We achieved 10x operational speed and unlocked £1M+ in annual cost savings for a leading Insurer.
KubrickAutomated claims reserving
The challenge
An international specialty insurer was grappling with a slow, manual claims reserving process that relied heavily on Excel. This approach was:
- Time-consuming, often taking weeks to complete.
- Error-prone, especially at critical reporting deadlines.
- Resource-intensive, requiring a large team each quarter.
- Opaque, making it difficult for stakeholders to adjust assumptions or gain timely insights.
With over $3.7 billion in claim reserves, the insurer needed a scalable, modern solution to improve accuracy, speed, and accessibility.
The solution
Kubrick helped co-create a solution to automate and modernize their reserving process, combining the power of Dataiku and Snowflake to deliver:
- 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.
The results
With a 10x model performance, the solution transforms previous operations from 5+ hours to an end-to-end run time of just 30 minutes.
The solution created 3x team performance, reducing reliance on 15+ team members to 5 team members.
The reporting dashboards, which have an adoption rate of over 6,000 views annually, have proven to enhance 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.
