As businesses in the insurance industry navigate a highly complex landscape with evolving regulations, the need for a consolidated, reliable, and user-friendly system for managing data is paramount. This is where VIPR's Intarga solution excels, offering out-of-the-box workflows for Due Diligence, Governance and Compliance Management in the delegated authority insurance industry. From onboarding Third Party Administrators (TPAs) to Coverholders and Brokers, a London based underwriting firm has successfully utilised the Intarga platform to significantly simplify the complex task of onboarding, data management and due diligence whilst ensuring regulatory requirements are achieved.
A journey towards enhanced data management and regulatory compliance, this leading insurance provider operating from an independent platform at Lloyd's started its collaboration with VIPR in 2016. Initially, VIPR was contracted to deliver Active Reports and Intrali. However, recognising the potential of VIPR's innovative products, the UK firm expanded its engagement in 2022 to include the Intarga platform.
As a result, they have seen a dramatic increase in efficiency, security, and productivity in managing their onboarding and due diligence process. The Intarga product, renowned for its compliance management and due diligence capabilities, has allowed them to have an audit trail, ensuring compliant coverholder onboarding and adherence to regulatory requirements.
Bridging the gap between multiple systems
Before Intarga, this valued VIPR customer’s data management process was less seamless, spread across various systems. The integration of Intarga, which served as a comprehensive Contract Management platform, streamlined their approach. It allowed for automated workflows, such as setting up third parties, contract set-up, and making changes to those contracts.
Reaping the benefits of a consolidated approach
By using VIPR's Intarga, Blenheim has not only been able to improve its operational efficiencies but also ensure compliance and consistency. Intarga's flexibility is another significant advantage, as workflows can be customised to meet specific company requirements without starting from scratch.
If you would like more information on VIPR’s Intarga solution, click HERE. You can also BOOK A DEMO with one of our data experts.
The impact of Intarga has been felt across multiple departments with this customer. From the delegated authority operations team and compliance to finance and underwriting, each sector has reaped the benefits of this automated process.
The ability to have a consolidated view of all delegated data has made the management of this data significantly more efficient and effective.