VIPR is proud to have featured in the summer issue of Insider Quarterly Magazine. The article, entitled ‘Getting a grip on data’ is written by our very own Director Richard Brown. In the feature Richard discusses how technology is now an indispensable tool in the market, assisting insurers and reinsurers ‘get a grip’ on their data management. The solution? Systems like VIPR’s Intrali – Bordereaux Processing and Management eradicate any need for historic manual practises, allowing the insurance industry to manage large amounts of data without inaccuracies.
Here we provide a shorter (and slightly amended) version of the article offering an insight into why technology should be embraced:
Since the implementation of Solvency II Pillar 3 in January, insurers are now under even more pressure to have a handle on their data, understand where the risks are in their business and be able to report on the same. To meet regulatory requirements, it is vital insurers are not only collecting the right data but also ensuring that it is accurate, and it is only system-driven tools which will enable this to be carried out effectively.
The rise of data management systems in the insurance industry has been one of the most beneficial technological advancements in recent years. Automated systems will cleanse, validate and standardise data in a single action, swiftly ridding insurance companies of unnecessary time-wasting and mistakes.
Almost unbelievably, in several parts of the insurance market data has continued to be managed manually. With many companies heavily reliant on hands-on processes, legacy systems and inadequate or unreliable data, the new Solvency II regulations have certainly posed a challenge to the market. Unfortunately, historical practises are simply no longer up to the job of supporting a modern regulatory regime that relies heavily on understanding a business’s underlying data – which in turn will highlight potential weaknesses and threats.
Software solutions like Intrali are the only option to standardising large amounts of data quickly, importing and converting multiple data formats to a single template determined by the client. Enhanced reporting makes processes transparent, rendering risks visible and boosting efficiency and profitability. All this is underpinned by an intuitive user interface that makes Intrali quick and easy to use.
Without solutions such as Intrali, insurers will most likely be severely hampered in their ability to do manage data and will ultimately be restricted in the types of business they can transact looking forward. We will no doubt see participants in the insurance industry invest fully in technology across the coming years if they are to survive in today’s increasingly competitive and regulated market.
To read the full article, click here.