(Image source: VIPR Solutions.)
VIPR Solutions (London), a technology company supporting insurance operations, reports that it has been chosen by a prominent Swiss insurer to manage the integration of program business data in conjunction with the carrier’s implementation of SAP-based reinsurance and general ledger platforms.
The Swiss company currently writes approximately $4.5 billion in non-life premium in six major European countries and is expanding into program business written through MGAs and MGUs in the U.K. and U.S. This expansion prompted a broad overhaul of operations, with VIPR applications being utilized for their compatibility with SAP-based architecture.
Founded in 2009, VIPR provides software platforms supporting the automation of insurance back-office processes such as bordereaux processing and cover holder management, as well as regulatory compliance. VIPR boasts that it 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, the vendor notes.
Before undertaking the overhaul, the Swiss carrier was manually processing third-party bordereaux data related to more than 1.3 million customers. To eliminate this drain on resources, the insurer entered a multi-year commitment to use four VIPR services, according to the vendor:
VIPR Portal, a digital gateway that allows cover holders and program administrators to upload bordereaux information directly or via a secure API gateway.
VIPR Intrali, a bordereaux 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.
“An important part of VIPR’s appeal to this company was our ability and commitment to integrate with the SAP-based reinsurance and GL platforms,” comments David Sweet, Chief Commercial Officer, VIPR. “Our capabilities can deliver the underwriting and financial data to support those business processes. This is part of an operational transformation that structures an end-to-end data journey from the collection of data through analysis and reporting. VIPR technology is critical to the functioning of this entire program.”
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