The client
Rokstone, an Aventum Group company, is a global speciality (re)insurance group that operates across both the underwriting and broking sectors. Formed in 2016, it is a very fast growing MGA writing multiple lines of specialty business, and the company chose Ebix Europe to support their evolving exposure management demands using the ExposureHub platform.
The challenge
As a rapidly growing MGA, Rokstone needed to quickly expand their exposure management team and capabilities and saw ExposureHub – including the platform’s superior client support – at the core of that development effort.
Rokstone writes risks on behalf of other carriers and have a reporting responsibility to those parties – and they, therefore, needed their exposure management capability to be set up and functioning in such a way that reporting to all of those other carriers could be more automated and not performed as a manual data manipulation exercise that would ordinarily have taken weeks to do.
The approach
At the outset, Rokstone had to agree which underwriting teams were in scope for the project. A project team was assembled – involving a core project group and around 25 exposure management stakeholders – and workshops were held with seven teams to fact-find what they wanted from an exposure management system and that the requirements for each underwriting team were fully explored and understood.
The project team then prioritised the classes with a staggered go-live approach rather than launching with seven business lines at the same time. Property D&F was chosen as the first go-live business on the back of which a repeatable template could be applied to the other business lines.
The requirements were prioritised into three groupings: go-live requirements (the minimum viable product); Phase 2 requirements (what would they need within three months of go-live); and then longer-term requirements to ensure the future integrity and resilience of the project. Rokstone went live in December 2022 and ExposureHub is now being used across all seven classes of business.
The benefits
For Rokstone, the key requirement was to be able to manage end-to-end processing for the life cycle of a policy of which ExposureHub is just one part of that journey. What ExposureHub brings is the ability to fully optimise and automate where possible – whereby data is immediately available upstream and downstream. So, for example, ExposureHub is behind the scenes facilitating that one-stop shop for key decision-makers who are the recipients of the platform’s outputs.
In addition, the attractiveness for Rokstone of using ExposureHub is that as the business continues to grow and add new underwriting teams, the ExposureHub platform can accommodate that quickly and seamlessly to meet the evolving needs of the business.
Ian Anson, Managing Director at Rokstone, commented: “I’ve witnessed first hand the transformative power of ExposureHub within Rokstone. This cutting-edge tool has empowered us to navigate the complex landscape of risk with precision and confidence. Through sophisticated analysis, ExposureHub has become the cornerstone of our Catastrophe risk management strategy, ensuring that we not only identify potential exposures but proactively mitigate them. In an ever-evolving industry, ExposureHub stands as a testament to our commitment to innovation and excellence in managing risks for our partners.”
Conclusion
As this case study highlights, strategic exposure management not only maintains balance in a portfolio but also fuels agility, allowing insurers to adapt and capture emerging opportunities. The Ebix Europe ExposureHub platform is entirely configurable to each client and can be customised to individual user’s requirements and preferences – meaning that those users are in control of the platform, not the platform in control of the user.
In an era where re/insurers face unprecedented challenges, Rokstone’s transformative experience with Ebix Europe’s ExposureHub sets a powerful precedent for the industry. As we stand on the precipice of a new age in exposure management driven by data, real-time insights, and advanced technologies, it’s critical for re/insurers to seamlessly adapt to the evolving landscape of risk.