As part of its expansion plans, Ascot launched a U.S. insurance company in 2018. In late 2019, the company implemented Salesforce’s Digital Insurance Platform and launched its Ascot Array broker portal to develop its SME excess casualty business in the region.
When looking for a new platform, a vital consideration for Ascot was offering a fast, high-grade user experience for its underwriters and broker partners. The company was looking for rich functionality, an intuitive user interface, and flexible workflows to simplify its brokers’ selling process and help its underwriters speed up their evaluation of submissions and quotes.
Before long, the new platform helped the company reduce underwriting admin time by nearly 60%.
Today, Ascot’s Array portal supports operations with a third of the underwriters and a quarter of the back-office support staff that would be required with a conventional system. Underwriters are now less encumbered by manual tasks and can monitor and analyze their portfolios’ progress through data-rich dashboards.
Ascot is able to adapt workflows used by its brokers to make it easier for them to submit business. On-the-fly rating calculations and straight-through processing support fast quoting and issuing of policies. Eighty percent of broker submissions receive a response or policy in under five minutes. Brokers also use a live chat facility to communicate directly with Ascot’s underwriters.
Optimizing risk selection is also key. By accessing third-party data through APIs, Ascot now manages to enrich the data it receives from broker submissions. It uses this along with analytics and filters to gear business inflows toward more profitable accounts.
Ascot also manages to reduce adverse risk selection by implementing changes to eligibility factors, application questions, and other broker guidelines within the space of a day.
A major differentiator has been the ability to generate new insights into accounts and share these with its brokers. Ascot helps its brokers better understand the business-type composition and relative demand for different coverages in their portfolios. Real-time analytics are employed to understand and predict buyer behaviour — for example, when different types of firms are likely to bind their business or drop out of the buying process.
This helps Ascot’s wholesale broker clients decide on which business classes to focus. Wholesale brokers can then share insights with their retail brokers to support smarter selling. Salesforce’s Einstein algorithms help predict which sales leads and opportunities will convert, and when.
Ascot says that Salesforce has given the company a “true digital platform.” Having launched its SME excess casualty business on its new platform, it aims to add additional, more complex commercial lines.
Learn more from Ascot’s senior executives from their presentation at Dreamforce 2019.