The insurance industry sometimes moves at a slow pace when it comes to technology. Traditionally, it has been common practice to use spreadsheets to record and manage data- a method that is not only time consuming, but also prone to error. Today, while the industry has embraced technology, it is often the case that the systems used do not deliver what the industry needs. This is particularly evident where third parties (Coverholders/Brokers/Agents) are appointed to underwrite business on behalf of Insurers (called delegated authorities). More often than not these third parties report back to the Insurers using Excel spreadsheets, which are of inconsistent structure and variable quality. The result is that the data is extremely difficult, if not impossible, to reconcile and interpret.
The solution? Cue VIPR, a UK leading software insurance provider. VIPR specializes in developing products that help the industry generate powerful data. Data that ultimately has a purpose. The company focuses on the end-to-end management of delegated underwriting, from initial third party approval through to the provision of rich management information (MI), to ensure the industry can make the best business decisions.
As a data and analytics solution provider, VIPR is now wildly recognized in the industry for its results-driven suite of software products. This influence has impacted the companies ever-growing client base, as well as its own expansion as it celebrates its 10th Anniversary.
Specialists in Delegated Authority
The evolution of VIPR’s products, largely stem from its customers. As a customer centric company, VIPR wholeheartedly engages with its clients, by listening to them and shaping software solutions based on their needs. The majority of these clients work within delegated authority business, where the insurer devolves authority to third parties to accept risk and write policies on their behalf. This creates a requirement for various software solutions to manage the relationship, the data created, i.e. policy information, and to enable comprehensive reports that can capture meaningful MI, as well as facilitate regulatory reporting.
Furthermore, with large amounts of disorganized and non-standardized data being received by insurers it is almost impossible to analyze and report on this data without the right products. Working with its clients, VIPR has been able to develop solutions that resolve these issues. These include;
- Intarga, a third party workflow and management system, which provides a centralized process to allow underwriters to effectively control the approvals process, due diligence and monitoring, as well as audit and contract management.
- Intrali, VIPR’s best-selling spreadsheet management solution, allows underwriters to take total control of their data, quickly, accurately, and with the ability to capture quality MI, ultimately supporting business decisions. Intrali allows underwriters to consolidate multiple data formats into a single standardized output. The system also transforms and augments the data in addition to validating the data against the contract terms. This ensures that business is being written in accordance with the underlying contract. Once standardized, cleansed and validated the data is fed into the data warehouse where it can be fully reported on using VIPR’s Active Reports product.
- Active Reports provides over 50 out-of-the-box reports, with the facility to build further bespoke reports to turn the data captured by Intarga and Intrali into intelligent MI to support business decisions, as well as regulatory reporting.
As a business, VIPR truly believes in the mantra that the customer comes first and it looks to its User Group events to drive the development of its products. Looking towards the future and the next 10 years, VIPR is continuing to focus on solutions that enable its customers to understand and analyze their data and produce intelligent reports that will help them drive their business forwards.
Impressively, VIPR’s long-term ambition is working with AI to remove as much human interaction as possible, required to cleanse and analyze data. This includes the straight through processing of spreadsheet data so that it can be received and reported upon with minimal human intervention. The benefits will not only save on resource time, but will also allow carriers to focus their precious time on what matters most – delivering value to the business.
Richard Brown is Co-founder and Director of VIPR who has helped establish the company as a leading provider of data management and analytics solutions within the Lloyd’s of London and wider International insurance market. Richard is also a Parliamentary Review Member in the UK and frequently comments on industry developments. The Parliamentary Review is a UK publication which aims to share best practice amongst policymakers and business leaders and is chaired by Lord Pickles and Lord Blunkett. Prior to founding VIPR, Richard, along with his brother and VIPR’s Co-Founder Bob Brown, successfully launched and subsequently sold Moneynet.co.uk, the first personal finance comparison site in the UK. At VIPR he oversees management of the business and is fully involved in client relations, as well as product strategy and development.
“I have no hesitation in recommending VIPR. Purely for the reason that the solutions have met MRSL’s initial expectations, but also provided scope for us to develop further. Initially the solutions were to support the needs for the DUA sector of the company but have in fact provided the opportunity to be incorporated within our Open Market teams. It goes without saying the technical expertise of the people at VIPR have been hugely vital and it is clear the solutions reflect this to ensure it does what it says on the tin, so to speak! The support throughout the initial implementation and continual support reflects a good standard, professional, friendly and most of all flexible. VIPR is reliable, professional and innovative, the company listens to its clients and works with them collectively or independently to help each party to be successful.” Paula Duplock, Director of Compliance, Business Operations and Binder Management at Meridian Risk Solutions Ltd.
“We wanted to standardise and modernise our bureau processing controls, using a digital option that would process data for all our UK and European operations. VIPR were very responsive to our needs, presenting exactly what we asked for in our brief. The products are easy to use, flexible for our requirements and offer in-depth reporting capabilities, which will greatly benefit our business.” Graham Hansen, Business Technology Solutions Manager at Tokio Marine HCC