Direct Insurance, the fast growing International (Re)Insurance Group, has announced a multi-million-pound investment in its Group wide Operations and IT to significantly widen its digital capabilities.
The investment will further develop the Group’s data, analytics and digital platform capabilities across its international operations which last year reached $500m GWP, building on its previous investments in IT and its existing ecosystem. The project will focus on the customer, simplifying internal processes and leveraging data to drive business decisions and a better experience for its partners and customers.
Tom Downs, Direct Insurance Group COO, has been recruited to lead the Group’s Operations and IT function and lead the digital transformation across the Group. A stellar hire, Tom has 11 years’ experience of Operations and IT change management as Project Manager at Sompo Canopius and later as Operations Manager at Lloyds syndicate AEGIS. Currently with a team of seven Operations, IT and Project specialists, calling on cross-sector financial services expertise, Direct Insurance is actively recruiting to fill further roles in the team, including a Change Delivery Manager and a Data Quality Manager.
Tom Downs, Direct Insurance Group COO comments: “Direct Insurance is clearly an insurance Group that is aiming for the top. It is hugely entrepreneurial and not afraid to push boundaries. My team feel empowered to bring about real change. I’m excited to explore what our broader digital capabilities will achieve for the Group and its clients.
“As with all change projects, the nirvana comes from achieving just the right balance between quality, speed and cost in relation to all three pillars of systems, process and people. It is important to be prepared to adapt and evolve as you go and to re-evaluate after each phase. Get the balance right, have a clear vision and roadmap, with the right team and full backing from the Board, we will achieve transformational outcomes.”
The multi phased roadmap includes an enhanced pricing tool, a digital distribution platform, and a full overhaul of the Group’s IT infrastructure. It will digitalise the administration processes across the full risk lifecycle (underwriting, claims and finance) and build a rich repository of risk level data which then flows into a new online data analytics function, that it expects will be market leading. Its plug and play platform is an interoperable ecosystem of applications that enables a dynamic, quick, accessible way to write or broke business.
David Bearman, Direct Insurance Group CEO, comments: “Digital Transformation is a key strategic goal for the Group – a cornerstone of our growth plans. For us it’s not about keeping pace – we’ll be going further, using technology to cross boundaries and explore new horizons. Our operating model will maintain manual processes for those in the market that still choose traditional methods, but these will dovetail with our new digital capabilities, streamlining processes and increasing efficiencies. Leveraging data and digital technology will drive more business, deliver a first-class customer experience and bring more value to our clients and partners around the globe.”