CASE STUDY
Unlocking Efficiency and Control: FBL’s Transformation in P&C Reinsurance
Objectives
Streamline manual processes to improve efficiency
Strengthen internal control to mitigate reinsurance related risks
Expedite reinsurance claims reporting
Results
Streamlined reinsurance processes
Enhanced control over reinsurance calculations
Faster billing and claims recovery
Duck Creek Reinsurance offered an off-the-shelf hosted system that was configurable to meet the majority of our requirements. Duck Creek’s team was willing to partner with us to meet several of our key requirements. And Duck Creek Reinsurance offered an excellent user interface and experience.
Connie Dresen
CPA, Vice President of property-casualty accounting
FBL
The Challenges
- Growing Complexity
FBL’s property-casualty reinsurance program grew and evolved over time, making calculation and reporting increasingly cumbersome and time-consuming. - Manual Processes
FBL was relying heavily on labor-intensive Excel spreadsheets for reinsurance reporting, thus necessitating an automated solution.
The Solutions
- FBL leveraged Duck Creek Reinsurance for automatic application of complex reinsurance terms and calculations, including catastrophe treaties.
- The solution streamlines data collection and integrates seamlessly with financial and regulatory reporting systems – notably simplifying Schedule F preparation.
- Key benefits include efficient contracts/participants management, flexible reporting, and robust data protection.
- FBL’s quick and effective transition set a new precedent in the reinsurance management arena.
The Impacts
More Efficient Processes
Streamlining the reinsurance processes at FBL has made them more efficient, reducing time spent on data entry while increasing their focus on data analysis and planning, allowing teams to focus on more value-added activities.
Enhanced Control
FBL now has better control over reinsurance calculations through an automated solution, ensuring accurate application of complex contract terms.
Speedier Claims Reporting
The improved processes have resulted in faster billing and cash collection, thereby improving the overall cash flow. Self-service reporting tools also expedites this process.
About The Customer
Established in 1939, FBL Financial Group is a renowned conglomerate that owns Farm Bureau Life Insurance Company and also manages the operations of two affiliated property-casualty insurance companies: Farm Bureau Property & Casualty Insurance Company and Western Agriculture Insurance Company.
With a strong presence in eight Midwestern and Southern states, these Iowa-based companies deliver a comprehensive suite of personal and commercial property-casualty insurance products. In 2018, they reported a total direct written premium of $1.5 billion.
The group boasts a robust network of 1,180 exclusive Farm Bureau agents and agency managers and holds total assets worth $2.8 billion. FBL Financial Group has earned an A (Excellent) rating from A.M. Best, reflecting its financial stability and credibility in the insurance industry.
Location
U.S.
Industry
Life Insurance
Health Insurance
Property and Casualty Insurance
Products/ Services Utilized
Reinsurance
Talk To Sales Today
The only way to see if Duck Creek is the right fit for your P&C insurance business is to see it in action.
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