Case Study: Credit Insurance Client Success Story
Client Profile
Ascot is a leading global specialty insurance and reinsurance company. Founded in 2001, it has been operating for over two decades. The company is headquartered in London, United Kingdom, and has expanded its presence internationally with offices in key financial centers around the world. Ascot specializes in providing a wide range of insurance solutions, including property, casualty, marine, energy, and aviation, catering to diverse industries and clients worldwide.
Introduction
Ascot collaborates with CubeLogic to enhance their insurance management system, enabling customer onboarding, risk assessment, and streamlined broker interactions while optimizing operations through automation.
Challenges
Ascot faced some hurdles with their outdated insurance management system that just couldn’t handle trade credit processes effectively. They needed a system that would not only accommodate these processes seamlessly but also facilitate smooth customer onboarding and risk assessment. Additionally, they sought a user-friendly external portal that would allow their trusted brokers to effortlessly manage policies. Ascot also wanted to maintain control over their pricing model to cater to their clients in the most tailored manner possible.
Solution and Scope of Project
In 2018, Ascot and CubeLogic set out to transform Ascot’s insurance management system. With the dedication of 4 man-years of significant development in their offshore center, the project began to take shape. In just 6 months, and with the efforts of 2 dedicated resources, Ascot’s ideal credit insurance management system became a reality. Ascot and CubeLogic worked side by side to tailor the solution to Ascot’s specific needs. CubeLogic ensured that Ascot could conduct seamless customer onboarding and risk assessment, allowing them to manage risk across their portfolio with confidence. Ascot’s underwriters found themselves making faster and more informed decisions, thanks to pre-set limits and automated processes. The validation and authority checks built into the system helped them stay on track within the company guidelines.
Outcomes and Benefits
Ascot found themselves embracing customers like never before, thanks to enhanced onboarding and assessment capabilities. Their brokers were pleased as the process became streamlined, with requests handled efficiently. With minimal staffing requirements and maximum automation, they could focus on what mattered most – serving their customers with care and attention. Unlike other offerings in the market, Ascot’s platform created by CubeLogic now runs on their own customized pricing model, giving them the flexibility to tailor their services to each individual client’s needs.
