Risk engineering platform development
QBE European Operations are a top ten UK insurer active in the commercial and Lloyd’s markets. They decided to invest in replacing their antiquated paper, Excel and Word-based risk engineering survey approach with a brand new Enterprise-quality solution.
Change Manager at QBE who led the procurement, described Software Solved as “The world subject matter experts” and clearly deserving of the contract.
A number of companies tendered for the opportunity to work with QBE, but it was Software Solved which really stood out. As the solution would be client facing, the reputational risk of a failed software project weighed heavily on their minds. Software Solved’s tender showcased not only the company’s strong experience with clients in the risk management arena, but the technical skill and expertise required for this substantial technology change.
We provided business analysis to develop and clarify the requirements, designed, developed and delivered the whole solution.
QBE have rolled it out to 750 clients already across professional indemnity, liability, motor and property classes and have accelerated their roll out to more users faster than planned because of the quality, reduced risk and positive comments from their clients.
The system is seen as a key driver of future growth because QBE have a significant competitive advantage from it. “With the use of this web technology we’re now able to do things that we couldn’t do before,” said the Head of Risk Management. “The barriers when dealing with layer upon layer of information have been completely eliminated. The additional resource, time and productivity has benefited everyone internally. There has been a cultural change as people feel they are truly contributing to the business through the ability to provide meaningful analysis.”
Approximate project value £1million plus ongoing support and maintenance. QBE have identified a 1,000% return on investment, bigger than planned, as a result of a 20% improvement in loss ratio directly attributable to the solution, and for example have identified 83,000 actions policyholders need to take to reduce their risk of claims