(Image source: Canopius webpage.)
Canopius US Insurance, a Chicago-based global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the U.K., and the U.S., underwriting through Lloyd’s Syndicate 4444, has completed Phase 1 of its U.S. Target Operating Model implementation with assistance from Wikifri (Alpharetta, Ga.), a strategic consulting firm and data solution provider. By leveraging Wikifri’s Insurance Business-Oriented Operating Model (iBOOM) framework, Canopius has achieved significant progress towards operational efficiency and the establishment of a unified operating model, according to a statement from the consultant.
Recognizing the need for a cohesive operating model, Canopius engaged Wikifri to guide the (re)insurer in selecting and implementing enabling technologies, the Wikifri statement reports. The companies’ teams leveraged Wikifri’s iBOOM framework to design a target operating model that aligns with Canopius’ strategic goals of growth and product diversification.
The implementation phase included the utilization of OWIT Global BDX-Central, Origami Risk Policy & Billing Suite, and a U.S. data solution, with Wikifri reporting that it played a key role in the design and implementation of the latter component. “This future state solution empowers Canopius to reduce vendor dependency, adopt a data-driven approach, establish a foundation for a single underwriting organization, and expand product distribution through various channels,” the Wikifri statement says.
Wikifri reports that it provided comprehensive program management and solution architecture services, leveraging the company’s deep industry expertise. Through this collaboration, all teams remained focused on achieving the operational goals and deliverables of Phase 1, according to Bill Freitag, Managing Partner, Wikifri.
“We are delighted to collaborate with Canopius on their transformative journey towards a unified operating model,” comments Freitag. “Our iBOOM framework has proven instrumental in creating a comprehensive target operating model that aligns with their strategic objectives. We are confident that our ongoing implementation support will enable Canopius to continue this momentum into Phase 2 and beyond.”
Business Understanding, Program Management Skill Set
“Wikifri has been an invaluable partner from the beginning of this critical initiative for Canopius US,” comments Adam Finkle, COO, Canopius. “Their understanding of the business, coupled with their broad technical and program management skill set, was a key driver in ensuring we built the right foundation to support and enable our growing operation. We look forward to realizing the expected benefits from the first phase of our target operating model initiative and our continued partnership with Wikifri in subsequent phases.”