Business transformation at pace
How we supported Convex to improve productivity, reduce waste and keep headcount low.
Client:
Convex
Project:
Delivering strategic missions
Project capabilities we delivered:
- Delivery leadership
- Solutions & business architecture
- Technical & data architecture
- Process architecture
- Scrum masters & agile coaches
- Change management
- PMO
- Business analysis
- QA testing
- Training and comms
Keywords:
- Insurance
- Underwriting
- Agile
- Jira
- HCM
- MGU
- Blueprint Two
- Consumer duty
Introduction
Convex is an international speciality insurer and reinsurer, growing rapidly since its launch in 2019. Part of Convex’s strategy aims to maintain a market-leading low expense ratio, by outsourcing where appropriate, maximising efficiency and making better, quicker decisions using data and technology.
Stellarmann was selected as a delivery partner in 2020 and have since enabled the delivery of several change programmes which underpin Convex’s strategic missions. A total of 160 associates have worked across projects including regulatory reporting, reserving and actuarial, finance and HR operations, delegated authority, underwriting tooling, data acquisition and consumer duty.
Our client's challenge
To deliver change at such a fast pace, Convex wanted to build flexible teams with specific experience of their market who could hit the ground running. Seamless onboarding, offboarding and finding the right cultural fit were all parts of their service requirement so that programme leaders were freed up from administrative management.
However, a nationwide skills shortage of change professionals plus changes to IR35 legislation put challenges in the way of attracting exceptional contractors.
Our response
The first Project Managers and Business Analysts were on site within three weeks from the original identification of key outcomes and services required. Since then, the number of associates engaged has grown to 99 at the end of August 2023, with the time taken from service request to start date averaging two to four weeks. This has allowed Convex to maintain momentum and realise the efficiencies of the projects completed.
Our shared risk payment model has also proved successful in ensuring a laser focus on deliverables and a highly motivated team. To date, 99% of all monthly milestones have been met and agreed by Convex.
Convex have also benefited from the wellbeing support provided by the Stellarmann team. With over 80% of the associates having one-to-ones with a Stellarmann Engagement Delivery Manager every six weeks, queries over deliverables or challenges around performance have been nipped in the bud.
“This is the first time I've worked using a Statement of Work that's got a time and material element, 80%, and then also the deliverable element, which is 20%. And I've really loved working that way. It motivates you even more to meet your deliverables for the end client.”
The partnership between Convex and Stellarmann has seen our associates involved in the delivery of many project outcomes, which include:
- Supporting the successful expansion of Convex into the US market
- Helping build agile competencies
- Supporting the implementation of their Human Capital Management platform
“Stellarmann’s reach in IT and change management within the insurance industry is impressive. Their attractive, low risk payment model ensures access to the highest quality people, who have skin in the game. There are many Stellarmann associates who I’d like to keep at Convex for a long time. The back office is a well-oiled machine that means my time isn’t wasted.”
