QBE EO facilitates full automation and adapts instantly with Pega
Delivered an end-to-end, data-driven underwriting work bench
Automated pricing and risk decisions to improve accuracy and speed
Made the complete underwriting process visible, reducing handoffs and manual steps
"It’s been really important for us to get to working software quickly, which then allows us to move away from large upfront design to a more iterative delivery, which means we can realize value earlier. Pega's low-code platform has really been useful to us here."
The Business Issue
QBE is an international insurer and re-insurer that helps businesses build resilience by providing risk management insurance services to customers across the globe. The organization is undergoing a multi-year digital transformation focused on improving the underwriter and user experience – all while ensuring long-term resiliency.
QBE’s European Operations division (EO) has several Pega applications that support both front- and back-office processes. The company already used Pega Robotic Process Automation (RPA) in its claims and credit control areas to deploy numerous bots that automate routine tasks, such as reading and extracting data from documents, opening and filing emails, and performing calculations.
As part of its enterprise-wide digital transformation, QBE EO next tackled its underwriting process, with the goal of increasing transparency across teams and driving efficiencies.
QBE EO relied on Pega to deliver on three main initiatives:
- Increase visibility and collaboration: QBE EO’s existing underwriting process was manual, prone to error, and lacked visibility. QBE EO used Pega to make the entire process visible, resulting in fewer handoffs and manual steps. By simplifying the process this way, the company has effectively reduced errors and rework and established cycle times that it can iteratively improve on.
- Digitize processes from sales and submission through underwriting to bind: Building on the success of its first initiative, QBE EO implemented a solution to manage the sales pipeline and track it against business plans. This new solution instantly triggers renewals, automating pricing and renewal invitations to the broker without any human intervention. Underwriters can view work in the underwriting console, where automated referrals can be enabled as well as manual interventions when necessary.
- Deliver on the company’s “North Star” goal: Following its first two initiatives, QBE EO is using Pega’s low-code platform for workflow automation to transform the underwriter experience – all by delivering an end-to-end, data-driven underwriting cockpit with a strong focus on automation and decision support for its underwriting teams.
In the first phase of its digital transformation journey, QBE EO delivered a data-driven underwriting work bench of risk selection and pricing rules, facilitating full automation.
What does the future hold for QBE EO? The company’s long-term digital transformation goals include:
- Delivering an industry-leading customer experience, which will be achieved through automation. As a result, QBE EO will reduce its time to serve, increase digital interactions, and create more seamless customer and agent touchpoints.
- Enabling growth at scale through increased capacity, improved pipeline prioritization, and enhanced decision support for underwriters.
- Improving the loss ratio, which will be achieved by delivering intelligent insights to underwriters for more effective risk analysis.
- Reducing operating expenses through the automation of data acquisition at the front end of its process.