Lycetts is a leading UK-based chartered insurance broker and financial services provider that specialises in providing tailored insurance and risk management advice to farming, rural estate, equine, and commercial clients. Alongside open market broking, Lycetts operates a rapidly growing scheme and delegated underwriting operation with some of the UK’s most comprehensive Rural community insurance products.

The problem: Legacy technology holding back growth and profitability

The core underlying problems were:

• Fragmented Operational Workflows: Lycetts scheme business had struggled with a disjointed underwriting journey, lacking a unified process for handling quote requests, referrals, rating, policy issuance, MTAs and renewals.

• Slow Delivery Timelines and Rating Restrictions: Lycetts previous technology partner was slow to deliver and could not handle the rating for the largest and most complex cases.

• Inefficient Internal Communication: Communication gaps existed between the underwriting and broking teams, hindering the flow of information across different parts of the business.

• Lack of Task Visibility: Without a dedicated platform, the management of daily workloads and ongoing tasks was manually intensive, time consuming and difficult to track effectively for audit purposes.

Why Lycetts Chose Recorder

Recorder was selected because their platform provides Lycetts growing underwriting team with a modern software platform to help increase underwriting capacity, flexibility and control over building and maintaining delegated underwriting authority products while offering an integrated solution for managing the end-to-end underwriting journey. 

Recorder was able to rebuild the entire Farms & Estates product natively on the platform, including underwriting logic, workflows, rating, and documentation, without simplifying the risk or dumbing down the product.

• Product delivered in under 3 months
• Full replacement of the Excel-based underwriting model
• Native handling of large, complex SoVs
• End-to-end underwriting workflow built around how Lycetts internal process work.

The outcomes

The project delivered a comprehensive digital transformation which has streamlined the entire schemes underwriting lifecycle. Key highlights of the implementation included:

• End-to-End Workflow Integration: Automating the journey from initial quote request and rating to policy inception, renewals, and work management. The time taken to underwrite a case has reduced by 85%.

• Enhanced Connectivity: Improving digital interfaces with broking teams to facilitate more efficient business interactions.

• Reducing Trading Friction and Time to Quote: These efficiencies have led to a material increase in GWP run rate, without adding underwriting headcount.

• Empowered Rating Control: Deploying a flexible rating engine that allows for rapid changes and seamless maintenance, giving the underwriting team greater control over product agility.

This partnership has provided Lycetts with a scalable, future-proof platform that enhances day-to-day operations and supports their long-term strategic growth plans. 

“The Recorder team have been an absolute pleasure to deal with and have delivered on all the promises made, unusual in the world of tech!” 

Colin Sadler, Technical & Placement Director