CASE STUDY:
Banyan Risk Limited's Automation Technology Roadmap
Banyan Risk Limited's Automation Technology Roadmap
Banyan Risk Limited, a rapidly growing Commercial Insurance Executive Lines Managing General Agent (MGA), recognized the need to improve their automation processes and reporting. To address this, Banyan Risk partnered with Palomino to establish and execute an automation technology roadmap. Most recently, Palomino implemented an AI-agentic workflow that assists Banyan in the daily quoting process for new submissions. This integration provides Banyan with summarized data of claim runs from unstructured information, dramatically accelerating the quoting process by delivering loss run information in a standardized format ready for aggregation. Banyan now leverages the WebPal AI platform to Quote, Bind, and Insure publicly listed clients around the globe. This case study explores Palomino's approach of using a Keep-It-Straight-&-Simple (KISS) strategy, guided by four values: user experience, speed, accuracy, and extensibility.
CHALLENGES
Banyan Risk anticipated operational challenges due to their significant growth trajectory and sought to develop a software roadmap to alleviate these burdens and ensure smooth operations. Palomino evaluated various policy management systems available in the insurance industry, considering factors such as total cost of ownership and implementation cycles. Thorough diligence was conducted, including reviewing live demos, API documentation, and interviewing technical support teams and developers.
SOLUTION
During the process, Palomino crystallized their KISS goals: A) onboard every team member onto a flawless system that could capture their progress, and B) ensure long-term system adoption for all team members. Palomino defined deliverables that were easy to check, such as tracking all policy submissions from day one, making the system the team's hub, and ensuring accurate month-end reports within three days. These deliverables established the key values of the roadmap: user experience, speed, accuracy, and extensibility. The recent addition of AI-agentic workflows further enhanced the solution, enabling automated extraction and summarization of loss run data, which is critical for fast and accurate quoting.
IMPLEMENTATION AND RESULTS
Research demonstrates that user adoption heavily relies on user experience (UX) and speed. Palomino recognized that delays in user interface rendering can hinder adoption, so they prioritized a seamless UX. Accuracy was equally important, ensuring timely availability of accurate information, preventing reliance on inaccurate data. Additionally, Palomino included extensibility to allow for their KISS principle, and future integration with other systems, prioritizing interoperability with other systems like billing and accounting systems over integrating excessive features like invoice-management features within the CRM itself. With the AI-agentic workflow, Banyan can now process unstructured claim data into actionable insights, significantly reducing manual effort and turnaround time for quoting.
By adhering to their distinct set of values, Banyan Risk successfully achieved their goals. Instead of opting for an industry-specific solution, they selected a customizable CRM solution aligned with their values. Integration proceeded swiftly, and within three months, the team had fully adopted their new submission management system and a future-proof data warehouse implementation. Banyan Risk is currently tracking well against their roadmap goals and is poised for future growth, with the option to explore and easily integrate applications of generative AI, big data analytics, and process automation.
CONTINUOUS SUPPORT AND GROWTH
With a solid foundation in place, Banyan Risk is well-positioned to leverage innovative insurance technology and continue their growth in the MGA market. The implementation of the automation technology roadmap is not the end but rather the beginning of a continuous support and growth phase. Banyan Risk can rely on Palomino for ongoing support, system enhancements, and exploring new opportunities for improvement and expansion. The AI-powered quoting process ensures Banyan remains at the forefront of digital transformation in insurance.
CONCLUSION
The automation technology roadmap journey with Palomino exemplified the effectiveness of a KISS strategy guided by user experience, speed, accuracy, and extensibility. Palomino's commitment to simplicity and clearly defined goals enabled them to successfully implement a robust automation system. With the addition of AI-driven workflows, Banyan is now able to quote, bind, and insure clients globally with unprecedented efficiency.
