Regulatory obligations and business opportunity
With over $3.7 billion in claim reserves, this global insurer needed a scalable, modern solution to maintain its financial stability and fulfill its obligations. It needed a solution that would provide accuracy, speed, and accessibility.
10x
$1m+
30%
- 01
The challenge
An international specialty insurer was struggling with a manual claim reserving process that relied on spreadsheets. This approach was:
- Time-consuming, often taking weeks to complete. • Error-prone, especially at critical reporting deadlines.
- Resource-intensive, requiring a large team for each quarter.
Accurately estimating future liabilities, such as claims reported but not yet settled or known claims not yet reported, is a key regulatory obligation to maintain liquidity as well as an business opportunity.
- 02
The approach
Working with the client’s technology partners Dataiku and Snowflake, Kubrick co-created a solution to automate and modernize their reserving process:
- A redesigned reserving model leveraging Snowflake’s compute power and orchestration scripts for modular execution.
- Data versioning and metadata logging for audit and regulatory compliance.
A suite of interactive web apps and Power BI dashboards for real-time reporting and model adjustments.
- 03
The impact
With a 10x model performance, the solution reduced previous operations from 5+ hours to an end-to-end run time of just 30 minutes.
The solution improved the team performance by 30%.
The reporting dashboards, which had an adoption rate of over 6,000 views annually, enhanced strategic decision-making regarding claims reserving.
The client unlocked £1M+ in annual cost savings through streamlined operations and improved decision-making, creating a foundation for agile, scalable AI.
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