NEWSROOM
Top 10 US property/casualty insurer selects VIPR Solutions
This leading carrier is the fifth North American client acquired by VIPR.
The future plans are to work with several MGA system vendors to create a multi-level integration function to allow complete end-to-end automated processing, said top tier US based customer.
Founded in 2009, VIPR (pronounced VY-per) provides software platforms supporting the automation of insurance back-office processes such as bordereaux processing and coverholder management, as well as regulatory compliance.
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 its operations in the US and Canada.
This leading carrier is the fifth North American client acquired by VIPR since it expanded across the Atlantic in recent years. Other North American clients include a start-up fronting company, a newly organised reinsurer, and the entire Canadian operation of a major international insurer, demonstrating VIPR’s capabilities and agility to be flexible.
Under this latest initiative, the US insurer will be utilising three VIPR services to manage and analyse data gathered in the future from numerous managing general agencies and underwriters (MGAs/MGUs) with delegated underwriting authority for program business.
These three services include:
- 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.
“This company originally was looking for a bordereau management and processing platform,” says VIPR’s Founder and CEO Paul Templar. “As our conversations progressed, we determined that VIPR could offer that and a whole lot more, especially with regards to analytics.”
“Together with this client, the future plan is to work with several MGA system vendors to create a multi-level integration function that will allow complete end-to-end automated processing, he continued. “In addition to integrating data from bordereaux, in the future, the project will also implement real-time downstream data exchange through API flows.
“All told, underwriters will be able to then manage pricing and risk selection with greater precision.”
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