(Image source: Offices.co.uk.)
Hampden Risk Partners (HRP, London), Lloyd’s syndicate 2689, has selected global insurance technology company VIPR Solutions (London) to manage risk data from approximately 2,000 bordereaux received from up to 50 different delegated underwriting entities.
Ben Ormerod, Chief Data Officer, HRP.
HRP is an approved and regulated Lloyd’s syndicate acting as an intelligent follow consortia and quota-share partner to top performing Lloyd’s syndicates; allowing them to underwrite more business and provide capital backers access to syndicate participations not otherwise available third-party capital, according to a VIPR statement. HRP is backed predominantly by capital from Hampden Agencies, the largest members’ agent in Lloyd’s market.
“We are delighted to select VIPR as our solution provider of choice in the management of delegated data for Syndicate 2689,” comments Ben Ormerod, chief data officer, HRP. “VIPR’s automated smart technology will enable us to streamline our data management processes, increasing efficiency and reducing the risk of errors. At Hampden Risk Partners, we are committed to delivering exceptional service to our clients. Working with VIPR will allow us to further enhance our capabilities.”
VIPR (pronounced VY-per) has been providing to the insurance industry platforms for automating back-office processes and regulatory compliance since 2009. The company specializes in solutions for bordereaux management, coverholder management, and data analytics.
HRP has contracted VIPR to implement a customized “business process as a service” (BPaaS) by implementing VIPR Managed Services and utilizing several VIPR applications, in turn demonstrating the need for a seamless end-to-end automation solution whose components are described by the vendor as follows:
VIPR Portal, a digital gateway that allows coverholders and program administrators to upload bordereaux information directly or via a secure API gateway.
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.
David Sweet, Chief Commercial Officer, VIPR.
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.
Helping to Better Understand Portfolio Performance
“Our intuitive mapping interface significantly reduces the time spent validating large volumes of risk, premium, and claims data,” comments David Sweet, Chief Commercial Officer, VIPR. “Our data analytics platform, VIPR Insights, will enable HRP to better understand the performance of their portfolio and help support future underwriting decisions.”
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