INTRODUCTION
Founded in 2002, Meridian Risk Solutions Ltd has distinguished itself as a fully independent Lloyd’s Broker, offering a range of services including Marine, (Hull, Cargo, Protection and Indemnity, Kidnap and Ransom, Energy), Property Casualty, (Delegated Underwriting Authorities), Wholesale and Reinsurance Products. Their deep market knowledge, global reach and strong client relationships have positioned them as a leader in their field.
CHALLENGE
Meridian faced the challenge of efficiently managing and analysing large volumes of data received through clients’ bordereaux. They required an IT solution that could provide clear and accurate reports, streamline data validations, and enhance decision-making processes. It was crucial for Meridian to find a partner experienced in delivering efficient client service and capable of scaling alongside their business growth.
SOLUTIONS
In February 2018, Meridian adopted VIPR’s core product, Intrali, to manage their binder business and optimise data collection. This move aimed to enhance their data management capabilities significantly. In 2023, Meridian added VIPR’s API enabled Portal to their tech stack, to enable third parties the ability to easily and securely transfer bordereaux data directly into Intrali without manual intervention.
OUTCOMES
Post-implementation, Meridian saw a remarkable increase in their data processing capabilities and the related client benefit. From initially handling about 1,000 bordereaux in 2018, they expanded to approximately 5,000 a year with no additional increase in headcount. This growth illustrates the successful integration, alignment and scalability of VIPR’s Intrali solutions within Meridian’s operations.
BENEFITS
Enhanced Data Management - Meridian improved their capacity to manage large volumes of bordereaux data with greater efficiency.
Streamlined ‘Straight Through processing - The VIPR solutions facilitated smoother operations, reducing manual interventions and delays, especially with overseas clients.
Improved Decision Making - With better data visualisation and reports, Meridian could further exploit the system functionality to create a wider range of solutions.
Scalability - The solutions provided were scalable, growing alongside Meridian’s expanding business needs.
Meridian Risk Solutions’ collaboration with VIPR stands as a testament to the power of strategic IT solutions in the insurance brokerage sector. Their journey from facing data management challenges to achieving streamlined operations and significant business growth demonstrates the effectiveness of VIPR’s products and the importance of focused technology in scaling the business. This use case serves as a timely example for other organisations facing similar challenges, showcasing the potential of technology to transform operations and drive business success.
Simon Turner - Director Operations and Delegated Authority at Meridian Risk Solutions, highlighted the transformational impact of VIPR’s products. He emphasised the increased efficiency and significant benefit to our clients along with the ongoing integration of these solutions into Meridian’s existing systems, emphasising their crucial role in supporting the company’s growth and enhanced data management capabilities.