Ironshore, a rapidly growing US specialty commercial P&C insurance company, has redefined itself and is now executing on its future target operating model in a journey that began in 2012 with a relationship with Genpact. This target operating model (TOM) is designed to ensure Ironshore has a scalable operations structure with enhanced stability, capable of supporting the company’s ambitious growth trajectory. An important part of this process was a series of transformation projects that achieved Ironshore’s TOM. Ironshore’s engagement with Genpact will deliver an integrated solution that includes SLA-driven operations, technology, and process transformation to improve operations, enable greater business IT alignment, deliver transformational projects focused on enhancing financial close processes, enabling decision support and analytics, and improving underwriter efficiency. Over the last 18 months, Ironshore is beginning to realize many business benefits by working with Genpact, including the following:
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2–3% improvement in the expense ratio, with more expected benefits from future transformations
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plug-and-play scalable capability for expansion into new geographies and product lines
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move toward process standardization and best practices, including indirect benefits such as streamlined regulatory compliance, process mapping, and Program Governance (PMO)
Although many of the transformational initiatives are still in progress, Genpact has helped Ironshore become a nimble and scalable global insurer.
