The Howden Group is an international insurance intermediary group operating across Europe, the Middle East, Asia Pacific and the Americas.
The Howden international insurance intermediary group revolutionized their digital offering with the FintechOS platform’s lower-cost digital transformation solution that still integrated their legacy tools and existing software ecosystem.
With their new technology, Howden was able to automate their previously manual processes and streamline their complex workflows to optimize their response time. This cut customer onboarding time to just six minutes, and allowed risk assessments that used to take two weeks to be completed in two hours.
Howden re-invented their market proposition across healthcare, home insurance, and commercial insurance products. Nine months later, Howden is preparing to launch a new range of sports products with processes set to take half the time they used to.
Using their new technology, the FintechOS platform was able to deliver the benefits Howden needed within just nine months, including:
- Optimized customer journey across all touchpoints
- Increased productivity, reducing delays
- Operational dashboard allowed faster decision-making
- Analytics provided actionable insights
- Forecasting and planning allowed profitability analysis
- APIs enabled across all key channels
- Automation of policy documentation, risk sanctions, and GDPR
- Removing need for offshore support
- Improved regulatory and TCF compliance
Howden’s Background Before FintechOS
Howden operates across Europe, the Middle East, Asia Pacific, and the Americas. Yet, their development into the digital space has been held back by gaps in their technology.
Revolutionary digital and technical innovations from the Howden team were unable to be realized due to the limits of their operating model. It was clear that a new solution was needed to drive Howden forward into the digital space and retain their share of wallet.
That solution was the FintechOS platform.
Howden’s Barriers to Success
- Complex, manual product management process
- Number of systems requiring manual intervention
- Limited options for remote working
- Need for manual transfer of data between systems
- Processes requiring multiple human touchpoints
The FintechOS Solution for Howden
FintechOS worked with Softelligence to embed ourselves within Howden’s organization to truly understand the needs of the firm. Working with Howden’s team, we integrated their legacy systems and processes into our platform’s structure to create a new architecture that could meet digital needs without a complete digital transformation.
This revolutionized the company’s offering, with benefits including:
Risk Assessments in Just 2 Hours
The previous process involved duplicated effort with both offshore and onshore teams gathering risk information across the same areas, ultimately taking two weeks to complete in each instance. The FintechOS team challenged the Howden team to build a new process within the platform. The new interface reduced the two-week process to just two hours, and significantly decreased the costs involved.
120% Revenue Growth for Key Products
By reducing costs from outdated processes involving external providers and driving home customer value, FintechOS was able to help Howden increase revenue by 120% across key products.
New Customer Onboarding in Just 6 Minutes
Using the FintechOS low-code customer journey configuration, Howden was able to introduce new, digital onboarding processes that utilised the latest technology to provide a seamless customer experience. This reduced the time to onboard a new customer to just six minutes.
60% Customer Growth in Nine Months
Combining these benefits and many more, Howden has seen huge growth in key products over the last nine months – almost 60% in some lines. Recently, Howden launched a new line of digital sporting insurance products and has already seen a 50% reduction in effort and time-to-market using the FintechOS platform.
Howden Product Lines Powered by FintechOS
Healthcare
Howden’s main product and the primary focus of the work was Howden’s Care Homes cover. This product saw a 120% revenue growth,
60% growth in customer base, and 90% reduction in transaction times, powered by FintechOS.
Similar growth was seen for Howden’s Dual Accident and Health product, when the product was transitioned to FintechOS.
Commercial and Home
FintechOS now empowers the Howden group’s secondary products, including:
- Howden Restructuring & Resolution Financial Product
- RKH/Bowood Homeowners Product
- RKH/Bowood Cyber Product
Equine Cover
FintechOS now powers Howden’s equine insurance products, including:
- Care, custody, and control
- Horse and pony
- Bloodstock
Sports Insurance
Just recently, Howden rolled out a range of sports products in FintechOS. Howden’s team advise that adding quotes to their system now takes half the time and are reporting huge increases in efficiency. The FintechOS platform has also offered greater accuracy in time estimates, driving further cost savings.
Sports cover products powered by FintechOS, include:
- Instructors – coaches and personal trainers
- Clubs – angling
- Clubs – shooting Club
- Clubs – swimming
- Clubs – all other activities
- Clubs – cricket, rugby and affiliated
- Clubs – tennis
- Shooting ground
- Hockey association
- Activity business/centre – businesses, dance, and CrossFit
- Activity business/centre – all other activities
- County golf partnership
- Huts
“My decision on transformation was one of empowerment. Empowering our staff and empowering our clients allows us all to unify the best of Howden Insurance Brokers; ensuring Howden drives change, rather than be driven by it.”
Mark Westgarth
Managing Director, Howden Insurance
