P&C Speciality Insurance rapidly requires delegated data management

Staying ahead of the curve is crucial in the P&C Insurance Industry as the sector grows at an increasing rate. The recent Guidewire Whitepaper, outlining five key trends impacting the industry in 2023 and beyond, aligns seamlessly with VIPR's strategic direction and innovative solutions. We understand that the industry is changing and we're at the forefront of this transformation.

The Shift in Product Demands and VIPR's Tailored Solutions

The commercial insurance market is witnessing a significant shift in product demands. Insurers are now seeking bespoke risk analysis and automated delegated data management systems - unique products tailored to their specific needs. This is where VIPR's technology shines. Our advanced bordereaux management solution meets these evolving demands.

The flexibility and modular design of our products allow data analysis, risk managers and underwriters to make better informed decisions, perfectly catering to not only reporting standards but also to better manage portfolio requirements. This approach not only aligns with the current market trends but also positions VIPR as a leader in bespoke insurance solutions.

Evolving Operating Models and VIPR’s Role

In response to the recent Guidewire whitepaper released entitled: Five trends impacting commercial insurers in 2023 and beyond, insurers are revising their operating models. There's a growing need for innovative approaches in product development and risk management. VIPR stands as a pivotal player in this transformation. Our solutions are instrumental in helping insurers adopt specialised processes and strategies.VIPR’s technology supports and aids insurers to develop deep risk assessment capabilities and establish a competitive edge. By facilitating these transitions, VIPR is helping to shape the delegated data management, globally. As stated in the recent Guidewire Report, growth in the non-traditional risk markets have resulted in growth in Excess & Surplus capacity as well as the corresponding maturation of alternative wholesale and MGA/MGU distribution models. Insurers looking to grow in these markets will adopt components of the Capacity Orchestrator, Risk & Experience Partner, or Broker Enabler models to drive differentiation in these specialist markets.

Digital and Cloud Transformation: A Priority for VIPR

The drive towards digital and cloud transformation addressed in the recent Guidewire whitepaper, is fueled by rising customer expectations - a critical trend identified. VIPR is at the heart of this transformation with our cloud-based platforms enabling insurers to modernise their core systems if required or enhance their legacy systems to not disrupt what’s already in place. This helps to enhance customer experiences and streamlineoperations, highlighting VIPR’s commitment to digital excellence in the insurance sector.

Harnessing Frontier Technologies for Advanced Solutions

The rapid growth in frontier technologies like AI and machine learning is rapidly increasing within our insurance industry. At VIPR, we leverage these capabilities to provide sophisticated data analytics, aiding insurers withaccurate risk analysis.

Navigating Economic Challenges with VIPR’s Expertise

The current economic challenges, including inflation and supply chain disruptions, are significant hurdles for insurers. VIPR’s solutions are designed to help navigate these challenges. We enhance operational efficiency and optimise risk management, enabling insurers to adapt to changing market conditions effectively and in near real-time. Our tools for precise portfolio management are critical for staying resilient in a fluctuating economic environment.

The Importance of Bordereaux Data Management

At the recent GuidewireConnect event, VIPR's CEO, Paul Templar, emphasised the importance of efficient bordereaux data management. Templar remarked, “In an era where data is the key component, efficient management of bordereaux data is not just a necessity but a competitive advantage.” Our expertise in this area, particularly with VIPR Intrali, underscores our role in enhancing insurance data management.

If you are an insurer and are looking to automate your delegated data management process, contact us to speak with one of our data experts. BOOK A DEMO