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Bizagi > Case Studies > IoT Transformation in British Multinational Insurer's Investment Consulting Arm
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IoT Transformation in British Multinational Insurer's Investment Consulting Arm

Technology Category
  • Cybersecurity & Privacy - Security Compliance
Applicable Industries
  • Finance & Insurance
Applicable Functions
  • Quality Assurance
Use Cases
  • Supply Chain Visibility
  • Time Sensitive Networking
Services
  • System Integration
The Challenge

The British Multinational Insurer, a leading global provider of risk management, insurance, and reinsurance brokerage, was facing significant challenges in managing subscriptions and redemptions of pension funds. The existing system was heavily reliant on insecure email and spreadsheets, which not only lacked visibility and traceability but also posed a risk to compliance with the Financial Conduct Authority (FCA). The process was time-consuming and inefficient, with complex tasks taking longer than necessary. The company was also struggling with risk mitigation, a key aspect of their operations. The lack of integration with the company's core systems, including Eagle and Charles River OMS, further complicated the process.

About The Customer

The customer in this case study is a British Multinational Insurer. They are a leading global provider of risk management, insurance, and reinsurance brokerage. The company operates in the banking industry and is based in the United Kingdom. The case study focuses on the company's Global Investment Consulting arm, which was looking to optimize its trading request system for managing subscriptions and redemptions of pension funds. The company was seeking to improve its business efficiency, increase compliance with the Financial Conduct Authority, and mitigate risk.

The Solution

The company turned to Bizagi, a digital process automation platform, to optimize their trading request system. Bizagi was integrated with the company's core systems, replacing the insecure email and spreadsheet-based process. This provided the company with more control and visibility over the process. The new system allowed for requests and approvals to be managed more efficiently, reducing the time taken to process complex tasks by half. The solution also ensured FCA compliance by automating the process and ensuring the right cashflow case was directed to the right person. Additionally, the system featured auto-population of data, which saved time for employees and reduced the risk of error. The timely execution of subscriptions and redemptions improved customer satisfaction and prevented revenue loss.

Operational Impact

  • The implementation of Bizagi led to significant operational improvements for the British Multinational Insurer. The company gained more control and visibility over its processes, which were previously conducted using insecure email and spreadsheets. The new system improved business efficiency by halting the use of emails for pension funds communications, thereby increasing transparency and ensuring FCA compliance. The automation of the process also reduced the risk of error and ensured that the right cashflow case was directed to the right person. The timely execution of subscriptions and redemptions not only met customer SLAs but also improved overall customer satisfaction.

Quantitative Benefit

  • 50% reduction in process time

  • 100% compliance with the Financial Conduct Authority

  • Timely execution of subscriptions and redemptions, preventing revenue loss

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