When a leading multi-billion-dollar US property/casualty insurer wants to manage its extensive program business portfolio, there was only one brand on their mind. VIPR serves several North American clients ranging from a startup fronting company, a newly organised reinsurer, and the entire Canadian operation of a major international insurer. With this in mind, this global carrier, based in the US had no doubt VIPR could answer all their questions and a whole lot more.
This forward thinking global player was looking for a comprehensive suite of services that allowed them to manage and analyse their program data gathered from numerous managing general agencies and underwriters (MGAs/MGUs). The three services selected were VIPR Intrali, a bordereau management solution; VIPR Insights, a data analysis application for monitoring key performance indicators; and VIPR Data Cloud, a secure repository for storing and sharing processed data. Another factor in their decision was VIPR’s proven track record in the industry. By 2018, a third of Lloyd’s managing agents were using a VIPR product, showcasing the company’s credibility and strong reputation.
Customisation was also important to the insurer. VIPR’s products, such as Intrali, allowed users to develop a user-defined template through an intuitive interface, tailoring the solution to the insurer’s specific needs. Following that, the future thinking insurer needed a partner that would seamlessly integrate with their many systems without disrupting their internal processes. VIPR is currently working with and in the future will be increasing their capabilities by working with several MGA system vendors to create a multi-level integration function for end-to-end automated processing.
This will include real-time downstream data exchange through API flows, enhancing operational efficiency even more. Lastly, VIPR’s platforms enabled underwriters to manage pricing and risk selection with greater precision, ultimately leading to better business outcomes.
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