Founded in 2002 with a wealth of expertise in insurance and risk management, Aspen provide custom insurance underwriting solutions across a diverse range of geography, products and liabilities. Aspen have a multi-region presence in nine countries and attribute their success to financial strength, insight of their people and a customer-first philosophy.
Aspen identified the need to review their business processes to enable a more efficient way of handling New Broker Requests. Velocity IT was selected to lead the project, proposing a phased approach incorporating a project discovery, process automation architecture and deployment of a new system.
The discovery phase identified that the existing new broker business request system was fundamentally flawed. Requests were located in a central mailbox, which caused a number of functional issues.
Due to the lack of a robust process and accountability for tasks, the request could often be delayed, or at worst mislaid. The absence of a centralised system meant that requests went missing in the various stakeholder’s inboxes. Furthermore, a de-fragmented approach to ownership meant that management reports were extremely challenging to collate and status of the requests were unknown.
Engagement started with a discovery session with Aspen’s key stakeholders to define which processes could be improved via automation.
Velocity IT presented an agile solution that accelerated the analysis of the business problem and delivered a solution that allowed for the seamless submission of new business from brokers. The key benefits of the new system are:
- Fully automated process, allowing every task to be directed to the appropriate department and at the right time to meet optimal processing timeframes
- The system features a suite of Management Information (MI) reports that allow case and management stakeholders to gain insight into their workload and overall performance
- Ease of access reporting and status allows for bottlenecks to be quickly identified and resolved
- Audit and compliance obligations are satisfied through automated reports
The adoption of the business-wide system has resulted in quicker processing times of new business, effective staff management, reduced data capture errors and has supplied a self-help management information resource, that will enable the business to scale.