Quantcast
  • British Multinational Insurer
  • CUSTOMER:
  • British Multinational Insurer
  • INDUSTRY:
  • Financial Services
  • LOCATION:
  • United Kingdom

50%

reduction in process time

100%

FCA compliance

Risk mitigation was the key driver for leading global provider of risk management, insurance and reinsurance brokerage, as they looked to optimize the trading request system to manage subscriptions and redemptions of pension funds.

Bizagi integrated with their core systems, including Eagle and Charles River OMS, and helped provide more control and visibility over a process that was previously being conducted using email and spreadsheets as the transport mechanism. By using Bizagi for requests and approvals they gained more control and visibility over processes with an added benefit of halving the time it took to process complex tasks.

Objectives:

  • Increase compliance with Financial Conduct Authority and mitigate risk of pensions funds
  • Remove reliance on insecure email and spreadsheets in subscriptions and redemptions of pension funds
  • Improve visibility and traceability of processes
  • Integrate with company’s core systems

Achievements:

  • Reduced process time by 50% to deliver better business efficiency
  • Stopped using emails for pensions funds communications for transparency and FCA compliance
  • Automated the process to ensure the right cashflow case goes to the right person
  • Auto-population of data saves time for employees and reduces risk of error
  • Subscriptions executed in timely manner to avoid loss of revenue
  • Timely execution of redemption to meet customer SLAs and customer satisfaction