Creativity is the essence of innovation, so it’s no surprise that newly established operations often implement inefficient processes until their strategic vision meshes with operational and market realities to arrive at a stabilised business model. Along the way, however, they are likely to develop ad-hoc and jury-rigged procedures involving costly manual processing that eventually must be re-engineered for the enterprise to achieve optimal output for full success.
To avoid the cost of revising or replacing legacy processing, one VIPR client, a newly formed US fronting company determined to be a standard-setter in its business, was equally determined to implement the right technology, systems, and processes at the outset to maintain optimum results for the long term.
In consideration of their growth expansion plan, the company opted to contract four VIPR services that could effectively support their business needs. Their primary objective was to streamline the bordereaux data import, validation, and conversion process across multiple formats, which VIPR's Intrali product provided. Additionally, they sought a comprehensive data analytics platform that could offer key performance indicators to monitor and measure risk selection, premium, claims development, and operational efficiency. VIPR Insights was an ideal solution that fulfilled all their requirements and more.
Recognising the need for a centralised data repository, VIPR's Data Cloud was an excellent match for the client, providing them with direct access to a robust, secure platform.
To further alleviate the burden on the client's side, VIPR also provides hosting services to support the fronting carrier.
At its launch, this company was operating with manually developed internal dashboards, and it’s time-to market with new products and programs was 2-3 weeks. Today, with support from VIPR, it can have products in the market in as little as 2-3 hours. Also, VIPR’s unique combination of an off-the-shelf system with customisable fields eliminates steps and reduces the time needed to migrate programs from one platform to another.
Reaction
At VIPR, we take great pride in our long-standing tradition of serving well-established brands in the market, and we are thrilled to welcome this new client to our growing portfolio of satisfied customers. As we continue to expand our services, we recognise the importance of flexibility and agility in meeting the unique needs of each client, regardless of their company profile. Our commitment to providing customised solutions has been a key driver of our success, and we look forward to leveraging our expertise to support this new client’s business objectives.
At VIPR, we find it truly fascinating to assist such a diverse range of clients in achieving their business goals in a quick and efficient manner. We recognise the critical importance of leveraging smart, automated technology to gain a competitive edge in today’s market, particularly for start-up fronting carriers like our new client. By implementing cutting-edge solutions, we are confident that we can help our clients stay ahead of the game and achieve long-term success.