QBE increases new business and improves retention with Pega
"By using this application, Gross Written Premium has increased, and we’ve seen quite a lot of operational efficiencies."
The Business Issue
QBE, a global insurer and reinsurer based in Australia, sought to improve its underwriting operations to improve both profitability and customer satisfaction. To achieve this, the company decided to simplify and streamline its internal underwriting processes. However, QBE was faced with the challenge of existing legacy systems, inconsistent and largely manual processes, and no single source for information.
QBE used Pega’s technology to develop an automated process to improve information exchange, transparency, and create a unified desktop to address the needs of its underwriters. QBE chose Pega to create a truly responsive user experience designed to help underwriters be more productive regardless of the channel, device, or browser they work on.
Using Pega, QBE has been able to optimize underwriting processes and move toward its vision of a paperless office. QBE has improved the productivity of its underwriters, increasing time spent focusing on new business versus administrative tasks. The results include a higher number of transactions processed by staff, improved Gross Written Premium (GWP) underwritten per staff, and reduced stationary and storage costs.
Working with Pega, QBE was able to:
- Improve the new business quote rates
- Increase renewal retention
- Increase new business opportunities due to improvements in broker/agent satisfaction scores
Product Area: Operations
Challenge: Customer Retention