Wikifri Leverages iBOOM Framework to Help Canopius develop their US Target Operating Model
The platform supports the specialty insurer with operating model setup, provides overall program advisory and plays key role in back-office data solution design and implementation.
Alpharetta, GA, June 28, 2023 –– Wikifri, a prominent insurance consulting firm and data solution provider, is excited to announce its successful collaboration with Canopius US Insurance, Inc. (Canopius), a leading specialty insurer, in completing Phase 1 of its US Target Operating Model implementation.
By leveraging Wikifri’s innovative Insurance Business-Oriented Operating Model (iBOOM) framework, Canopius has achieved significant progress towards operational efficiency and the establishment of a unified operating model.
Recognizing the need for a cohesive operating model, Canopius engaged Wikifri to guide them in selecting and implementing enabling technologies. Together, the teams leveraged Wikifri’s innovative iBOOM framework, to design a target operating model that aligns with Canopius’s strategic goals of growth and product diversification.
The implementation phase included the utilization of OWIT Global BDX-Central, Origami Risk Policy & Billing Suite, and a US data solution, with Wikifri playing a key role in the design and implementation of the US data solution component. This future state solution empowers Canopius to reduce vendor dependency, adopt a data-driven approach, establish a foundation for a single underwriting organization, and expand product distribution through various channels.
Wikifri provided comprehensive program management and solution architecture services, leveraging their deep industry knowledge and experience. Through this collaboration, all teams remained focused on achieving the operational goals and deliverables of Phase 1.
Bill Freitag, Managing Partner at Wikifri, expressed his enthusiasm for the partnership, stating, “We are delighted to collaborate with Canopius on their transformative journey towards a unified operating model. Our iBOOM framework has proven instrumental in creating a comprehensive target operating model that aligns with their strategic objectives. We are confident that our ongoing implementation support will enable Canopius to continue this momentum into Phase 2 and beyond.”
Adam Finkle, Chief Operating Officer of Canopius, emphasized the value of Wikifri’s contributions, stating, “Wikifri has been an invaluable partner from the beginning of this critical initiative for Canopius USA. Their understanding of the business, coupled with their broad technical and program management skill set, was a key driver in ensuring we built the right foundation to support and enable our growing operation. We look forward to realizing the expected benefits from the first phase of our target operating model initiative and our continued partnership with Wikifri in subsequent phases.
Wikifri is committed to driving innovation and delivering exceptional value to their clients and stakeholders. The successful completion of Canopius’ Phase 1 of the US Target Operating Model sets the stage for a more streamlined and efficient future.
Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the U.K., and the U.S. It underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Limited), a U.S. surplus lines insurer, Canopius US Insurance, Inc and Canopius Reinsurance Ltd, a Bermuda-based Class 4 Insurer.
For more information, visit www.canopius.com or follow @CanopiusGroup.
Wikifri is a technology consulting firm specializing in the insurance industry. With their iBOOM framework, they help insurance companies navigate digital transformation, optimize operations, and select and implement enabling technologies. Their team of experts provides innovative solutions and strategic guidance to drive growth and operational efficiency.
For more information, visit www.wikifri.com or follow @Wikifri