Davies’ IT business partner says ’it has become clear that technology will redefine how operations are delivered’
Professional services and technology firm Davies has today (22 November 2021) launched a new online portal that aims to support its clients to manage current and future regulatory reform challenges.
The single hub-based portal seeks to enable Davies’ insurance clients to move their own documentation from servers to the cloud, enhancing the security of documentation storage, distribution and communication.
Kim Hill, IT business partner at Davies, said: “As a business, we have always sought to ensure that the services we provide to our clients and their stakeholders enhances their ability to make the most of changing market conditions.
“In recent years, it has become clear that technology will redefine how operations are delivered to ensure that regulators are satisfied that brokers and underwriters are treating their customers fairly.”
Heart of operational risk
The new portal features enhanced security systems requiring a two-step authentication process, while the hosted source for documentation allows users to securely transfer documents without the potential issues that can arise when business sensitive information is transferred via email.
Access to documentation is also controlled via the portal, aiming to mitigate the risks around unauthorised access to information by third parties.
The portal has been designed and built with the flexibility to quickly enhance Davies’ existing functionality, as well as add new features to adapt to the changing needs of the market.
Further applications around premium credit control and data management - with the capabilities for both insight and feedback - are already underway.
Hill added: “The pandemic has put the threat of cyber security at the heart of many operational risks and the launch of the new portal will provide our clients with additional security and compliance capability.
“While the portal has been designed to support clients, it has also been created to ensure that it reflects the current and future demands of the process reform initiatives which have been encompassed within the [Future at Lloyd’s blueprint], a programme that is fully supported by the company market.
“Underwriters and brokers of all sizes have been set the challenge of creating new ways of operating over and above the operational changes that have been created by the impacts of reform and the Covid-19 pandemic.”
Key armoury tool
The portal also features a compliance repository and a conduct risk application facility that will allow firms to access the relevant documentation and automatically file responses directly from the portal.
Relevant compliance documentation can be shared internally to those that are required to support the compliance process, to evidence they have read the documentation and taken the necessary action.
Hill concluded: “The portal will be integral to the services we offer and centralise the way in which clients can access them. For clients, it will be a key tool in their armoury as they meet current and future regulatory and reform challenges.”