Data, Data Everywhere…

If you can’t explain and demonstrate your insurtech solution to an industry professional in under an hour, it’s not likely to solve the insurance market’s wider efficiency issues. We put DQPro to the test.

 

We’re Going to a Technology Demonstration? Really?

The thought of a mass of data sends shivers down the spines of insurance professionals knowing, as they do, that their industry is one of the most data heavy in the world.

So what can Atticus DQPro do to help them and – more to the point – what happens during a DQPro demo? Can the applications and scope of this data monitoring insurtech possibly be explained and demonstrated in under an hour? We sent two intrepid insurance writers to investigate and this is what they said:

“First impressions were excellent, our demonstrator was hospitable, friendly and engaging. A big glass jar of sweets rested temptingly on the table and coffees were dispensed. All good so far. The laptop opened, and the DQPro online portal appeared on the big screen.

Explained in plain English

“The introduction to the technology wasn’t nearly as daunting as we thought it would be. Here was a slick, modern online platform featuring single-login and a user-friendly, intuitive layout.

The charming demonstrator talked us through what the technology could do and we duly noted the five big takeaways as we sucked our humbugs:

  • 24/7 data monitoring platform with set of tailored rules to check data sets
  • Daily email alerts of current issues
  • Smart workflow to route problems to correct individuals
  • Fully scalable and bespoke to requirements of individual carriers
  • The platform can trawl through multiple carrier systems, including Sequel

Okay, get all of that. But what sort of rules can DQPro users create themselves to check their data?

The software provides a handy visual traffic light system for data issues so that it’s simple to see, at a glance, what is outstanding (flagged in red), needs to be dealt with soon (amber), or is being dealt with – don’t tell us, green?

So, if perchance an underwriter had written business that exceeded their individual limit, an email would be immediately generated flagging this to the underwriter and their superior (or whoever the carrier had selected to be part of the workflow for such issues), with a set number of days within which the error should be resolved. Unless they had specific prior approval, such an error might be a little embarrassing for the underwriter perhaps, but so much better than having to report a claim in excess of their authority or reinsurance limit.

Other examples of rules that DQPro uses to flag data issues include ensuring the correct loss location and claims data is present on claims forms; or flagging policies which are not a renewal and where multiple claims have been logged within a certain number of days of inception; or ensuring compliance with Solvency II and Lloyd’s minimum standards.

Examples of use cases were explained clearly and succinctly by the DQPro demonstrator. We were half an hour in to the demo at this point, with coffees finished and questions flowing.

Insurance Data Has Issues

We put it to the demonstrator that insurance is a market with issues; data issues. As we know, there are so many disparate data sets from which insurers draw information.

The DQPro demonstrator agreed. This why a calming, overlaying umbrella tool giving clear oversight of the quality and detail that DQPro offers is proving so useful in this industry, she said.

And a new dashboard function allows further analytics to be drawn from DQPro’s data monitoring and workflow functions. For instance, does a third party supplier consistently provide data that has errors in it? DQPro will flag this trend the moment it does.

DQPro really does so much more and can be used to identify:

  • System and process areas with exceptional volumes of problematic data;
  • Whether data quality is improving or declining; and
  • Seasonal variations in the quality of data input and proactively manage peaks and troughs.
  • Business control breaches across the underwriting and claims process.

It can even drive conversations with teams and owners concerning priority changes to business processes to avoid repeat occurrences.

A simple demo for complex technology

It really was a great demonstration – jargon-free and clear, with all our questions answered fully by an expert. And we’re not just saying that because we were plied with sweets and coffee.

Our hour was up – the time flew by. The demonstration – like the technology – was efficient and transparent. It ended with the words, “see the difference to make the difference” and we could.

Were we underwriters, we could see how this would give confidence that our data controls are actually managing the risks we’re insuring and immediately identifying potential “explosive” issues. With all the other prioritising and identifying features of DQPro, it was difficult to see how anything rogue could slip through the net.