You shouldn’t be concerned about errors in your data, you should be obsessed with eliminating them. It’s not just about automating manual processes and being a bit more efficient; it’s about improving profitability and avoiding damage to your reputation and preventing exposure to a hefty fine. VIPR offers IT solutions for the insurance industry that help businesses avoid falling into these situations.
VIPR’s portfolio of products provides the solutions the insurance industry wants and needs. These include a bordereaux management solution, coverholder management, quote and bind solution, reporting, an Audit Portal and Complaints Manager. Adoption of VIPR’s solutions can assist with accurate reporting, meeting regulations, transparency, improved profitability, reduced processing time and management of huge volumes of data – the list really does speak for itself.
The most widely used software from VIPR is Intrali, the simple solution to bordereaux management. This innovative system provides the answer to processing and managing vast amounts of bordereaux data, producing reports, and aiding transparency.
Intrali also assists with Solvency II and Pillar 3 reporting that came into effect on 1 January 2016 and applies to the EU-wide insurance market. Consistency across the market, reporting and transparency are just some of the key objectives of Solvency II, which Intrali can help with. Insurers need to adapt and embrace software like this in order to comply with new and future regulations. An invaluable tool VIPR’s clients have seen the results and avoided regulatory penalties. They describe Intrali as “cost effective”, “an efficient solution”, “a key component” and “intuitive and functionally rich”.
A report issued by Lloyd’s in May last year highlighted the fact 27% of all complaints to Lloyd’s were failing to be reported within the required timeframe. A further review of managing agents revealed only one of the 27 agents reviewed got a green light for complaints handling and nearly one-third got a red card. It would appear the market has a long way to go before it will meet the new stringent rules imposed by the regulators. Mishandling complaints may lead to tens of millions euros in fines.
Technology will be particularly impactful in dealing with customer complaints. The Financial Conduct Authority (FCA) and Lloyd’s have developed new regulations, mirroring a TOM initiative (proposed for 2017 or later), to ensure that customer complaints are logged, managed and fulfilled in an efficient and consistent manner. Software solutions, such as the VIPR Complaints Manager, are designed to deal with complaints efficiently and in accordance with the new minimum standards; with regular reporting and performance monitoring, solutions such as this will reduce manual endeavours and create a more streamlined and fast London insurance market. Adopting these solutions now place London businesses in the best possible position to stay complaint with regulations and ahead of the curve when it comes to delivering customer protection.
VIPR Complaints Manager offers an online platform through which all complaints can be tracked and managed, breaches highlighted and information captured in a single place – ensuring that complaints are dealt with in the allotted timeframe. Additionally, VIPR’s Complaints Manager automatically produces regulatory reports and detailed management information to assist with performance monitoring, making the process of producing reports for regulators as straightforward as possible.
Why we selected VIPR for DIA Barcelona
VIPR has built a suite of software solutions specifically designed to enable insurers to better understand their data and meet the ever- increasing regulatory demands. VIPR’s innovative products that not only solve problems but also create efficiencies within a business. VIPR’s products are used worldwide enabling companies to capture and manage data effectively and efficiently, reducing costs, increasing profitability and avoiding large fines.
We are excited they will be on our stage at DIA Barcelona and sharing their expertise.
Who is VIPR
VIPR is an award-winning provider of sophisticated software solutions for the insurance market founded by brothers Richard and Bob Brown. VIPR’s team is passionate about what it does, they listen to their clients and develop products to meet client’s needs and exceed their expectations.
“The insurance market is going through huge change, but many are being slow to act. It’s a time of great opportunity but with opportunity comes risk. With Solvency II and pressure to modernise, now is the time to integrate software that not only heads off the potential for penalties for non-compliance but can also help deliver substantial business growth and profitability,”
Richard Brown, Director at VIPR.
Presenting at DIA Barcelona
Paul Templar, CTO
Lucy Paul, Business Relationship Manager
Richard Brown, Director, +1 7770 770073, firstname.lastname@example.org