Baronsmead Insurance Brokers are specialist independent brokers providing financial risk insurance, fiscal guidance and advice to hedge funds.
The fund industry operates in a world which is increasingly litigious and where there is an ever increasing exposure to ruinous claims – both corporately and personally. Baronsmead provide investment management and specialist protection from the legal and operational risks their customers face. Their conscientious analysis of potential risks, together with the experience to identify and trade with only the most relevant key insurers helps ensure that Baronsmead consistently offer a unique standard of protection for their customers.
Like many new companies, Baronsmead’s growing client base was making it increasingly difficult to manage their data using generic Microsoft Office tools such as Word and Excel. Administration tasks were proving difficult and very time-consuming, involving duplication of information as well as an increased possibility of human error. Since the key to Baronsmead’s success involves precise data management and keen analysis of their partners and competitor’s alike, a centralised system with data integrity was a must.
Baronsmead had also recently expanded their operations with the addition of a new office in Dublin. Any solution would need to have security in place to keep certain information restricted to each business unit, whilst still facilitating the sharing and viewing of information to those with the appropriate privileges. In addition to their data management needs, Baronsmead were keen to integrate the system with a new website to provide a seamless prospect management process.
Initially, BlackLight focused on understanding Baronsmead’s processes and needs, undertaking a review of existing procedures to pinpoint any inefficiencies that could be addressed and successfully corrected. Once a complete picture of the company’s operational processes was documented, BlackLight were able to identify the key areas which would benefit from streamlined business processes.
During this initial analysis, BlackLight identified a particularly time-consuming and repetitive part of Baronsmead’s processes involving the production of Policy documents for their clients. Although each Policy is unique to the client, the information is taken from standard documentation and Baronsmead were keen to see if this process could be automated to save time and remove the possibility of human error in the production of their legally-binding documentation. The business analysis led BlackLight to identify Microsoft Dynamics CRM as the foundation system that could be customised and configured to provide the ideal solution, which would address all of Baronsmead’s data management and wider process issues. The standard functionality of Microsoft CRM was enhanced by BlackLight to cover the following areas:-
The Solution (cont.)
BlackLight also developed a bespoke document generator. The module, which is embedded in the CRM system, enables detailed Policy documents to be created by drawing the required information from records within CRM and populating the sections of the document specific to the client and that particular policy. The second phase of the solution was the design and implementation of a brand new bespoke website. BlackLight’s designers created the website based on Baronsmead’s brand guidelines. The site was then integrated with CRM to produce a seamless link between the two systems.
The website has been designed so that once a client fills in their details for the first time they get an email with their client details summarised and a username/password to access the system. These client details are also fed through to Baronsmead’s internal CRM system where a new prospect record is automatically generated. Once a client has either logged in or registered for the first time they are able to view any existing quotes or generate a new quote. Any new quote details are added to the existing client record in the CRM system. An email will also get sent out to the user detailing their quote. The user is then able to accept or decline the quote via the website.
Following the installation of the CRM system, Baronsmead reported the following benefits:
Jaime James, Baronsmead’s Business Administrator, commented on the experience of working with BlackLight; “We are very pleased with the level of professionalism and assistance which our dedicated BlackLight CRM Manager and his team have provided. We are already seeing the benefits of the implementation and have positive expectations for future development.”
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