How a technology-driven Lloyd's managing agency partnered with a trusted EPM advisory organisation for enhanced planning capabilities - delivered ahead of schedule and within budget.
The client
Lime Syndicate Managing Agency was born out of a desire to provide a cost-effective, efficient and technology-led managing agency. They offer support and guidance to new syndicate propositions while providing a genuine alternative to those currently operating at Lloyd's.
As a technology-driven Lloyd's managing agency, Lime offers a unique, client-focused service to both new syndicate proposals and established Lloyd's syndicates. Operating in one of the most complex regulatory environments in financial services, they needed planning tools that could handle year-of-account accounting, premium planning, risk projection, and scenario modelling.
The challenge
After establishing themselves in the Lloyd's managing agency market and starting operations, Lime encountered significant hurdles in their planning processes due to heavy reliance on Excel workbooks. While these workbooks offered flexibility, they lacked the advanced features needed for complex premium planning, risk and loss ratio projection, and strategic planning.
The limitations in automation and data analysis in spreadsheets often resulted in manual data handling, increasing error risks and slowing down plan adjustments. The demand for comprehensive, timely reporting for strategic, regulatory, and investor purposes necessitated a shift to more sophisticated, unified tools beyond Excel.
The Chief Operating Officer of Lime SMA was well aware of the pitfalls of Excel processes from previous roles and was determined to start afresh - implementing a modelling platform from day one rather than accumulating technical debt.
Multiple Excel workbooks with no single source of truth. Reconciling versions ate into productive time.
Manual data handling across complex models increased the risk of formula errors going undetected.
Running "what if" scenarios meant hours of manual rework rather than minutes of model adjustment.
Comprehensive reporting for strategic, regulatory, and investor purposes required more than spreadsheets could deliver.
Lack of automation capabilities meant repetitive manual tasks and slow response to changing business needs.
Plan adjustments were time-consuming, slowing down the ability to respond to market changes.
What we did
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, and they chose to partner with Bolt Consulting because of our extensive experience implementing Pigment models and insurance expertise.
Premium planning with currency handling, year-of-account projections, loss ratio modelling, and comprehensive scenario analysis built for Lloyd's-specific requirements.
P&L by year of account with easy drill-down to deal level. Excellent formatting options and version comparison for audit-ready outputs.
Single workspace with interconnected models that directly reference each other. Instant update of information across all models - simple to set up and easy to secure.
Data automation and integration from source systems maintains data accuracy. All base data aligned with the concurrently implemented data warehouse.
Comprehensive security model across the workspace, tailored to ensure the necessary user-level access for data input and reporting.
Lime took responsibility for building models while drawing on our expertise. They learned Pigment by doing, not watching, ensuring greater adoption and self-sufficiency.
Pigment's single workspace with interconnected models enables instant update of information across all models. Data automation and integration from source systems maintains data accuracy, while Pigment's scenario planning capabilities give Lime maximum flexibility for modelling the impact of changes to the business.
Model security ensures only appropriate teams can input assumptions - for example, only underwriters and the Delegated Authority team can modify premium assumptions. The platform offers no restrictions on the number of dimensions in tables, allowing Lime to slice and dice data however they need.
Platform benefits
Lime SMA evaluated multiple EPM platforms before selecting Pigment. Here's why it was the right fit for a growing Lloyd's managing agency:
No restrictions on the number of dimensions in tables - slice and dice data by year of account, class of business, risk codes, coverholders, and currency.
Maximum flexibility for modelling the impact of changes to the business. Test different scenarios with confidence in the data.
Single workspace with models that directly reference each other. Instant update of information across all models.
Easy to set up, secure, and administer. Financial Reporting linked to live forecasts with no need for manual spreadsheet updates.
Implementation outcomes
Detailed syndicate-level premium planning capturing low-level assumptions by Lloyd's classes of business, risk codes, and coverholders.
All base data aligned with the concurrently implemented data warehouse that serves as the source system.
Key Lloyd's reporting elements including underwriting performance forecasts supplied directly by the solution.
No manual consolidation of information. The solution completes this automatically, reducing the risk of human error.
Multi-versioning facilitates flexible mapping of premium planning and financial planning models across multiple years of account.
Platform-wide currency translation handling the complexity of multi-currency Lloyd's syndicate operations.
The implementation covered premium planning, loss ratio modelling, expense allocation, reinsurance structures, and management reporting - all interconnected within Pigment's unified workspace.
The results
The implementation was delivered ahead of schedule and within budget. More importantly, Lime's team achieved full self-sufficiency within two months - able to modify models, build new reports, and extend functionality without external support.
What they said
"Bolt is seen as a trusted delivery partner and we'd work with them again without hesitation. They provided an excellent service, delivered in a clear and transparent way, helping us achieve our goals ahead of schedule and within budget."
"Bolt provided high calibre resources - consultants and solution architects who were experienced and had great expertise in Pigment. Their focused mentoring and build sessions allowed us to become self-sufficient in Pigment in only two months."
Let's talk about your planning challenges. References available on request.