As 2023 draws to a close, it's the perfect time to reflect on VIPR's journey with some milestones achieved. Marked by enhancements, advancements and strategic partnerships in the delegated global market, we look ahead to 2024.
As 2023 draws to a close, it's the perfect time to reflect on VIPR's journey with some milestones achieved. Marked by enhancements, advancements and strategic partnerships in the delegated global market, we look ahead to 2024.
“2023 was a pivotal year for us at VIPR”, said Paul Templar, c0-founder and CEO at VIPR. “We delivered on a number of strategic partnerships with Guidewire, Insurity and AdvantageGo to name a few with a clear focus to enhance customer services and connectivity. The year saw significant strides in automating and streamlining operations for carriers, brokers, TPAs and MGAs across the global delegated authority sector.”
Artificial Intelligence (AI) and machine learning transitioned from experimental tools to fundamental components in the delegated sector. These technologies are supporting risk assessments, claims processing, and product development. VIPR is no stranger to keeping ahead of the market trends when it comes to innovation and 2023 was no exception to the rule.
The rise of real-time data and predictive analytics
A major trend that defined 2023 was the shift towards real-time data exchange. VIPR championed this transition by moving away from traditional data processing methods to dynamic, real-time systems. This shift prioritised not just the speed but also the quality of insights from timely data, enhancing underwriting accuracy and risk management. Real-time data enabled refined predictive analytics, allowing insurers to make informed decisions and better anticipate market trends.
2024: The Convergence
Looking ahead to 2024, the global delegated underwriting insurance market is poised to witness a significant convergence of key technological trends. The further integration of AI and machine learning is expected to manage complex underwriting and claims processes with greater efficiency and accuracy. This evolution signifies a transformational shift in how insurance companies operate and deliver services.
“The trend towards interconnected digital ecosystems will gain more traction. Such ecosystems will enhance efficiency across the insurance value chain, providing a unified platform that combines various functionalities into a cohesive, user-friendly experience. This integration will streamline operations and open new avenues for innovation and customer engagement”, said Paul.
Embracing change and navigating challenges
The future also presents challenges. With the ongoing geopolitical situation, the insurance sector must be agile to respond to such global events and their implications on the market. Having data automation technology in place can only aid and assist with better informed decision making, in turn better management of the overall portfolio.
VIPR's Future Outlook into ‘24
Our focus will remain on our customers and helping them achieve their goals. We are passionate about value-added solutions and placing them in the hands of brokers, carriers, MGAs and TPAs. We are committed to staying at the forefront of the delegated industry, ensuring that our partners and customers are well-equipped to navigate the ever-evolving changes we face together.
2023 was a testament to VIPR's ability to adapt and thrive in challenging times for insurers and to support their business strategies. As we embark into 2024, we are excited about the prospects ahead of us and ready to embrace new challenges and opportunities that lie ahead.