Euclid – from legacy to leading edge
Euclid Financial & Professional Risks set out to build a London head-quartered Lloyd’s Coverholder free from the legacy constraints limiting the growth of many in the sector. With Azur’s Salesforce-based platform, they launched a future-ready foundation that not only meets Lloyd’s requirements but is designed to enable future AI integration into daily underwriting and claims workflows. Real-time insights and streamlined operations gave them an immediate edge with capacity providers and stakeholders.
Breaking Free from Legacy Pitfalls
For any new Lloyd’s Coverholder, time is money. The moment capacity is secured, every month of delay translates to lost revenue, frustrated underwriters, and mounting pressure from stakeholders. Euclid Financial & Professional Risks were acutely aware they were likely to face this exact challenge. Based on the team’s previous experience in larger insurers, they expected it would not be easy.
Why Traditional Implementations Fail
The insurance industry is littered with failed technology projects that drag on for years:
- Legacy system complexity: Rigid architectures require extensive customization and slow down speed to market
- Regulatory compliance gaps: Many systems struggle to adapt to Lloyd’s evolving requirements and hinder scaling across geographies
- Integration nightmares: Disconnected underwriting and claims processes harden silos across the organization and create cumbersome data management processes
- Duplicate data entry: Manual double and triple entry drives inefficiency and expense creep, draining productivity and profitability.
Euclid’s Critical Requirements
As a new Lloyd’s coverholder, Euclid wanted to launch with a solution that could deliver:
- Regulatory Compliance: Meeting stringent Lloyd’s data compilation and structural requirements, adapting quickly to evolving regulatory changes, and handling complex London Market requirements including multiple tax authorities
- Operational Integration: A “cradle-to-grave” policy administration combining underwriting and claims, eliminating reliance on error-prone spreadsheets, and streamlining workflows to maximize underwriter productivity
- Data & Intelligence: real-time data capture from business launch, comprehensive management information (MI) for multiple stakeholder groups, and live portfolio dashboards for fact-based decision making
- Speed & Flexibility: rapid implementation without compromising functionality, platform agility to adapt to changing market demands, and a competitive advantage through early market entry
- EEA & Non-EEA Capacity: Ability to manage both EEA and non-EEA underlying capacity seamlessly.
- Document Management: Drag-and-drop functionality to store all material documentation within the platform.
- Multi-Jurisdictional Business: Supports multiple currencies, tax authorities, and coverage structures across geographies.
The Solution: Azur’s Purpose-Built Lloyd’s Coverholder Platform
Leveraging their existing relationship with Euclid Program Managers and proven track record with Lloyd’s coverholders, Azur delivered a comprehensive platform designed specifically for forward thinking Coverholders.
Rather than cobbling together multiple systems, Azur created a unified workbench—a single, comprehensive view covering the entire policy lifecycle. This approach eliminated data silos and provided unprecedented visibility into operations.
What Made the Difference
- Deep Industry Expertise: Azur’s team demonstrated exceptional ability to understand complex insurance needs, translating them directly into effective technical specifications. Having started as an MGA themselves, they understood the pain points firsthand.
- Collaborative Implementation: Senior leadership and underwriters participated actively from the design phase, ensuring the solution was “fit for purpose” from day one. This collaborative approach eliminated costly revisions and change requests that typically plague implementations.
- Dynamic Architecture: The platform was built for flexibility, allowing quick adaptation to new data points, regulatory changes, and business requirements—a critical advantage over traditional rigid systems.
- Integrated Operations: Unified underwriting and claims workflows created a single source of truth for all policy-related information, streamlining operations and improving compliance.
Results that Redefine Speed and Agility
The partnership with Azur delivered significant, measurable benefits, enabling the Coverholder to launch with a strong operational foundation:
- Record-breaking Implementation: The platform was built and went live in just three months, a stark contrast to the years often required for similar transformation projects in larger companies.
- Integrated Operations: The unified underwriting and claims platform provides visibility for internal teams and external stakeholders, such as carriers, streamlining processes and improving compliance.
- Real-time Data & Insights: The ability to capture all data and MI from day one enabled the creation of live, updated portfolio dashboards. This capability impressed capacity providers and allowed for fact-based conversations with all stakeholders, replacing drawn-out guesswork with instant, accurate data.
- Enhanced Underwriter Efficiency: By automating administrative tasks and providing a clear workflow, the platform allowed experienced underwriters to focus solely on underwriting, maximizing their productivity. Underwriters no longer live beneath a pile of spreadsheets.
- Significant Competitive Advantage: Azur’s data-rich system helps manage volume, enables automation of complex bordereaux, and navigating future challenges with crisp, clean management information.
- London Market Specialization: The platform was specifically tailored to handle the complexities of London Market business, including multiple tax authorities and diverse coverage splits, making it a truly “London-friendly” solution.
Why Azur?
Azur’s edge comes from experience: they started as an MGA, so they know firsthand what underwriters and leaders need. Their intuitive understanding of MGA operations shaped an incredibly powerful platform, designed from the ground up for future-ready MGAs.
With such a dynamic and adaptive platform, Euclid is positioned not just for immediate success, but for sustainable growth in an increasingly complex market. As regulatory requirements evolve and competition intensifies, they have the technological foundation to adapt quickly while their competitors struggle with legacy constraints. For Euclid, the three-month implementation was just the beginning. Now they’re focused on scaling their competitive advantage.
Source: Euclid – from legacy to leading edge – Azur Technology
