LONDON, UK: 08 June 2023 – Hampden Risk Partners (“HRP”), Lloyd’s syndicate 2689, has contracted with the global insurance technology company VIPR Solutions (“VIPR”) to manage risk data from approximately 2,000 bordereaux received from up to 50 different delegated underwriting entities.
HRP is an approved and regulated Lloyd’s syndicate acting as an intelligent follow consortia and quota-share partner to top performing Lloyd’s syndicates; allowing them to underwrite more business and provide capital backers access to syndicate participations not otherwise available third-party capital. HRP is backed predominantly by capital from Hampden Agencies, the largest members’ agent in Lloyd’s market.
VIPR (pronounced VY-per) is a pioneering software provider in the insurance industry and has been delivering cutting-edge platforms for automating back-office processes and regulatory compliance since 2009. The company specialises in solutions for bordereaux management, coverholder management, and data analytics.
HRP has contracted with VIPR to implement a customised “business process as a service” (BPaaS) by implementing VIPR Managed Services and utilising several VIPR applications, in turn demonstrating the need for a seamless end-to-end automation solution:
- VIPR Portal, a digital gateway that allows coverholders and program administrators to upload bordereaux information directly or via a secure API gateway.
- VIPR Intrali, a bordereau management solution that imports, validates, and converts data from multiple formats into a user-defined template developed through an intuitive user interface.
- VIPR Insights, a data analysis application that provides key performance indicators for monitoring and measuring risk selection, premium, and claims development as well as operational efficiency. Users can monitor key metrics through multiple filters and at differing levels of granularity.
- VIPR Data Cloud, a secure repository for storing and sharing all data processed through VIPR platforms, eliminating the need for unsecured data transfer methods, and ensuring that all parties have a common and consistent view of risk, premium, and claims data.
Ben Ormerod, chief data officer at HRP, said: “We are delighted to select VIPR as our solution provider of choice in the management of delegated data for Syndicate 2689. VIPR’s automated smart technology will enable us to streamline our data management processes, increasing efficiency and reducing the risk of errors. At Hampden Risk Partners, we are committed to delivering exceptional service to our clients. Working with VIPR will allow us to further enhance our capabilities.”
David Sweet, chief commercial officer at VIPR, added: “Our intuitive mapping interface significantly reduces the time spent validating large volumes of risk, premium, and claims data. Our data analytics platform, VIPR Insights, will enable HRP to better understand the performance of their portfolio and help support future underwriting decisions.”
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About Hampden Group
Hampden Group is a leading provider of specialist insurance, investment and financial support services. It has grown to become the largest provider of services to investors providing capital to the Lloyd’s insurance market through its subsidiary Hampden Capital Plc, whose subsidiaries include:
- Hampden Agencies is a Lloyd’s Members’ Agent and adviser which represents and advises more than 1,000 clients on their underwriting affairs at Lloyd’s. It is the largest provider of private capital to Lloyd’s. With more than £2bn of advised private capacity in 2021, as well as providing administrative services to corporate investors who supplied a further £2bn, the resulting total Lloyd’s market involvement for Hampden Agencies’ clients is some £4bn of capacity. This represents more than 10% of the Lloyd’s market as a whole.
- Hampden Insurance Partners Management (Cayman) Ltd was established in 2013 in order to manage institutional capital to support underwriting capital in Lloyd’s of London for institutional investors and currently has assets under management of more than US$400m.
- Nomina Plc which administers the affairs of c.1,600 limited liability vehicles;
- Hampden Syndicate Services Limited, which employs the active underwriter of Hampden Risk Partners (Syndicate 2689) and other syndicate staff, seconded to the third-party managing agency, Asta Managing Agency Limited.
- Hampden Tax Consultants Ltd which provides a wide range of UK and international tax compliance and advisory services to high net worth individuals, including Lloyd’s members and to companies, trusts and estates.
For further information about Hampden Group please see www.hampden.co.uk
