Digital transformation
digital transformation
Rife with legacy technology, siloed systems and disparate data, the insurance industry has much to gain from digital transformation. But the complexities of multiple policies, products and relationships (and the data that comes with them) coupled with an historic lack of investment in technology and process excellence, leaves many firms wondering where to start.
We work with the world’s leading insurers and insurance brokers to bring simplicity, efficiency and automation to their businesses, transforming them for a digital world. Our Connect and Control solutions enable customers to automate processes, reporting and reconciliations, and effortlessly manage and transform the increasing volume of data they deal with in a digitised environment.
Data integrity and control
data integrity and control
The paper-intensive nature of the insurance industry has created a ticking time-bomb of fragmented, inaccurate, data and poor quality matching results which are now threatening to engulf firms. Unable to say with confidence that the information driving their daily decisions and activities is correct, insurers and insurance brokers risk losing control of their business and face spiralling costs due to the amount of manual correction required.
Our Connect and Control solutions provide insurers and insurance brokers with 100% confidence in their information and controls. Able to ingest data in any format, from any source, and of any size or shape, our technology is ideally suited to handle non-standard or siloed data. Not only does this empower insurance firms with better quality information, it also eliminates the manual tasks that occur when data quality and matching rates are poor.
Regulatory reporting and compliance
regulatory reporting and compliance
The insurance industry has not been spared the dramatic increase in volume and complexity of regulation in recent years. As scrutiny grows tighter, the pressure to demonstrate to regulators that your data is accurate, timely and complete, is growing. Requirements such as IFRS 17 have reshaped practices across the business and make reliable, consistent data a must-have.
We provide insurers and insurance brokers with the ability to meet regulatory requirements and report on time, in full, with 100% confidence. With the right data, in the right format, in the right place, firms have the foundation required to tackle even the most onerous regulatory demands and future-proof their operations to respond strategically, instead of reacting, to future requirements.
Automated reconciliation
automated reconciliation
The practicalities of reconciling data, much of it non-standardised, and drawn from multiple internal and external sources, presents numerous challenges for insurers. Firms often find themselves resorting to workarounds or relying extensively on manual tasks just to try and get an accurate, up-to-date view of their own data.
The data agnostic capabilities of our Connect and Control solutions ensure that even the most fractured, convoluted data sources can be ingested and transformed quickly and simply, giving insurers and insurance brokers the ability to replace their spreadsheets or legacy solutions with fast, accurate, automated reconciliation. Automation of controls reduces costs, eliminates the risks associated with manual tasks and human error, and enables firms to redeploy their resources to value-adding areas.
Non-standard data
non-standard data
Data which hasn’t been standardised or transformed presents real challenges for insurers and insurance brokers – and they have to deal with more of it than most firms. Information comes in from different formats and feeds, or from manual inputs, giving rise to errors. When it comes to reconciliation this translates to poor matching rates, extra work, and extra costs.
With one of the industry’s most powerful matching engines, our Connect and Control solutions mean that even firms with large amounts of non-standard data get superior matching results. Fuzzy and combinatory matching logic minimises errors and exceptions, and the additional costs associated with managing them.
Payments and claims management
payments and claims management
Managing claims and payments is a vital part of an insurer’s activities. But multiple relationships, interactions and data sources can quickly make this more complex than it should be, particularly if you are a broker constantly onboarding new firms, or an insurer dealing with transaction surges during peak periods.
We enable insurance firms across the globe to simplify the process of managing their payments and claims activity, by providing them with easy access to, and confidence in, their data. No matter where it comes from or what format it’s in, our data-agnostic capabilities mean that it can quickly and easily be ingested, transformed, and routed to where you need it, putting you in control of your payments and claims processes at all times.
Rapid onboarding of new controls enables you to quickly adapt to new third party relationships or products and the flexibility of our platform means that it can scale with your business to support peak period activity.
The cost of doing nothing: Risks of legacy controls and opportunity for change
Faced with the need to act and pivot quickly, one thing is holding financial institutions back – their legacy technology, data, and controls lurking beneath the surface, ready to put the brakes on innovation, efficiency drives, or even just business as usual.
Data quality under the microscope: Meeting regulatory expectations
Data quality is often seen as an operations/back office topic but the implications stretch across your business, particularly as regulatory scrutiny increases. This topic was recently discussed at our data integrity webinar, and Gresham CTO Neil Vernon explores further below.