Insurance Times Awards 2023: Vipr cuts data lag times in E&S/Speciality business process

Why have you entered the Excellence in Technology – Service Provider award?

Our entry for the Excellence in Technology – Service Provider category reflects our groundbreaking work with a leading US insurance carrier.

Our focus was on enhancing and improving the excess and surplus (E&S) and specialty business process, which traditionally suffered from lengthy data lag times.

By implementing a solution that enables real-time data exchange between a top tier one carrier and their managing general agents (MGAs) and programme administrators, we aim to transform this process, reducing time lag from months to hours, thereby significantly enhancing decision-making and operational efficiency.

What do you think makes your entry stand out and why should you win the award?

What sets our entry apart is the innovative system-to-system integration that allows instantaneous exchange of bordereaux data and analytics.

This technology empowers Nationwide’s underwriters with immediate access to crucial data, enabling quicker, more accurate decision-making and better management of their business portfolio.

Our solution is uniquely positioned to reduce the loss ratio by 0.5 - 1% by addressing the traditionally siloed and delayed review process in claims management.

What would winning this award mean to you and your firm?

Winning the Excellence in Technology - Service Provider award would be a prestigious recognition of our commitment to technological innovation and customer-centric solutions in the insurance industry.

It would validate our efforts in driving significant advancements in operational efficiency and decision-making processes for insurance carriers.

This accolade would not only honour the hard work of our team but also reinforce our position as a leader in providing transformative technology solutions in the insurance sector.