A long-standing UK-based property insurer distinguishes itself by offering niche household insurance products tailored to a specific audience often overlooked by mainstream insurers. This includes individuals with non-standard properties, unique occupations, or specific needs that require bespoke coverage.  

Recognising the complexities of manual processing and the need for efficient scaling, this family-run insurer sought a technology partner that could automate its quote and bind processes while maintaining its focus on specialised products and personalised service. Buckhill collaborated with the ambitious property insurer to implement the C2MS system, transforming their operations and enabling them to reach a wider customer base while preserving their commitment to providing tailored insurance solutions. 

Challenge

The UK-based property insurer faced several key challenges: 

• Manual Processes: The client's reliance on manual processes for quoting and binding niche household insurance products was time-consuming and inefficient. This involved extensive paperwork, manual calculations, and multiple handoffs between departments, leading to delays, increased operational costs, and potential for errors. This limited the company's capacity to handle a growing volume of business and hindered its ability to scale effectively. 

• Complex Rating: The specialised nature of the client's products required complex rating calculations, which were difficult to manage manually and increased the potential for errors. Accurately assessing risk and calculating premiums for non-standard properties and unique circumstances demanded a sophisticated and automated solution. 

• Distribution: Reaching the target audience for these niche products required an effective distribution strategy. This included building relationships with brokers who specialised in serving this unique customer segment and developing a user-friendly online platform for direct customer engagement. 

• Maintaining Low Loss Ratios: The client's commitment to providing specialised coverage required careful risk assessment and efficient claims management to maintain low claim loss ratios. Manually assessing risk and managing claims for non-standard policies presented a significant challenge in ensuring profitability and sustainability. 

The Buckhill Solution

Buckhill collaborated with the renowned insurance company to implement the C2MS system, providing a tailored solution to address the company's unique challenges. This involved a deep understanding of the client's business model, target audience, and specific operational needs. The implementation included: 

• Automated Quote & Bind: We automated the quote and bind process for four niche, complex-rated products, enabling straight-through processing and significantly reducing manual effort. This involved configuring C2MS to handle the specific rating rules and underwriting guidelines for each product, streamlining the underwriting process and improving efficiency. 

• Broker Portal Development: We developed a broker portal to facilitate the distribution of the client's specialised products through a network of brokers. This portal provided brokers with a secure and user-friendly platform to access the insurer's products, obtain quotes, submit applications, and manage their client's policies, expanding the client's reach and enabling it to connect with a wider customer base. 

• Administrative Task Automation: We automated a wide range of administrative tasks within C2MS, freeing up the client's staff to focus on higher-value activities such as risk assessment and customer service. This included automating tasks such as policy issuance, document generation, and renewal reminders, reducing manual workload and improving operational efficiency. 

• Ongoing Development: We are currently working with the client to integrate advanced machine learning and AI to enhance the customer journey and improve risk assessment. This involves developing algorithms to analyse customer data and identify patterns that can help personalise product recommendations and optimise pricing. We are also developing a direct-to-consumer quote and bind platform to further expand the insurer's distribution channels and provide customers with a seamless online experience. 

Results

The implementation of C2MS delivered significant benefits for the long-standing property insurance company: 

• Increased Efficiency: Automation of quote and bind processes and administrative tasks significantly improved operational efficiency, allowing the client to handle a growing volume of business without increasing headcount. This resulted in faster turnaround times, reduced processing costs, and improved responsiveness to customer inquiries. 

• Improved Accuracy: Automated rating calculations reduced the risk of errors and ensured accurate pricing for the client's specialized products. This improved the accuracy of quotes, reduced the potential for disputes, and enhanced customer trust. 

• Enhanced Distribution: The broker portal facilitated the creation of a broker network, expanding the client's reach and enabling it to connect with a wider customer base. This increased the visibility of the company's products and facilitated access to a broader market segment. 

• Sustainable Growth: Investment in robotic process automation (RPA) allowed the client to scale its operations without increasing headcount, ensuring sustainable growth and profitability. This enabled the client to handle increased business volumes without incurring significant overhead costs, contributing to long-term financial stability. 

• Maintaining Low Loss Ratios: The automation of underwriting and claims processes, combined with improved risk assessment capabilities, helped the client maintain low claim loss ratios while expanding its business. This ensured the profitability and sustainability of the company's specialized product offerings. 

Technology

1. C2MS Platform: Buckhill's C2MS platform provided the foundation for the client's digital transformation, offering the flexibility and functionality needed to support its specialised products and complex rating requirements. The platform's modular architecture and API-first approach enabled seamless integration with the client's existing systems and third-party services, providing a future-proof solution for evolving business needs. 

• Broker Portal: The custom-developed broker portal provided a secure and efficient platform for brokers to access the company's products and manage their customers' insurance needs. The portal's user-friendly interface and intuitive workflows streamlined the broker experience, enhancing efficiency and satisfaction. 

• RPA Integration: Integration with RPA technologies enabled the client to automate a wide range of administrative tasks, improving efficiency and scalability. This included automating tasks such as data entry, document processing, and report generation, freeing up staff for more strategic activities.    

• Machine Learning and AI: Ongoing development focuses on integrating machine learning and AI to enhance the customer journey and improve risk assessment capabilities. This involves leveraging advanced analytics and predictive modeling to personalise product recommendations, optimise pricing, and automate underwriting decisions. 

Conclusion

The long-standing, family-run, UK-based property insurer's partnership with Buckhill demonstrates how technology can be effectively leveraged to support specialized insurance offerings and achieve sustainable growth. By automating key processes, enhancing distribution channels, and investing in future-proof technologies, the insurer is well-positioned to continue its success in providing niche household insurance products to its target audience. This case study highlights the transformative power of technology in the insurance industry, enabling companies like the trusted property insurer to streamline operations, improve efficiency, and achieve their business objectives.