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.
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