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Reengineering Reinsurance: Futureform’s Approach to Scaling Efficiency and Collaboration for a Global Firm

Our client, a large Reinsurance firm, provides innovative reinsurance to a global clientele. Operating in a highly competitive and data-driven industry, the client faced the challenge of building efficient processes from the ground up. As a new player in the reinsurance space, they needed a robust technology platform to streamline operations, manage client data, and improve team collaboration across their global offices. Before engaging with Futureform, they relied on manual processes and disparate systems that needed more functionality and integration to support their rapidly growing business.

Project Overview

The client’s primary goal was to create a seamless, end-to-end prospect-to-client journey while improving operational efficiency and data management. They aimed to standardise processes, automate manual tasks, and improve visibility into claims, premiums, and transactions. The client chose Futureform due to their deep expertise in Salesforce Financial Services Cloud and their proven ability to integrate complex systems with an agile and collaborative approach.

Challenge

Before working with Futureform, the reinsurer struggled with several critical challenges:

  • No unified prospect-to-client journey, causing inefficiencies in managing client relationships.
  • Data silos across their offices in the UK, US, and Asia, with no shared tools for collaboration.
  • Manual processes for pipeline management, account setup, sanctions and background checks, and reporting.
  • Inconsistent and outdated client information across systems, leading to rekeying of data between multiple applications.
  • Limited visibility into claims, premium, and transaction data, hampering decision-making and client service.

Why Futureform?

The client selected Futureform for their extensive experience in implementing Salesforce solutions tailored to the Insurance and financial services industry. Futureform’s expertise in Financial Services Cloud, coupled with their collaborative, agile approach to project delivery, made them the ideal partner. Futureform worked closely with the client to understand their unique needs and delivered multiple iterations of Salesforce capabilities to their teams in the UK, US, and Asia.

Solution

Futureform implemented a comprehensive Salesforce solution that addressed the client’s core challenges while enabling future scalability.

  • Financial Services Cloud (FSC) for Insurance: Futureform used FSC as the foundation, delivering a sophisticated data model and user interface that provided the client with a complete view of their prospects, clients, and relationships.
  • Service Cloud: Service Cloud features, such as Einstein Case Categorisation and Sentiment Analysis, were integrated to automate case assignment and processing, streamlining claims management.
  • MuleSoft Integration: Futureform utilised MuleSoft’s API-driven integration approach to automate critical processes, including sanctions checks and account setup, eliminating manual tasks and reducing errors.
  • Client Portal: A proof-of-concept (PoC) using Customer Communities was developed, allowing them to interact with clients in a new way by sharing financial reports, claims data, and other key information through a secure portal.

Product

  • Salesforce Products: Financial Services Cloud, Service Cloud, MuleSoft Anypoint Platform, Sales Cloud Einstein
  • Integrations: LexisNexis, OpenTWINS for data submission, and MuleSoft for automated sanctions checks and account setup.
  • Users: The client’s global teams in the UK, US, and Asia.

Results and Impact

Since the implementation of Salesforce, the client has seen significant improvements in their operations:

  • End-to-End Client Journey: Brokers can now manage the entire prospect-to-client process within Salesforce, with all touchpoints and activities tracked in one platform.
  • Task Automation: Automated sanctions checks and account setup processes save time and reduce manual errors, allowing brokers to focus on value-added activities.
  • Data Integration: Data is not rekeyed between applications, thanks to MuleSoft’s integration with LexisNexis and OpenTWINS, which automates data submissions and maintains accuracy.
  • Standardised Processes: New business and renewal processes have been standardised across the UK and US offices, improving collaboration and consistency.
  • Enhanced Visibility: The client now has a single, consistent view of their business, allowing them to track progress, identify areas of focus, and make informed decisions.
  • Improved Team Collaboration: Teams in the UK and US can easily collaborate, share knowledge, and stay informed about premiums, claims, and transactions in real-time.

Customer Experience

The client had a very positive experience working with Futureform, praising their ability to listen to their needs and customise Salesforce to meet their complex requirements. The solution has enabled the client to achieve its business objectives by streamlining operations, improving data accuracy, and providing real-time visibility into its activities. Futureform’s automated processes have freed up valuable time for the client’s brokers and service teams, allowing them to focus on delivering a better service.

Looking Ahead

With the foundation established, the client aims to build on its successful Salesforce implementation, ensuring the platform continues to support its evolving business needs. The company is confident that the system will drive further growth and operational efficiency as it expands.