to evolving customer demands and competitive pressures. 

• Manual Processes: Heavy reliance on manual processes for tasks like quote generation, policy issuance, and claims management hindered operational efficiency and responsiveness. This resulted in increased processing times, potential for errors, and reduced customer satisfaction. 

• Reporting Limitations: Generating reports for compliance with Lloyd's standards was a cumbersome and time-consuming process, requiring significant manual effort and creating potential for inaccuracies. 

The Buckhill Solution

Buckhill partnered with this long-standing Jersey-based insurer to deploy the C2MS system, replacing the outdated legacy solution. This involved a collaborative approach, working closely with the client's team to understand their specific needs and tailor the solution accordingly. The implementation included: 

• Complex Data Migration: We meticulously migrated over 6 years of data, encompassing quotes, policies, claims, settlements, payments, and documents, ensuring data integrity and continuity. This complex migration required careful planning and execution to avoid any disruption to the client's ongoing operations. 

• Product Re-engineering: Four home insurance products were re-engineered using C2MS product and rating tooling to provide real-time quotes in minutes. This streamlined the quoting process, enabling the client to provide faster and more accurate quotes to its customers. 

• Automated Workflows: We automated numerous manual processes, significantly improving operational efficiency and reducing turnaround times. This automation freed up the client's staff to focus on more strategic tasks and improved customer service. 

• Compliance Reporting: A new suite of self-managed reporting tools was implemented to ensure compliance with the latest Lloyd's standards. These tools provided the client with real-time access to critical business data and simplified the reporting process, reducing manual effort and ensuring accuracy. 

• Underwriting Workbench: We developed an underwriting workbench that provides instant quote and bind capabilities, along with payment processing and document generation. This intuitive workbench streamlined the underwriting process, empowering the client's underwriters to work more efficiently and effectively. 

This solution seamlessly combined innovative technology with Jersey's traditional business practices, aligning with local culture and customer expectations. 

Results

The modernisation initiative delivered significant benefits for the renowned Jersey-based insurer: 

• Successful Data Migration: All historical data was successfully migrated to the new system, ensuring business continuity and preserving valuable information. This successful migration laid the foundation for a smooth transition to the new platform and ensured that no critical data was lost. 

• Faster Quote Turnaround: Real-time quoting capabilities enabled the client to provide quotes to customers in minutes, significantly improving responsiveness and customer satisfaction. This faster turnaround time enhanced the insurer's competitiveness and improved the customer experience. 

• Improved Efficiency: Automation of manual processes streamlined operations, freeing up staff for higher-value tasks and reducing operational costs. This increased efficiency allowed the client to better serve its customers and allocate resources more effectively. 

• Enhanced Compliance: The new reporting tools simplified compliance with Lloyd's standards, ensuring accurate and timely reporting. This reduced the administrative burden on the client's staff and minimised the risk of compliance issues. 

• Future-Ready Platform: The robust C2MS platform now supports the insurer's growth, enabling adaptation to changing demographics and future integration with advanced technologies such as machine learning to further enhance the quote experience. This provides the client with a strong foundation for future innovation and ensures its ability to adapt to evolving market dynamics. 

Technology

1. C2MS Platform: Buckhill's C2MS platform provided the foundation for this modernisation initiative, offering the flexibility, scalability, and functionality required to support the insurer's business needs. Its modular design and API-first approach allowed for seamless integration with the client's existing systems and third-party services. 

2. Data Migration Tools: We utilised specialised data migration tools to ensure a seamless and accurate transfer of historical data. These tools ensured data integrity and minimized the risk of data loss during the migration process. 

3. Reporting Engine: The integrated reporting engine enabled the insurer to generate comprehensive reports for compliance and business analysis. This provided them with valuable insights into their business performance and facilitated data-driven decision-making. 

Conclusion

By partnering with Buckhill, this long-standing Jersey-based insurer successfully modernised its insurance operations while preserving its commitment to Jersey's unique business culture. The new platform provides a solid foundation for future growth and innovation, enabling the insurer to adapt to evolving market dynamics and customer expectations. This case study demonstrates how technology can be effectively leveraged to enhance traditional businesses while respecting their unique needs and values.