Wikifri Launches Insurance Daylight Data Solution for Insurers

The IDDS platform consolidates and stabilizes data from core systems and distribution partners, including bordereaux data, within a secure multi-tenant cloud environment.

(Image source: Wikifri.)

Wikifri (Alpharetta, Ga.) has announced the launch of its cloud-based insurance data platform, Insurance Daylight (IDDS). The company says Insurance Daylight takes a completely new and insurance-focused approach to end-to-end data management and use.

Bill Freitag, Managing Partner, Wikifri.

In the rapidly evolving landscape of insurance, data has emerged as a critical asset for achieving success, yet, insurers are still grappling with disparate systems and fragmented data stores, hampering their ability to tap into its full potential, a Wikifri statement says. Overcoming challenges such as technical debt, complex data sources, and inadequate reporting solutions has been a pressing need in the industry, which Wikifri says prompted the company to introduce a transformative solution.

“Insurance companies have been facing data-related challenges for years, hindering their growth and innovation potential,” comments Bill Freitag, Managing Partner, Wikifri. “We have 27 years of experience designing and building insurance data solutions. Nearly every organization we encounter needs to move beyond one-off data solutions and into something that recognizes the full data picture. We knew the timing was right for a comprehensive solution that will revolutionize how insurers manage their data.”

Wikifri describes Insurance Daylight as a cloud-based Software-as-a-Service (SaaS) product developed by the company’s data architects, engineers and insurance business experts. IDDS is designed to bring clarity and stability to insurance companies’ data, addressing the longstanding issues in the industry. The platform consolidates and stabilizes data from various core systems and distribution partners, including bordereaux data, within what Wikifri characterizes as a secure multi-tenant cloud environment.

IDDS enables all the back-office functions of an insurance company and satisfies the entire organization’s needs for data, according to the Wikifri statement. The company calls it the critical piece that will help insurers to become data companies that sell insurance.

Gayle Adler, Product Owner, Wikifri.

“IDDS represents a paradigm shift in how insurers handle their data,” comments Gayle Adler, Product Owner, Wikifri. “Data within core systems isn’t stable. It doesn’t always relate back to an accounting period. It causes operational systems and financial systems to work independently. Data stabilization allows companies to tie operational and financial systems together, allowing anyone to use the data with confidence. IDDS gives companies one version of the truth that everyone can agree upon.”

IDDS centralizes data into a technical ledger, performs essential earnings calculations, Incurred But Not Reported (IBNR) estimations, and lightweight reinsurance processing, according to the Wikifri statement. The platform supports a wide range of downstream functions, including general ledger reporting compliant with Statutory, Generally Accepted Accounting Principles (GAAP), and International Financial Reporting Standards (IFRS), Annual Statement generation, Bureau Statistical Reporting, Reinsurance reporting, and Other Carriers (Bordereaux) reporting. IDDS empowers insurers with a comprehensive suite of capabilities.

Unleashing the Full Potential of Data

Beyond streamlining data management, Wikifri says IDDS unleashes the full potential of data for actuarial and product development functions. It facilitates advanced analytics, exposure modeling, and artificial intelligence, offering insurers the tools to make data-driven decisions. With IDDS as a foundation, insurers can confidently perform management reporting and financial analysis. They can also leverage an array of third-party data tools and utilize a thriving ecosystem of data-driven possibilities, the company says.

Wikifri says that using IDDS will foster business creativity, opening insurers up to a wider array of partnerships, enhancing product opportunities, and expanding market reach. The firm says that a growing community of IDDS users is driving cutting-edge advancements in machine learning, predictive modeling, and artificial intelligence. Data-driven decision-making is here, and IDDS lets insurers put it to work.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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