Ed Broking

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.

Ed Broking is a global wholesale insurance and reinsurance broker with offices in the world’s key regional and global insurance centres. A Lloyd’s broker, Ed has expertise in all major lines of business and specialises in areas of risk in international insurance and reinsurance markets.

Making insurance products simple and accessible is key to success. Ed’s Professional and Executive Risk team provides cover for professional and corporate risk liability and were looking to redesign the way this type of insurance placed.

80%

Administrative overheads reduced by 80% through removing labour-intensive data entry and manual document generation.

3 minutes

Generating quotes and binding policies incredibly simple, indicating in as little as 30 seconds and quoting and binding in under three minutes.

100%

With a bespoke solution, ProEx now has a process that is 100% reflective of their business.


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.

Nick Bachmann, Divisional Director of Professional & Executive Risk, Ed Broking

The Professional and Executive Risk (ProEx) team looked to implement a solution that could streamline the underwriting process but also provide an instant quote and bind capability which was user-friendly, market-leading and attractive to customers. Choosing Mendix, Ed Broking engaged with AuraQ as the expert development partner to implement a solution that could provide process efficiencies but also provide an instant quote and bind capability which was user-friendly, market-leading and attractive to customers. It was quickly proven, in just a matter of days, that a low-code solution could rapidly deliver all of their requirements. Also quickly evident was AuraQ’s experience and ability to understand Ed’s business needs. In just 8 weeks, AuraQ implemented a new Fund Sentinel Portal which delivered not only functional parity but also included enhancements and a full migration of all existing policies. The portal now makes the process of generating fund insurance quotes and binding policies incredibly simple, without the need of even having to speak to a broker. The whole process takes a matter of minutes, indicating in as little as 30 seconds and quoting and binding in under three minutes. Everything is now accessible online in a central repository and reporting has been transformed with Lloyd’s now updated via digital files.

Administration overheads alone have been reduced by as much as 80%. Removing labour-intensive data entry tasks and manual document generation has allowed the team to focus on core business development activities. The portal has been received exceptionally well by Ed’s customers who have welcomed the streamlined process. The intermediaries no longer have to complete proposals, create documentation or chase brokers – formal quotes are now created online with real-time checks completed in a fraction of a second. Continuing to build on their reputation as a leading insurance innovator, the ProEx team is aiming for an almost entirely non-touch process to Fund D&O procurement. The integration opportunities appear endless, and this could also include introducing other automation technologies such RPA and AI. Fund Sentinel is growing rapidly. As of today, there are over 330 funds on the portal and a gross written premium into the millions of dollars amd the speed at which the ProEx team can now deliver a Fund D&O solution to the funds industry is market leading.

Ed Broking
Case Study

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