CASE STUDY
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
Results
Successful implementation of the new system within a tight timeframe
Significant improvement in the accuracy and timeliness of recovery processes
Automation of a number of recovery processes
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.
Katriona Maciver
VP Strategy and Operations Ceded Reinsurance
QBE
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
Improved Accuracy
The new system vastly improved the accuracy of reinsurance calculations.
Increased Efficiency
The system allowed for automation of several recovery processes, significantly improving their timeliness.
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.
Location
Global
Industry
General Insurance Reinsurance
Products/ Services Utilized
Reinsurance
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