Centralization and Modernization of Reinsurance Activities by QBE Insurance Group Limited
Objectives
- Implementation of a centralized system for ceded and assumed reinsurance
- Enhancement of process efficiency through automation
- Achieving global consistency in reinsurance processes
The results
We were looking for a platform that would be able to provide “one source of truth” for reinsurance calculations throughout QBE – for both ceded and assumed reinsurance. We also felt that Duck Creek Technologies were a good fit for QBE and that we would be able to work well with them.
The Challenges
Lack of Global Consistency in Processes
QBE operates in multiple currencies with varying processes around reinsurance due to different capabilities of internal legacy systems. This led to a lack of global consistency.
Inefficient Legacy Systems
The existing legacy systems lacked the full range of automation necessary for process efficiency.
The Solutions
- QBE chose Duck Creek Reinsurance to manage and centralize all the reinsurance processes.
- The platform provided full currency flexibility and streamlined processes for different divisions operating in multiple currencies.
- The overall data structure and architecture were designed to allow for applications across the Group as a whole.
The Impacts
About the Customer
QBE Insurance Group Limited, founded in 1886, is a global general insurance and reinsurance company listed on the Australian Securities Exchange and headquartered in Sydney. With over 11,700 employees in 27 countries worldwide, QBE offers commercial, personal and specialty products, and risk management solutions, mainly to Australia, North America, Europe, and Asia Pacific regions. As of now, it has net written premiums of $11.609.000.000 and outward reinsurance premiums of $1.825.000.000.
More Stories
Dive into similar projects and see how others achieved their goals.
How can Duck Creek help you?
See how leading carriers launch faster, price sharper, and operate with unmatched clarity. Let us show you how the Intelligent Core can meaningfully power your business forward.
Resources to Power Your Knowledge
Trusted resources selected for distribution and compliance leaders
