Our client, a Lloyd’s MGA, wanted to make their reserving process quicker and more accurate in order to facilitate better results and decision-making in the business. In conversation with the client to understand the heart of the problem, it became clear that multiple stakeholders with vastly differing requirements were battling to access the data they needed.

Digging deeper, it became clear that the solution would need to address data pulling from multiple systems across many classes; and that many stakeholders – from internal management to underwriting and capacity providers, needed to be considered in developing the right approach.

Talsen put a team together consisting of Actuarial and IT experts to quickly understand the data and identify some quick tangible wins within the first two months.

“We then identified the necessary components for a model build and began to standardise and automate the process and generate a set of templates for effective reporting purposes. We also considered where things could go in the future in making use of machine learning,” said Jenny Retief, who heads up Talsen Tech. The client benefitted from significantly improved reserving efficiencies, and now operates more nimbly and is able to respond in a more agile fashion to trends in pricing and portfolio management.

We worked with an underwriting team, writing mining and construction coverage across multiple geographic locations, to develop an updated and robust pricing model to support profitable growth and empower capacity discussions.

“In discussions with the client, we agreed that we needed to analyse and understand the adequacy of the current rating structure, to identify the most profitable sections of the portfolio and to develop a pricing model which would support sound underwriting decisions,” said Hazel Beveridge: Chief Actuary and Financial Officer at Talsen.

“Following further analysis, we focused on segmenting the book to identify key areas of low loss activity and on understanding the impacts of both rate and policy conditions on portfolio profitability. The solution we provided allowed the client to focus on the most profitable areas of its portfolio and to identify new areas for expansion,” she said.

We partnered with a specialist insurance and reinsurance underwriting agency to address a particular challenge:  a loss-making line of business that was taking up too much management time to resolve.

We sat down with them to understand their business and their problem better and devised a simple and effective 3-phase approach to addressing their needs.

Importantly, Talsen concentrated on comprehensive run-off management, to prevent losing any more profits. In addition, we negotiated with the brokers, giving carriers the best outcome, whilst maintaining policyholders’ relationships. The breadth of the Talsen offering enabled us to successfully negotiate claims as a lead market adjuster.

This resulted in a complete run-off solution that worked, which left our client with the opportunity to build up their profits, and maintain their reputation with regulators and key stakeholders, whilst their management refocused on rebuilding profit through their most successful lines of business.

A specialty MGA insurance start-up approached us to talk about building their portfolio and making their mark in the competitive London wholesale insurance market.

One of their key concerns was setting up comprehensive underwriting management processes and systems, so that critical reporting and regulatory requirements were met.

Our first step involved getting to know our clients and their business objectives better so that we could devise a solution that specifically delivered on these needs.  

Having understood this, we assembled our team of experts to deliver a full underwriting oversight strategy, where all portfolios aligned to business plans and met the regulators’ requirements. We also dealt with accurate and timely reporting to carriers – which resulted in greater confidence in the MGA.

“We were really pleased that our client was able to rapidly scale their business without the hefty costs that usually come with these operations,” said Head of Underwriting Management, Nick Ferrier “and they now have the foundations in place to drive profitable growth.”