At VIPR, we support many of our clients with the automation of insurance back-office processes they require, such as bordereaux management and processing and cover holder management, as well as regulatory compliance.
Among other achievements, VIPR was the first software provider to be approved by the Lloyd’s London Market for direct reporting. By 2018, a third of Lloyd’s managing agents were using a VIPR product. VIPR picked up its first North American client in 2015 and is now expanding in the United States.
In this case, founders of the fronting company sought to avoid having to “repair the damage” created by operating systems and procedures that develop during the startup phase, only to require extensive re-engineering as the enterprise matures.
“This client’s main objective was to get the right systems, the right processes, and the right technology in place from day one,” says David Sweet, Chief Commercial Officer at VIPR.
To that end, the company contracted for four VIPR services:
- VIPR Intrali, a bordereaux 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.
In explaining its choice of VIPR, the client company cited, among other things, the simplicity and intuitiveness of VIPR’s user interface and user experience (UI/UX), describing it as a “massive value-added feature.”
At its launch, the company was operating with manually developed internal dashboards, and its time-to market with new products and programs was approximately 2-3 weeks. Today, with the support from VIPR, it can have products in the market in as little as 2-3 hours. Also, VIPR’s unique combination of an off-the-shelf system with customisable fields eliminates steps and reduces the time needed to migrate programs from one platform to another.
As part of the implementation, VIPR specialists helped this client establish effective data control and governance, ensuring that actions are taken by authorised persons acting within internal protocols and external contractual terms.
