Centralization and Modernization of Reinsurance Activities by QBE Insurance Group Limited

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.

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