Digital Broking, MIS & Customer Led Insurance
Lockton are the largest privately owned insurance broker in the world. A family business that prides itself on the quality of its offering and its people, it demands high service, high performance and huge levels of innovation with a culture of continuous improvement and self evaluation. Offering a diverse range of often complex insurance products to blue chips, SME's and high net worth individuals, the offering is as diverse as the cultures and territories in which it operates.
While the service levels the business maintains are enviable, so too is the amount of manual work behind the scenes to ensure that the business operates effectively. The vast majority of the staff in the business are fee earners, and many were spending a significant proportion of their working day on manual processes and administrative tasks. The business wants to spend more time with its clients, to grow rather than to cut and to continually seek ways that it can improve its service levels and drive convenience for its valued customers.
Each unit within the business runs with a great degree of independence and follows its own processes and protocols. The incumbent back office system is very customisable, which has allowed those business units entrepreneurial freedom. It has also allowed, over time, for some of the processes to become so diverse that finding a balance between independent operation, and providing business wide controls and cost and efficiency benefits has become a critical success factor in future growth.
There are myriad positives in the way Lockton was working, and these needed to be maintained. It was recognised too, that some practical benefits could be leveraged by standardising certain workflows. By bringing disparate data together and critically, by allowing customers to interact with digital as well as human touch points, we could benefit all parties.
Our task, therefore, has been to create a systems wide piece of software that reduces administration for brokers, interfaces directly with rating engines and partner APIs, provides systems integrated digital proposal forms for customers and brings customer, broker and underwriter closer together via a series of discreet, yet connected user dashboards. Each element of the system is to maintain unique character and workflow where necessary, each requires its own web site, but all are to be driven by, as far as possible, a single master system that drives service, efficiency, information and ultimately a measurable return.
Quite the challenge. Quite the brief.
End to end, this transformation is likely to require upwards of 15,000 hours or more of our and Lockton's time to deliver and maintain what is a hugely ambitious programme of work. The project has been split into a master programme of features and functions, with individual business unit web sites scheduled and treated as deployments, based upon that master schedule.
With a project of this scale, priorities shift, and opportunities arise and within the development framework, we've had to make room for both entrepreneurial ethos and a competitive culture. The project management and planning has two fundamental layers - a top level master view, and a project / deployment view. There is continuous dialogue, business analysis and scoping to develop an ever improving master suite of modules and processes, while the deployment of individual web sites and projects continues. A business analysis and UX team maintain and document the projects and master system as it develops and continually readjust and map the master layer to facilitate forthcoming releases.
Work is segmented into independent discreet packages. It built in such a way that it can be modified for each deployment to maintain the nuanced approach to broking that each business takes, in order to best support their clients, underwriters and operational staff. Interaction is required at all levels of the business from the coal face to the supply chain, IT to the board room, marketing to finance.
Vanilla components are used in every project to reduce development costs for each P&L centre. This also ensures that maintenance and upgrade costs are minimised for the long term. This applies to both how the systems work and how they look. We have integrated with internal rating engines, external underwriters, payment providers and premium finance.
Management information systems and reporting features have also been created as deployable and customisable modules to allow Lockton and the customer real time status of broking processes, financial data, claims data and a host of complimentary information. We have, or are in the process of digitising the following key components.
- Customer facing web sites with unified look and feel
- Proposal Forms (built from a bespoke configurable form builder)
- Automatic aging of data
- Pre population of digital forms
- Creation of short form "statement of fact" proposal forms that work seamlessly with underwriters
- Digital binding of policies
- Automatic generation of policy documents and invoices
- Customer dashboards
- Broker dashboards and management systems
- Big data processes gathering client data from multiple IDs, offices and policies
- Click and buy insurance with an end to end digital journey from proposal form to binding
- Complex integrations payments and premium finance
- Digitisation of endorsements and subjectivities
- Integration with underwriter and internal rating engines
- Creation of underwriting portals providing management information and binding
- Automated notifications
The project will continue for the next several years, and despite the challenges associated with implementing such far reaching change, there are fantastic tangible benefits to Lockton that can already be seen across the business;
- Significant new business won based on Lockton's digital strategy
- Global interest in the adoption of the technologies implemented for the UK business
- Dramatic increase in client retention
- Increased margins from underwriters
- Reduced broker keying by three to four fold
- Reduced keying for clients - in some cases replacing 30 - 40 page PDF / word forms with a handfull of radio buttons
Would you like to discuss a project with us?
I'm Karl, Managing Director at Stunn. Client services fall under my responsibility and I'm the primary contact for new projects, both large and small.