Company Size
1,000+
Region
- Europe
Country
- United Kingdom
Product
- WebFOCUS
Tech Stack
- Windows XP
- Ethernet
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Analytics & Modeling - Real Time Analytics
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Predictive Quality Analytics
Services
- Software Design & Engineering Services
- System Integration
About The Customer
Lloyd’s of London is the world’s leading insurance market provider, offering specialist insurance services to businesses in more than 190 countries. Lloyd’s is a society of members, both corporate and individual. These members form syndicates to underwrite insurance and professional underwriters accept risk on their behalf. Supporting capital is provided by investment institutions, specialist investors, international insurance companies, and individuals. Lloyd’s brokers bring business to the market and are its customers’ point of contact for settling claims. The risk assessments placed with its underwriters originate from clients and other brokers and intermediaries all over the world. Together, the syndicates underwriting at Lloyd’s form one of the world’s largest commercial insurers and a leading reinsurer. Lloyd’s is dedicated to innovation, speed, and better value for policyholders and participants alike. It ensures direct access to decision-makers so answers on whether a risk can be placed are made quickly, enabling the broker to provide fast, good-value solutions.
The Challenge
Lloyd’s of London, a leading insurance market provider, faced the challenge of implementing a cost-effective, reliable upgrade of FOCUS with minimum risk in transferring its business-critical information. In 1995, new legislation required Lloyd’s to collateralize all its letters of credit and place funds into collateral accounts. Previously, syndicates were not required to put up any cash when setting up a letter of credit. In the late 1990s, Lloyd’s began its shift to a new operating platform based on Windows XP and an ethernet. Lloyd’s also expanded its distribution chain and required a system that could generate new payment request types and settle debits and credits with brokers outside the UK. Lloyd’s saw the opportunity to evaluate the business intelligence (BI) solution market and replace its legacy system with one that best suited its needs.
The Solution
Information Builders generated a custom Web-based solution using its flagship WebFOCUS enterprise business intelligence solution to handle Lloyd’s of London’s central accounting and letters of credit functions. WebFOCUS from Information Builders offered greater flexibility with a platform that could transfer Lloyd’s existing code directly into the new package. In addition, its advanced inquiry package was attractive to Lloyd’s as powerful and easy to use. Information Builders created a custom Direct Credit Facility to streamline overall operations and collateralize each letter of credit for new issues, increases, decreases, reductions, drawings, and refunds. Following extensive beta testing to ensure complete reliability, the new tailored system went live in February 2004 for settlement processes and for letters of credit in May 2004. Information Builders continued support for the legacy PC FOCUS system throughout the migration to ensure current production integrity and no loss of data.
Operational Impact
Quantitative Benefit
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