Actuarial Processes Delivering Business Performance Improvement Through Business Process Outsourcing

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1 Business Transformation Services Consideration Brief Actuarial Processes Delivering Business Performance Improvement Through Business Process Outsourcing Table of Contents Executive Summary Client Background The Sutherland Approach Process Analysis Findings Recommendations and Solutions Results and Performance Gains Summary About Sutherland Global Services Sutherland Global Services February

2 Executive Summary This Consideration Brief addresses how true Process Consulting delivers positive change that impacts business revenue, provides competitive advantages, and raises overall productivity in an organization. In this document, we review the business case of a global specialty insurance company that engaged Sutherland Global Services to conduct a detailed Assessment and Process Analysis of the company s Actuarial operations. This is one in a series of solutions that Sutherland has provided for the client company, which had undergone significant growth as a result of recent acquisitions. Our previous work had revealed that process ownership was decentralized among shared businesses and services, and processes were supported by disparate technology. An artificial sense of separation had negatively impacted the insurer s business productivity and revenue. Sutherland configured a successful solution that brought a sense of one company to this conglomerate of multiple organizations. In this particular case, we were engaged to address a number of challenges faced by the company s UK- based Actuarial operations. Our task was clear: Alleviate the heavy backlog of Actuarial analyses, improve cost efficiencies, and build a solid base of actuarial talent to handle the work volume. Our extensive expertise in the insurance industry and our history of success with this client company provided a solid framework on which to build a solution. We began by identifying pain points and opportunities for improvement. Following a detailed analysis and process mapping exercise, Sutherland designed a customized solution to enhance the efficiency and effectiveness of the company s Actuarial operations. The initial results were significant, and our client continues to yield measurable improvements. Our Process Analysis phase revealed several opportunities to reduce labor costs by up to 40% without displacing current staff. Through regionalization of labor and standardization of processes, Sutherland identified a number of ways the insurer could increase the productivity and output of its actuarial operations by as much as 30%. While some of the specific processes and terminology in this case are unique to the insurance industry, the story is universal. Our client s situation will ring familiar to any business owner challenged by the high cost of operations and shrinking margins in an increasingly competitive market. Today, more companies are turning to Business Process Outsourcing as a viable solution for these challenges 2

3 Client Background Our client is a $7 billion international underwriter of specialty insurance and reinsurance products in key areas of the property- casualty market. Its four business segments include: Commercial Specialty, Excess and Surplus Lines, Reinsurance and International Specialty, which includes Lloyd s Syndicate. The company had grown significantly in recent years to service the Commercial Specialty and Excess and Surplus lines: First, it combined two individual companies to form a new Specialty company, and second, it had acquired three strong niche insurance companies including one with six US locations. For this particular Actuarial solution, our efforts focused on the company s Lloyd s Syndicate office in the UK, located in the heart of the London Insurance Market. The Sutherland Approach The insurance company s executive team engaged Sutherland to assist in evaluating its UK Actuarial Operations and look for opportunities to implement a solution that would ease the workload of current staff and help produce analyses and reports much more quickly and accurately. Our approach included four key elements that are pillars to every Sutherland solution: People, Process, Technology and Location. In the fall of 2010, we launched a high- level discovery process in order to observe and define current actuarial activities, identify a potential and recommended project scope, determine key metrics, and outline the solution and transition approach. Sutherland completed the first portion of the review with the following assumptions in mind: Risk- managed, conservative solution Preservation of core processes and staff Solution would be an onshore (retained) and offshore hybrid Timelines would have precedence over process perfection Stable technology, utilizing current ResQ actuarial software Through on- site visits at the UK offices, our team conducted an in- depth review, which included observing processes, evaluating actuarial software, and mapping processes. Using onshore and offshore locations, we developed a solution to improve the utilization of the company s Actuarial staff. Ultimately, our solution would reduce the overall cost of Actuarial operations and yield significant labor savings without displacing staff. Our approach reveals one of 3

4 the key advantages of business process outsourcing: Shifting a high- volume workload to an economical offshore solution enables company employees to focus on what they do best building the business and providing excellent service to customers. Process Analysis Findings Our discovery exercise and process analysis phase revealed several challenges and opportunities for improvement in the company s Actuarial operations: Attracting a sufficient volume of actuarial talent in the UK Improving efficiency and productivity while reducing labor costs Producing actuarial analyses and reports, quickly and accurately Reducing backlog of actuarial analyses Utilizing Actuarial software correctly to maximize effectiveness Recommendations and Solutions Following our exploratory phase and detailed data analysis, Sutherland s Solution/Service Delivery team recommended several enhancements to help the UK Actuarial office operate more cost- effectively and efficiently. Our solution was designed to eliminate the current backlog of analyses, to provide a cost- efficient resource for Actuarial staff, and to generate overall efficiency gains. Implementation of the solution was phased in over a 6- month period, following our foundational philosophy of building a global process foundation and then transitioning additional businesses into the shared support world. Our first step was to start a three- month training session with the client to completely evaluate and train on the current operation, and then shift the operation s workload to an offshore geographic region where there is a high concentration of Actuaries. This offshore team supplements the current Actuarial staff without displacing employees and expanding the current operations. Providing a resource for highly qualified Actuaries was valuable to our client, because the accuracy and timeliness of actuarial data provides a key competitive advantage for insurance companies when pricing their plans. As part of our solution, Sutherland supports the UK operations by handling all of the following tasks: Data uploading - We perform regular claims data manipulation and uploads in ResQ, actuarial software utilized to streamline the data/risk calculation process. 4

5 Data validation and checks Perform at each stage for the current month s uploading as well as for previous data Perform various checks to analyze the accuracy and consistency of the data Reserving Methodology Perform regular reviewing & selection of paid and incurred claims development patterns. Application of various reserving methodologies on the data. Perform initial draft selection of ultimate losses for discussion with senior actuaries at the company Reporting Create regular reports and data outputs as requested by the client company s actuaries. Keep client actuaries apprised at all times through the timely completion and submission of all requested program reporting Compliance Sutherland handles all escalation calls/queries from the client company and its employees Results and Performance Gains The initial gains were both financial and qualitative in nature. Most notably, the results were seen almost immediately. Our client s feedback captures it best: Sutherland s learning curve was minimal. They ramped up quickly and our backlog is gone. Among the key achievements and measurable results in the UK Actuarial operations: 100% reduction in backlog Increased productivity by 50% Ramped up staffing by 40% with cost- efficient labor Improved output of reports and analyses by 100% 5

6 Summary The Sutherland approach to process consulting revealed that the insurer s current Actuarial operations in the UK were under- staffed and subsequently lagging in productivity. Current staff did not have enough time to keep pace with the high volume of output required for maximum efficiency in the busy London insurance market. Our discovery process revealed the root causes namely, a shortage of Actuarial talent in the UK, a heavy backlog of analysis/reporting work, and underutilized actuarial software. Following a detailed process analysis, Sutherland designed a solution that included an offshore talent pool and additional support with data uploading and review, reporting, and compliance. Results were immediate and significant, including a 40% reduction in operating costs and a 50% increase in productivity. Future efforts to generate efficiency gains will continue to drive down costs and improve productivity and performance across the UK Actuarial operations. About Sutherland Global Services Established in 1986, Sutherland Global Services is a global BPO services enterprise providing integrated Platform- based and Analytics enabled business- cycle support solutions for major Industry Verticals and global industry leaders. Sutherland collaborates with clients to help them excel in their industry while maximizing their customers lifetime value. Sutherland is Certified as a Minority Business Enterprise by NMSDC Sutherland Global Services WP- ACT

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