UK General Insurance Group

UK General Insurance Group2024-05-23T16:30:53+00:00

Project Description

Challenges

Overcoming the Limitations of Cumbersome Excel Models

  • A forecasting software application was needed to supplement the current underwriting system.
  • The existing underwriting software was primarily a schemes administration and processing system that lacked the capability to forecast future receipts, earnings, and claims of the third-party schemes underwritten.
  • To manage forecasting, cumbersome Excel models with historical data and complex formulas were used for each of the 700 schemes underwritten by UK General. This approach limited the size of the spreadsheets and system resources, restricting the number of months and years that could be forecasted.

Result

Streamlining Underwriting Processes with Advanced Forecasting Software

  • Developed a series of models that generate growth curves for each of our 700 schemes, providing moving averages.
  • Our final model now enables a complete reforecast to be produced in under a minute after any change is made.
  • This advancement offers our end users a level of analysis and flexibility that was previously unattainable with their old spreadsheet models
en_USEnglish