The 2019 Impact25 listing of leading insurtechs put the spotlight on DQPro as a truly useful solution to real business challenges faced by insurers
Useful solutions to everyday problems can seem unglamorous. And compared to a big acquisition, or a whole new product class targeting an emerging risk, data quality may not seem a particularly glamorous topic to the outside world.
But we know what we were doing matters deeply to our clients – we know we make a real difference to the front and back ends of their business through our data confidence platform DQPro.
And we’ve seen significant growth in demand for DQPro over the last 12 months, with our platform now providing data confidence for twelve leading international specialty insurers and counting.
A leading insurtech proposition for the specialty market
With this context we were delighted to find out DQPro had been included in this year’s prestigious Oxbow Partners 2019 Insurtech Impact25 report – a listing of the top 25 technology firms best -placed to impact the insurance industry this year.
This report, one of the go-to sources for insight into the insurtech landscape, stated, “We see big opportunities for DQPro to be a central pillar of carriers’ work to create more structured data environments.”
“We included DQPro because we generally like Insurtech businesses that have unglamorous propositions,” Oxbow added. “These businesses have generally spotted a real business challenge and are developing a useful solution. DQPro’s adoption by several leading London Market carriers is evidence of its appeal,” the report continued.
Data is glamorous!
We’re excited about this because it seems more and more people are cottoning on to the tangible business-side results achievable when something as seemingly mundane as data quality and data governance processes are put in the spotlight and transformed.
Too many carriers have neglected to invest in their data quality, and as a result have struggled to harness the data being created in a meaningful way.
Turning data into an asset is an increasing focus for specialty insurers, not least among DQPro users. Time saved through agility, risks averted by robust process, and pricing benefits from better data, are among the most obvious benefits.
So how does it work?
Users set carrier or market level rules within DQPro’s library system to automatically find, flag and fix issues across their multiple, international systems both legacy and new. The platform provides a digital dashboard structure to fix these issues in real-time, providing efficient workflow to solve the issue, and also providing the automatic audit and evidence trail to satisfy the demands of internal and external stakeholders.
Here are just three examples of how DQPro has benefited our users:
- During a pricing review for a top 5 Lloyd’s carrier DQPro flagged a ratings jump from -15.5% to +2.6% attributed to errors within the data being corrected on risks entered by the carrier. This was flagged, fixed and corrected instantly, preventing sizeable issues further downstream.
- DQPro automated the process of quickly finding, triaging and resolving data issues for a leading specialty carrier, reducing preparation for external audit from an expected three weeks to just 30 minutes.
- Brexit confidence – multinational carriers use DQPro to automatically check incoming data complies with new Brexit licensing requirements e.g., for the correct stamp for risks from within the European Economic Area.
In the market’s intensely competitive environment, efficiencies like this matter. Confidence in the quality of the data behind underwriting decisions can provide the difference between failure and success.
Data is your USP
We are keen to hear from any global specialty insurer looking to establish true data confidence whilst cutting the cost of data errors and inefficiencies across their systems.