Data is an ongoing challenge for the insurance industry as the amount of data received is vast. Thousands of spreadsheets are being presented each month, containing information on premiums written, premiums paid and claims made. Each spreadsheet can contain thousands of rows of data with multiple columns, so a single document could contain millions of individual cells of data. Technology is essential to allow organizations to get to grips with data to understand their business as well as comply with industry regulations.
VIPR is one company that has developed innovative software solutions in response to the needs of the insurance market. By listening to its customers and taking on board what the market has to offer, the company has created products that enable insurers to standardize, cleanse and validate incoming data – quickly and easily. This also gives them a better understanding of their data and back office processes. Currently, VIPR has five products in its portfolio, including; Active Underwriter; a quote and bind solution, Intrali; a data management product, Intarga; an online workflow tool, Active Reports; a reporting tool, and Consensus; the company’s latest product targeting group life insurers allowing them to standarize membership data.
The Farsighted Leader
Richard Brown, Director of VIPR, co-founded the company alongside his brother Bob Brown back in 2009. Prior to VIPR, the entrepreneurs successfully launched and subsequently sold Moneynet.co.uk – the first personal finance comparison site in the UK. At VIPR, Richard looks after the management of business and is fully involved in client relations, as well as product strategy and development.
“In order for us to provide the latest technology and stay ahead of the marketplace, we are constantly reviewing other products on the market, but above all we listen. We listen to the regulators, we listen to the industry and we listen to our clients. We often hear clients complaining about competitor products that don’t really do what they are supposed to do or what is expected of them. We believe in building products that are the very best, simple to understand and use and do ‘as it says on the tin’. We don’t overcomplicate things for the sake of it and we avoid anything that cannot be done quickly and easily explained,” asserts Brown while talking about their market understandings and uniqueness.
Catering to customer needs
According to VIPR, getting traction in a market where it was relatively unknown was a massive challenge to start with. Although it took a while for the company to get its first few customers on board, they were crucial to the organization’s success and the development of the VIPR brand.
Today, VIPR prides itself on being dedicated and committed to its customers, maintaining excellent customer relationships and going the extra mile to keep clients happy. One way VIPR does this is by hosting regular user group meetings which brings together its clients to share their needs and challenges. These events provide much needed insights that often determine product and service development.
VIPR recently became alerted to an issue that was raised amongst the industry and its customers, who found that even with modern systems in place, there is still a need for some human intervention. “Even when clients have products in place we often hear that they are not maximizing the benefits of their software,” states Brown. He explains “It’s not uncommon to find that companies don’t always have time or the resources to get the best from their systems. If staff move on new starters often do not get the trained effectively due to time constraints, and therefore creating a knowledge gap and inconsistencies when using software.”
Because of this VIPR launched VIPR Managed Service (VMS). In conjunction with London consultants JDX they now offer a fully managed service, operated by trained staff to take the pressure off clients who don’t have the internal resource or expertise to manage their mission-critical systems. VIPR’s clients can be confident that all VMS staff are vigorously trained in VIPR’s products so they know what they are doing. They receive one-to-one training over a week long intensive course, where they have hands-on training with VIPR systems followed by both a practical and theory exam certifying each VMS trainee. Training provides them with a wide breadth of experience and skills allowing them to fully understand and address issues raised by clients.
Most importantly and as with all VIPR’s service and products, its offerings to the industry are the very best, yet simple to understand. VIPR doesn’t overcomplicate things for the sake of it and avoids anything that cannot be done quickly and easily explained.
Drawing the Future Path
When it comes to its future, VIPR will continue to invest in its products to evolve and adapt to current market circumstances and future challenges, but the company will also be active in other business sectors as well as other territories across the US and Europe.
On top of this VIPR is also starting on a new offering, partnering with a third party. This offering will allow the industry to manage and process data in an efficient, accurate and secure data exchange.