The Professional and Executive Risk team at Ed Broking wanted to reinvent how they offered their Fund Sentinel solution - a fund directors’ & officers’ liability insurance product. The team needed a solution that would ensure their product remains competitive with a fast and efficient buying process.
Administrative overheads reduced by 80% through removing labour-intensive data entry and manual document generation.
Generating quotes and binding policies incredibly simple, indicating in as little as 30 seconds and quoting and binding in under three minutes.
With a bespoke solution, ProEx now has a process that is 100% reflective of their business.
The Challenge
Ed Broking, a global wholesale insurance and reinsurance broker, wanted to reinvent how its Professional and Executive Risk team offered Fund Sentinel, a fund directors' and officers' liability insurance product. These transactional policies are purchased by time-poor professionals, making speed and ease of use essential to staying competitive.
The existing platform no longer met the team's needs, with a rigid system that limited functionality and compromised the customer experience. Ed needed a solution that could deliver a super-intuitive, market-leading user experience while enabling quotes and policy binding in minutes rather than requiring broker involvement.
The Solution
AuraQ partnered with Ed Broking to design and build a new Fund Sentinel Portal on Mendix, the low-code platform Ed had already adopted to drive digital transformation. This gave the team a custom alternative to an off-the-shelf solution, tailored exactly to their requirements.
Working to a fixed drop-dead date with no margin for delay, AuraQ delivered the new portal in just eight weeks, achieving full functional parity, adding enhancements and migrating all existing policies. The portal streamlines the entire quote and bind process, letting customers generate fund insurance quotes and bind D&O policies online in minutes, without needing to speak to a broker.
The Outcome
The new portal has cut Ed's administration overheads by as much as 80%, removing labour-intensive data entry and manual document generation so the team can focus on core business development. Quotes are now created online in a fraction of a second, and policies can be bound in under three minutes.
Following a successful go-live, phase two introduced automated renewal management, premium reconciliations and further reporting. Fund Sentinel now hosts over 330 funds with gross written premium in the millions, cementing Ed's reputation as a leading innovator in insurance.
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Ed wanted to work with a partner that could deliver all of our technical aspirations but also with a team that would provide continuity, offer advice on how best to digitally take our product forward and deliver a future proof solution - AuraQ - delivered all of this and more.
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