Summary

The implementation of a new Target Operating Model to support the administration globally of Outwards Reinsurance for a major international insurer.

Challenge

The administration of Outwards Reinsurance had become fragmented within this insurer’s three administrative centres.

Having engaged Stratiformis to design a new global Target Operating Model, the client then asked us to lead the project to implement it. The key focus on the implemnation of the Model included :-

• The splitting of the Outwards Team into a Placing Team and a Ceded Operations team
• The creation of a new core, centralised Operation Unit to support all global business
• The appointment of a new Head of Ceded Operations and the creation of a number of new roles required to robustly support the administration of outwards contracts
• The implementation of new business processes and redefinition of key interfaces to Finance, Actuarial, Placing and other business units
• The reimplementation of the core administration system and a reduction in the reliance on spreadsheets.

Approach

The project was split into key streams including:-

• People. The definition of the roles required to support the new Operations Unit together with the support required for the internal changes and the recruitment of external appointments. This also involved the relocation of key activities and people
• Process. The definition and implementation of the processes required to support the global Operations Unit, together with the agreed interfaces and outputs for other business units within the client
• Technology. The full reimplementation of the core administration platform and the agreeing of a new opening position.  We also had to specify, implement and test key enhancements to the platform.

Outcome

The new Operating Model was implemented and provided a new scalable, robust platform that reduced the operational risk to the insurer, provide a better service to its clients and enabled it to meet its regulatory obligations.