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VIPR: Helping the Insurance Industry Generate Powerful Data

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Paul Templar, CEO, VIPRPaul Templar, CEO
The insurance industry is reliant on quality data to steer business decisions and ultimately business growth. Unfortunately, the systems used to manage the data often don’t deliver what the industry needs. This is often the case for insurers who are reliant on third parties, such as Coverholders who underwrite business on their behalf. These third parties report back to the insurers with data which is of an inconsistent structure and variable quality. The result is that the data is extremely difficult, if not impossible, to reconcile and interpret.

VIPR, a UK leading software insurance provider, has solutions to solve the industry’s data dilemmas. The company specializes in developing products that help the industry generate powerful data that has a purpose. VIPR specifically focuses on the end-to-end management of delegated underwriting, from initial third-party approval through to the provision of rich management information (MI), to ensure the industry can make the best business decisions.



Our objective is to provide software that helps the insurance industry generate powerful data by incorporating feedback provided by our clients



As a data and analytics solution provider, VIPR is now wildly recognized in the industry for its results-driven suite of software products. This influence has impacted the company’s ever-growing client base, as well as its own expansion as it celebrates its 10th Anniversary.

Demand Delivered

For VIPR, the demand for systems that can manage data is on the increase. “This is because the industry needs accurate data to underpin decisions and allow them to calculate risks” asserts Stewart Williams, COO of VIPR. Recognizing the needs of the industry and its clients, VIPR is relentlessly developing its solutions to resolve these issues, which have largely stemmed from its customers. As a customer centric company, VIPR wholeheartedly engages with its clients, by listening to them and shaping software solutions based on their needs. “At VIPR, we have developed software that doesn’t just meet our clients’ requirements but exceed their expectations,” states Williams.

The majority of VIPR’s clients work within delegated authority business, where the insurer devolves authority to third parties to accept risk and write policies on their behalf. This creates a requirement for various software solutions to manage the relationship, the data created, i.e. detailed policy information, and to enable comprehensive reports that can capture meaningful MI, as well as facilitate regulatory reporting.

Stewart Williams, COO

In response to these requirements, VIPR has developed a number of products including;

- Intarga, a third party workflow and management system, which provides a centralized process to allow underwriters to effectively control the approvals process, due diligence and monitoring, as well as audit and contract management.

- Intrali, VIPR’s best-selling spreadsheet management solution, allows underwriters to take total control of their data, quickly, accurately, and with the ability to capture quality MI, ultimately supporting business decisions. Intrali allows underwriters to consolidate multiple data formats into a single standardized output. The system also transforms and augments the data in addition to validating the data against the contract terms. This ensures that business is being written in accordance with the underlying contract. Once standardized, cleansed and validated the data is fed into the data warehouse where it can be fully reported on using VIPR’s Active Reports product.

- Active Reports provides over 50 out-of-the-box reports, with the facility to build further bespoke reports to turn the data captured by Intarga and Intrali into intelligent MI to support business decisions, as well as regulatory reporting.

Contented customer

For years, VIPR has assisted many enterprises and simplified their business processes. One client is Meridian Risk Solutions Limited, a Lloyd’s Broker that needed a solution to understand the data they were receiving through bordereaux cleansing, validations, and accurate reports. One of the significant factors impacting Meridian’s business decision-making process was viewing the analytical information sourced from their current templates. The broker chose VIPR as their preferred solution provider, and since 2018 they have been utilizing VIPR’s Intrali and Active Reports to optimize data and provide the information to support the client’s Coverholders and managing agents. This included creating reports to support Meridian’s DUA placements, comprising written, premium, claims, and accounts analysis reports. “The sleek results mapped from the bordereaux received in Intrali and displayed in Active reports enabled Meridian to provide rich MI and enhanced its service to all its clients,” says Paul Templar, CEO at VIPR.

Future ambitions

To ensure VIPR continues to deliver real value to its customers, the company releases a new upgrade for its products every quarter. Impressively, VIPR’s long-term ambition is working with AI to remove as much human interaction as possible, required to cleanse and analyze data. “Our long-term ambition is to provide straight-through processing of spreadsheet data and peer-to-peer (P2P) processing so that data can be received and reported upon with minimal human intervention. The benefits will not only save on resource time but will also allow carriers to focus their precious time on what matters most – delivering value to the business,” concludes Templar.

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VIPR

Company
VIPR

Headquarters
Bromley, UK

Management
Paul Templar, CEO and Stewart Williams, COO

Description
VIPR, a UK leading software insurance provider, specializes in developing products that help the industry generate powerful data. VIPR specifically focuses on the end-to-end management of delegated underwriting, from initial third-party approval through to the provision of rich management information (MI), to ensure the industry can make the best business decisions. The majority of VIPR’s clients work within delegated authority business, where the insurer devolves authority to third parties to accept risk and write policies on their behalf. This creates a requirement for various software solutions to manage the relationship, the data, and comprehensive reports that can capture meaningful MI, as well as facilitate regulatory reporting. VIPR helps its clients in all such tasks