Armour Risk - ClusterSeven

Armour Risk provides outsource and consulting services to the global insurance and reinsurance market.

They help clients to optimize people, process and technology performance, building greater self-sufficiency & resilience. Armour Risk have been a ClusterSeven partner for over 5 years, leveraging our solutions, expertise and relationships to extend their own capabilities, driving value to the bottom line.

Case Study

Background

Insurers face many challenges – low margins, low interest rates, the emergence of new entrants and industry consolidation, as well as the search for new markets, increased regulation and higher customer demands.

Insurance companies have turned to Armour Risk and ClusterSeven to better understand and identify, quantify and mitigate risks and issues. A common theme for Armour Risk’s clients has been the desire to remove cost inefficiencies, improve management visibility, as well as maintain compliance with regulations including SOX, Solvency II and now IFRS 17.

Streamlining insurance processes has been core to many engagements for Armour Risk. Spreadsheets underpin many insurance processes including actuarial pricing & reserving analysis, portfolio management, technical and financial accounting.

The business impact, and costs involved with spreadsheet risk, and the manual checks and reviews needed to identify and remediate issues, is significant in many cases. Armour Risk has been swift to recognize the value of automating spreadsheet risk management. They have chosen to work with ClusterSeven to reduce the operational risk profile of their clients, their cost base, and help to enhance their management control and transparency.

Our solutions now form part of the standard Armour Risk customer engagement toolkit, helping to maintain their reputation for developing valuable and effective solutions for their customers’ most significant business challenges.

Armour Risk and ClusterSeven have developed a close working relationship in the insurance sector, based on complementary skills, resources and knowledge each brings to a customer engagement.

Armour Risk are able to offer deep, technical and regulatory insight, and extensive business communication consulting expertise. We are able to provide proven, scalable technology and implementation process improvement, project and change management, expertise to facilitate efficiency, transparency and regulatory controls over End User Computing applications, models, and tools with detailed monitoring of spreadsheet and Access database controls and changes.

Based on several customer engagements, Armour Risk and ClusterSeven have developed an implementation model that delivers a seamless service to customers.

The Benefits

Partnering To Create Value

The benefits delivered by the partnership for both parties are significant and continue to grow. Armour Risk has been able to extend its business model, capabilities and revenue stream, by providing a technology based offer to its customers that complements and extends its existing services. Working with ClusterSeven has allowed Armour Risk to create additional competitive advantage.

For ClusterSeven, the relationship has been instrumental in developing new relationships, new revenue streams, as well as new industry insights that have helped to drive new products, new functionality and new services.

 

Tony Bethell, VP Strategic Alliances, ClusterSeven, said ‘partners such as Armour Risk are central to the growing success of ClusterSeven. We value their relationships, their expertise and their ability to create win-win situations for their customers, themselves and us here at ClusterSeven.’

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