Barbican introduces leading edge pricing and underwriting workflow system
8 September 2016
London, 8th September 2016 – Barbican Insurance Group today announced that it has introduced a comprehensive new pricing and underwriting workflow system with enhanced automation to greatly improve operational efficiencies and analytical capabilities across all stages of the underwriting cycle.
The new system is based on RuleBook, the pricing, underwriting and distribution tool developed by Moore Stephens. Spanning virtually all business lines across the Barbican portfolio, the platform is designed to ensure a consistent pricing approach across all sectors, improve portfolio analysis capabilities, reduce data input requirements, strengthen regulatory compliance, and ultimately enhance overall underwriting speed and performance for the benefit of clients.
The facility combines a number of critical systems using the latest in webservice technology. The multiple operational benefits generated by this integration have already contributed to a significant reduction in average workflow completion time. It has also greatly advanced Barbican’s ability to analyse the wealth of pricing and underwriting data at a much more granular level.
Ben Canagaretna, group chief actuary at Barbican, said: “This is a significant step forward for Barbican. The new system helps improve underwriting workflows by boosting process efficiency and ensuring regulatory compliance at all stages through extensive automation. It also facilitates more granular data capture, which we hope over time will set the foundation for more predictive analytics using machine learning techniques. Current market conditions demand that we work smarter at every level in order to improve productivity while reducing cost, and through this new platform we believe we are delivering on both fronts.”
David Sweet, Partner at Moore Stephens, added: “Barbican have taken the framework of the RuleBook tool and extended its capabilities. They have been hands-on and fully engaged in the process from day one. They brought their complete range of underwriting, operational and actuarial expertise to the project, along with the full backing of senior management. This has enabled them not only to fully integrate the platform across their business, but also to push the potential it offers much further than any such project to date.”
Barbican is currently working with research and development teams to help further develop the capabilities of the RuleBook platform and pricing analytics more generally. These developments include the integration of machine learning capabilities to enhance pricing techniques, and the application of mobile analytics allowing access to the data contained on the platform from any location.