Unlocking Efficiency and Control: FBL’s Transformation in P&C Reinsurance

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.

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