Lloyds Syndicate Firm sees Benefit of Working with a Trusted EPM Advisory Organisation for Enhanced FP&A Capabilities
About Lime SMA
Lime Syndicate Managing Agency was born out of a desire to provide a cost-effective, efficient and technology-led managing agency by providing support and guidance to new syndicate propositions and a genuine alternative to those currently operating at Lloyd’s. Lime is a cost-effective, technology-driven Lloyd’s managing agency, offering a unique, client-focused service to both new syndicate proposals and established Lloyd’s syndicates.
Problem
After establishing themselves on the Lloyd’s managing agency market and starting operations, Lime had encountered significant hurdles in its planning processes due to its heavy reliance on Excel workbooks.
While these workbooks offered flexibility, they lacked advanced features needed for complex premium planning, risk and loss ratio projection, and strategic planning, leading to inefficiencies. Coupled with the limitations in automation and data analysis in spreadsheets often resulted in manual data handling, increasing error risks and slowing down plan adjustments.
The Chief Operating Officer (COO) of Lime SMA was well aware of the pitfalls of excel processes from previous roles and was determined to start afresh with Lime implementing a modelling platform from day one.
The demand for comprehensive, timely reporting for strategic, regulatory, and investor purposes necessitated a shift to more sophisticated, unified tools beyond Excel workbooks.
Solution
Lime SMA wanted to move away from Excel to an EPM software platform that was fit for purpose now and for the foreseeable future. They decided Pigment was the best EPM solution on the market to cover a range of use cases – initially an Insurance Planning Model, a Financial Reporting Model and a Centralised Hub – and they chose to partner with Bolt Consulting because of their extensive experience in implementing Pigment models and insurance expertise.
Lime SMA and Bolt adopted a co-build approach to the project implementation. By taking some responsibility for building models, Lime SMA was able to learn how to build in Pigment while drawing on Bolt’s extensive knowledge and expertise as and when they had questions.
This collaborative approach was instrumental to the enablement of the Lime SMA Team to ensure greater adoption and self-sufficiency post Professional Services engagement with Bolt Consulting.
Pigment works from a single workspace with interconnected models that can directly reference each other. This enables instant update of information across all models – a solution that is simple to set up and easy to secure and administer.
Data automation and integration from source systems to Pigment allows Lime SMA to maintain data accuracy, while the scenario planning capabilities in Pigment gives Lime SMA maximum flexibility for modelling the impact of changes to the business. This is crucial in any successful EPM solution and something that Pigment manages with ease.
The Results
Lime SMA wanted to move away from Excel to an EPM software platform that was fit for purpose now and for the foreseeable future. They decided Pigment was the best EPM solution on the market to cover a range of use cases – initially an Insurance Planning Model, a Financial Reporting Model and a Centralised Hub – and they chose to partner with Bolt Consulting because of their extensive experience in implementing Pigment models and insurance expertise.
Lime SMA and Bolt adopted a co-build approach to the project implementation. By taking some responsibility for building models, Lime SMA was able to learn how to build in Pigment while drawing on Bolt’s extensive knowledge and expertise as and when they had questions.
This collaborative approach was instrumental to the enablement of the Lime SMA Team to ensure greater adoption and self-sufficiency post Professional Services engagement with Bolt Consulting.
Pigment works from a single workspace with interconnected models that can directly reference each other. This enables instant update of information across all models – a solution that is simple to set up and easy to secure and administer.
Data automation and integration from source systems to Pigment allows Lime SMA to maintain data accuracy, while the scenario planning capabilities in Pigment gives Lime SMA maximum flexibility for modelling the impact of changes to the business. This is crucial in any successful EPM solution and something that Pigment manages with ease.
See More Case Studies
Partner with Us for Comprehensive EPM & Data Solutions.
We’re happy to answer any questions you may have and help you determine which of our services best fit your needs.
Your benefits:
- Client-oriented
- Independent
- Competent
- Results-driven
- Problem-solving
- Transparent
What happens next?
We schedule a call at your convenience.
We conduct an initial discovery and consulting meeting.
We work together toward ensuring your success.
