Streamlining Risk Analysis with IoT: A Case Study on Chaucer Syndicates
Applicable Industries
- Finance & Insurance
Use Cases
- Inventory Management
- Usage-Based Insurance
About The Customer
Chaucer Syndicates is a leading specialty insurance group based in London, with a growing list of clients in over 200 countries. The company generates valuable risk analysis models for the insurance industry, which are used to drive decisions for both underwriting and claims. Chaucer's small Exposure Management Services team performs detailed, location-based analysis into catastrophes, such as hurricanes and earthquakes, to help underwriters better understand, manage, and price risk. The team handles over 1,000 requests for risk models annually from 20 underwriters based in London, Miami, Singapore, and Copenhagen.
The Challenge
Chaucer Syndicates, a leading specialty insurance group, was facing a significant challenge in managing its risk analysis process. The company's small Exposure Management Services team was tasked with assessing over 1,000 requests for risk models annually from 20 underwriters based in various global locations. The process was managed in an ad hoc manner through emails, phone calls, and spreadsheets, leading to a lack of visibility and inefficiency. During busy periods, the risk analysts struggled to meet deadlines, and underwriters had no clear view of the status of their requests. Chaucer needed a solution to increase productivity and provide an accessible process for viewing the status of risk scenarios.
The Solution
Chaucer turned to Nintex K2 Five to streamline its risk analysis process. The company shortlisted three potential workflow solution providers and eventually chose Nintex K2 Five for its flexibility and user-friendly interface. The new automated workflow was organized in one centralized place, saving more than 600 employee hours each year. The solution provided instant visibility, reducing the time analysts spent chasing up information and answering underwriters’ emails and calls about tasks. It also improved the transparency of Chaucer’s risk analysis request process, allowing underwriters in different time zones to see who was working on their analysis request and its current stage. Nintex K2 Five also provided built-in reports on the analysis request process, offering valuable insights to managers.
Operational Impact
Quantitative Benefit
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