An example of how a global insurance broker could deploy FeedStock's ERI system to address the challenge presented by the complex relationship ecosystem which exists between clients, international retail brokers, UK-based wholesalers and underwriters.
The client problem
A global insurance broker was looking to address the challenge presented by the complex relationship ecosystem and communication siloes which exist between clients, international retail brokers, UK-based wholesalers and underwriters. Both the managers and the brokers within the business wanted to fully visualise the flow of information between the firm and all its external stakeholders and clients, and understand who held the key relationships and how those relationships were evolving over the broking lifecycle in order to drive the firm’s profitability and maximise efficiency.
Each broker had their own system of maintaining their portfolio of clients, doing business development and maintaining relationships. They operated in a very siloed manner and had little visibility of who their colleagues were talking to and about what. Compounding this complex client relationship matrix was the fact that none of the brokers used the CRM for anything other than pipeline management, so it was hard to see at an individual level where relationships lay and what was going on across client contacts. Therefore, the data upon which the firm was basing strategic business development, forecasting and growth decisions, was incomplete.
As relationships have shifted from in-person to digital, each broker had a growing number of digital touch-points per client.
Senior management wanted to gain visibility of broker activity and which clients/relationships were being under or over serviced. This is so that they could identify any challenges at an early stage, by being able to predict and understand issues in good time prior to a placement/renewal. They also wanted to look at internal (and external) retail and wholesale broker relationships, understand which lines were being discussed with whom and when, as well as better understand the quality of the brokers’ relationships with clients and underwriters.
The ERI solution
By analysing millions of data points gathered directly from the firm’s internal and external email flow, Synapse captures all the client, underwriting and inter-broker relationships, analysing contacts, companies, content and colleagues and surfacing relationship quality insights to maximise revenue opportunities and minimise renewal issues.
Synapse provides real-time analysis of which brokers within the firm are speaking to which clients, brokers and underwriters. This instantly and automatically removes the communication siloes that otherwise can cause clients to be left unattended, the best terms to be endangered and margins to be jeopardised.
Previous communication siloes between the underwriter, broker and client are broken down thanks to Synapse’s ability to provide relationship maps across the firm and its stakeholders and clients. Brokers can understand who within their firm holds the key relationships with clients and insurers to ensure the best terms are obtained in every instance and clients stay happy.
Overall, Synapse can:
- Identify and alert brokers when a colleague has got a strong relationship with a stakeholder/firm they are speaking to/about to speak to, and enable them to leverage the key relationship holders across the firm.
- Reveal how a broker’s client relationships are strengthening or weakening over time so they can maximise opportunities and minimise client retention issues.
- Reveal how a broker’s underwriting relationships are strengthening or weakening over time so they can maximise opportunities and minimise client retention issues.
- Provide management with early warning signals about under- or over-serviced clients so that they can manage all relationships more consistently and profitably.
- Highlight which topics are generating the most interest to ensure client communication is always relevant and well timed according to their specific preferences.
- Unearth previous employees’ relationships by sucking in up to two years’ of historical interaction data to help corporatise broking relationships.
- Remove the reliance on manual CRM data inputs and automatically capture all client, broking and underwriting interactions in real-time with no manual data entry required.
How do we get there?
FeedStock integrates with our clients to deliver a bespoke and customised hosting solution. FeedStock’s modular system architecture provides flexibility to fulfil the client’s legal, regulatory, security and data privacy requirements. The client can opt for a cloud-based hosting for which the majority of the components are run in an isolated client cloud account that is fully managed by FeedStock.
Requiring minimal knowledge, training and effort from the client, this solution allows for a faster go-live time frame and results in the system being up and running in the client’s environment within 2 weeks.
FeedStock releases regular maintenance updates and takes full ownership of the running, maintenance and upgrades delivered to the on-cloud components.