At VIPR, we always strive to be the source for the latest software developments in the insurance industry while offering a voice on topics surrounding technology and its benefits. As part of this we are excited to have contributed in a Raconteur report on the ‘Future of Insurance’ published in The Times newspaper. Within the report our Director, Richard Brown has given his insights on the struggles and solutions for the industry when dealing with data, in a feature entitled ‘Transforming Insurance with Effective Use of Data’.
The full page article, published on the 12th October addresses the sheer volume of information that insurers have to face every day, the lack of standardisation of data and the problems this causes. In the article Richard notes that data “is presented to the market in multiple formats.” and “this makes it extremely difficult to analyse and check without advanced software tools.”
The numbers revealed in the piece provide a realisation of the sheer amount of data the industry has to deal with. Richard highlights that within the Lloyd’s market approximately 4,000 coverholders are operating globally selling millions of policies annually and thousands of spreadsheets are being presented containing thousands of rows and billions of individual cells of data. Shocking, right? According to Richard “it is an impossible task for the human brain to absorb and check.”
Richard goes on to discuss an effective solution – VIPR’s Intrali, Bordereaux Management Software. The system cleanses, validates and standardises large amounts of data, quickly, making it easy to analyse and report on the data. “Systems like Intrali are now a necessity, not just from a business perspective but because the introduction of regulations like Solvency II Pillar 3, mean accurate reporting is a mandatory requirement,” he says.
To close the article Richard ends with a final thought for insurers to take away and act on. “Companies have to innovate in order to survive. Those that lag behind risk the same fate that befell Woolworths, Polaroid and Kodak. Change is inevitable, so companies must adapt. Businesses must embrace the new systems, not only to satisfy the regulators, but also to improve their operations and survive the onslaught of innovative competitors.”
To read the full article click here
To find out more about Intrali and its benefits click here
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