Speciality (Re)insurer combines intelligence and automation

A global specialty (re) insurer at Lloyd's, underwriting complex risks and developing a new way to combine data intelligence and automation engage with VIPR Solutions (VIPR) to bring data first strategy to life.

With a multi-line product portfolio including Cargo, Cyber, Delegated Authority Property and Specialty Reinsurance, the syndicate comes with an A+ rating from Lloyd’s.

The insurer has been a powerhouse in the insurance domain, boasting a billion-dollar insurance portfolio. Since 2021, they've been associated with VIPR, to enable them to efficiently handle a substantial volume of property bordereaux data, particularly for the United States insurance sector. A significant 50% of their delegated book of business revolves around North American Property.

With VIPR's cutting-edge Intrali technology, the insurer processes Premium, Risk, and Claims data, approximating 8,000 bordereaux annually. This data spans both the UK and U.S territories. Incorporating a recently-established reporting arm of the business, the insurer has seen a surge in its delegated portfolio. VIPR’s Intrali platform plays a pivotal role by supporting bordereaux data processing and management. Notably, this data management is undertaken by a third-party organisation.

Over the past year, VIPR has actively collaborated across the insurer's diverse departments including, operations, underwriting, claims, risk and compliance and actuarial teams. This has been driven by a collective vision to align with the insurer’s overarching strategy: transitioning into a data-first Managing Agent in Lloyd’s.

Looking forward, the spotlight is on leveraging data analytics. VIPR’s Insights platform is poised to be the linchpin, propelling the insurer to harness data for more insightful decision-making. Interactions between the insurer’s senior underwriters and senior leadership, including the Heads of Professional Lines, Delegated, and Property, remain centered on data. This synergy ensures that data-driven insights deeply influence business strategies.

VIPR’s alliance with the insurer underscores a mutual commitment to transform the latter into a data-centric entity. This partnership, marked by VIPR's expertise and the insurer's Senior Underwriters' insights, illuminates the immense potential of delegated bordereaux data. It paves the way for superior underwriting decisions.

VIPR’s Head of Account Management Sebastian Prosser said, “Working closely with this esteemed global specialty (re) insurer has reinforced our belief in the transformative power of data".

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