NEWSROOM
Leading international insurer selects VIPR to support new branch serving Canada
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Founded in 2009, VIPR Solutions (pronounced VY-per (VIPR)) provides software platforms supporting the automation of insurance back-office processes such as bordereaux processing and cover holder management, as well as regulatory compliance.
By 2018, a third of Lloyd’s managing agents were using a VIPR product. VIPR has contracted with several US insurance entities since entering the North American market in 2015; this initiative is its first major Canadian account.
After intensive review of several alternatives for program business support, veteran underwriters and managers for this carrier contracted for five VIPR services:
- VIPR Portal, a digital gateway that allows cover holders and third-party administrators to upload data directly to the VIPR platform or to integrate with that platform via an API gateway.
- VIPR Intrali, a bordereau management solution that imports, validates, and converts data from multiple formats into a user-defined template developed through an intuitive user interface.
- VIPR Insights, a data analysis application that provides key performance indicators for monitoring and measuring risk selection, premium, and claims development as well as operational efficiency. Users can monitor key metrics through multiple filters and at differing levels of granularity.
- VIPR Data Cloud, a secure repository for storing and sharing all data processed through VIPR platforms, eliminating the need for unsecured data transfer methods and ensuring that all parties have a common and consistent view of risk, premium, and claims data.
- VIPR Hosting Services, the licensed technology shall be installed and configured on a dedicated System Environment.
“The main objective for this client was to create an efficient process, with a clear focus on analytics” says David Sweet, Chief Commercial Officer at VIPR. “They discussed their requirements with several vendors before selecting VIPR.
“In addition to identifying efficient ways to process data, they were interested in VIPR’s ability to support data control and governance, ensuring that those with delegated underwriting authority are acting in compliance within the terms of that authority.”
As the global insurance industry continues to evolve and embrace data automation, the importance of program business data analysis cannot be overstated. With cutting-edge technology, insurers can now gain a deeper understanding of the risks they underwrite and optimise their operations accordingly. The adoption of VIPR’s solutions by a leading international insurer in the Canadian market is a testament to the value and growing importance of data-driven decision-making in the industry.
In today’s competitive landscape, it is crucial for carriers to stay ahead of the curve by implementing such tech, that drives operational efficiency and enhances risk management. Program business data analysis is an integral component of this approach, as it enables insurers to maintain a clear and accurate picture of their exposures and compliance. With VIPR’s robust and proven solutions for over a decade now, insurers can confidently navigate the complexities they tackle on a daily basis, ensuring that they are well-positioned for success and prepared to face the challenges that lie ahead.
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