Prevent a Blue Christmas with distriBind: COO's Perfect Wish List!

Written at Dec 19, 2023 2:25:00 PM by Dave Connors

Welcome to my Christmas blog… continuing our theme of Christmas wish-lists from our customer’s perspectives, I’m looking at what the exec team: Portfolio Underwriters, CUO, Head of Claims, COO etc might put on the world’s saddest letter to Santa. In a little twist, underneath the tree you’ll also find a number of references to Christmas songs from the distriBind Christmas Playlist on Spotify – how many can you spot?

So, if you think you’ve made the nice list and want to ask the InsurTech Santa to hurry down the chimney, what are you asking for?

How about an up to the second view of the entire portfolio – that will prevent a Blue Christmas. At a glance you can see the number of risks bound, the premium value, claims payments due and total incurred, loss ratio (paid and incurred) … not to mention all validation issues, and credit control position: in a simple, intuitive dashboard you can understand with one look.

At the opposite end of the scale, a transaction-level audit for all risks (declarations) will provide an unprecedented level of data visibility to give everyone a (Holly) Jolly Christmas. Every endorsement, every correction, every premium payment, and every claim… on every risk… right down to dec-level loss ratios. If this seems something more for the technician (and they will love it too) than the exec, consider the simplicity of providing regulators with clear in-force policy reporting – this might seem like a Wonderland, but you have it all the year round, not just winter. (Yeah, I really shoe-horned that one in.)

Standards-free data exchange is not just another Winter’s Tale but a way of providing the ability to receive data however your business partner can send it, or send it exactly how they need it. This isn’t just about different column headers on a bordereau, this is no bordereaux (API, XML, PDF) … this is translation and transformation across code-sets and reference lists.  This is good-bye file upload failure, hello seamless data transfer.

The ability to proactively manage program-level capacity allocation, with real-time Machine-Learning algorithms to predict premium income means you don’t need one more sleep while you wait for the actuaries to crunch the numbers. Look across all your programs and analyse whether capacity is allocated to maximise premium income, or if you could re-allocate to increase sales of certain programs if they’re in your risk appetite.

Incredible claims visualisations including word-clouds to show common causes of loss and clear visualisation of important metrics like expense ratio and static reserves increases the simplicity of portfolio management, easily identifying unprofitable business and providing clear oversight. No feeling like you’ve been run over by a reindeer when you see the combined ratio.

And an end to “running reports” – data is at your fingertips all the time, in a simple and intuitive UI. distriBind is designed to give immediate understanding – is the data good or bad; is premium paid on time or late; is this claim valid or not? Easy navigation allows deeper understanding in a click, with every screen designed to be easy to follow. You’ll have plenty of time for cooking chicken and collard greens, because you won’t be trying to find out what’s going on in the DA Book – you’ll just know.

Santa tell me, can I get all this anywhere else? (The answer rhymes with Ho! Ho! Ho!…)

 

Merry Christmas, Happy Holidays.

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Dave Connors

CEO & Founder

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