Lockton Re delivers a unified Broker experience with Salesforce and Futureform
Global reinsurance business Lockton Reinsurance (Re) a FCA regulated entity of Lockton Companies Inc. launched in 2019. As a new entity, they had limited existing technology systems, no single prospect to client journey and were reliant on the manual collation of pipeline data and ad hoc reporting which often took days to complete. They chose Salesforce as their CRM to ensure all of their data was captured in one place and was accessible by their global team.
We spoke with Jackie Aggett, International COO about the capabilities Futureform helped Lockton Re unlock in Salesforce during the implementation and the impact this has had at the business.
Key Benefits:
● Brokers now have a full view of their clients, prospects and other relationships
● Automated sanction screening through Mulesoft’s LexisNexis integration reduces compliance risk
● Market Risk Database
● OpenTWINS integration for Trading Partners and Transactions
● Service Team can notify the rest of the team when Premiums are paid and Claims submitted
● Ability to link Salesforce as a integrated part of their end-to-end operational and processing framework
Starting from a Blank Page
As a new business, agility and collaboration was top-of-mind for Lockton Re and this was important when choosing their CRM.
“We’ve got the privilege of being able to start the business practically from scratch,” Jackie says. “Those kinds of unique opportunities have allowed us to think slightly differently because we haven’t had to worry about what’s gone before.”
Lockton Re needed a global off-the-shelf solution that was trusted in the market and could be implemented quickly. After partnering with Futureform to implement Salesforce, a range of additional capabilities were soon unlocked through Futureform’s bespoke customisation.
Pipeline Management
As a global business, it was important for Lockton Re that their solution made collaboration between the UK and other regions straightforward and that there was transparency around the deals happening around the world.
This work was the genesis of the whole project with Futureform and expanded into an entire layer of helping manage Lockton Re’s business and ensuring they had a full view of their clients, prospects and other relationships.
Brokers can now manage their entire client journey from Prospect to Client through Salesforce. It’s used globally to share revenue and pipeline data and automated renewals are also built into the process.
“Everything’s now in Salesforce,” says Jackie. “It’s very transparent.”
Onboarding, Training and Partner Management
Futureform worked with Lockton RE to build a system that allowed for the fully digital onboarding of clients, markets and intermediaries. This included:
● Validating bank details
● TOBAs
● Data enrichment, like being able to look up the true identity of a company and all of their details
Entity account management is now at the heart of Lockton Re’s business.
“We were the first broker to embed entity account management in the way that we had at the earliest point of the relationship so that we protect our people,” says Jackie.
Automating Sanction Screening with Mulesoft and LexisNexis
Futureform also helped unlock new capabilities for Lockton Re with Mulesoft’s API-driven LexisNexis integration. Futureform built in automated sanction screening which helped minimise compliance risk and removed the need for Broker interaction at the early stages.
“We wanted to have immediate transparency for the brokers…rather than brokers assuming they can trade with whoever they want to, it gave them definitive guidelines about who they can and can’t engage with,” says Jackie.
Through the Mulesoft integration with LexisNexis, there’s also been zero relaying of data between applications. This has also resulted in complete transparency and zero contracts with sanctioned clients.
Transparency and Engagement
Transparency has also been a key focus for Lockton Re throughout the Salesforce implementation. Futureform helped build an engagement layer to simplify the data journey for brokers, joining up all the data sets from the organisations the business deals with through Mulesoft’s integration with OpenTWINS which then pushed the data to Salesforce which became the single source of truth.
Other features include:
● Salesforce Actions and Recommendations alert Users to key Account Opening Tasks and Activities they need to complete before business can be placed
● The Service Team can notify the rest of the team when Premiums are paid and Claims are submitted
● A Broking Checklist automates the handover process from Broking into Servicing
Speaking about the value Futureform has helped Lockton Re realise in Salesforce, Jackie says:
“It’s the bedrock of how we onboard, manage, control and approve every entity we ever work with. From an operational perspective, it makes me sleep at night. If you want a fresh look on life, that’s why you need Futureform.”