NEWSROOM
VIPR Managed Services selected by US based reinsurer for hassle-free support
A newly formed US-based reinsurance company has turned to VIPR Solutions (VIPR) to manage critical functions as it builds its premium volume and operational capacities.
The new reinsurer is determined not to be burdened by day-to-day processing of program data, so it turned to VIPR Managed Services", says Sebastian Prosser.
Founded in 2009, VIPR provides software platforms supporting the automation of insurance back-office processes such as bordereaux management processing and cover holder management, as well as regulatory compliance and governance.
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 demonstrating its strength in the market share. VIPR picked up its first North American client in 2015 and is now seeking to expand its operations throughout the US, Canada and mainland Europe.
“As it builds its business, the new reinsurer is determined not to be burdened by day-to-day processing of program data, so it turned to VIPR Managed Services,” says Sebastian Prosser, Head of Account Management at VIPR. “This service provides VIPR clients with access to expert resources, provided through VIPR technical specialists, at less cost than a full platform integration. Yet the process allows users to integrate VIPR platforms incrementally as their volume of business grows.”
Through VIPR Managed Services, bordereau information is uploaded into VIPR’s Portal, a digital gateway that allows cover holders and third-party administrators (TPAs) to upload data directly to the VIPR platform or to integrate with that platform via an API gateway. VIPR’s Intrali processing engine cleanses and formats the bordereaux data, which the reinsurer can access through VIPR’s Data Cloud and Insights analytics engine.
Through all this, the reinsurer is assisted by VIPR’s long-term partnership company – Pro Global – a team of insurance data experts, trained to manage all aspects of bordereaux processing, from program design and implementation to data uploads, data retrieval, map creation, quality control, and error diagnosis.
“VIPR’s Managed Service takes on the day-to-day operational tasks of program business administration, so carriers and intermediaries can devote their time to market and risk analysis,” says Sebastian Prosser, Head of Account Management at VIPR.
“Having a dedicated onboarding process is key to ensuring that a new client is aware of all the technological capabilities,” he adds. “The combined expertise of VIPR project managers, developers, and business analysts, coordinated by our dedicated Account Management Service, ensures that each AMS client receives guidance on using our technology to the fullest capability for their needs.”
Shayne Caple, Head of Underwriting Services at Pro Global said “A key area of focus for us at Pro is building successful, transformative partnerships for today’s challenges as well as addressing the opportunities that allow our clients to excel in the markets of tomorrow. VIPR have impressed us greatly and it was clear from their reputation and professionalism that they could help us deliver systems that allow us to standardise multiple data sources as well as centralising processing and a single source of business intelligence for the benefit of our customers. We are delighted to be partnering with VIPR and their excellent and innovative team.
