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Nemo, photo by Digidaan

Co-insurance

Nemo, photo by DigiDaan

Financial services

The co-insurance market

Some business risks cannot be covered by a single insurer. This is where co-insurance comes into play: insurers collaborate to jointly cover and manage large risks. This creates a unique dynamic: insurers are competitors but must also work together in this area. Additionally, the market faces numerous challenges in terms of digitalization. That’s why we believe in cross-chain process support, focusing on what is truly needed for all stakeholders involved.

Operational costs are placing too much strain on insurers' profitability models.

Insurers need to increasingly focus on actively managing their portfolio and gaining control over their cumulative risk.

Increasing focus on sanction legislation from national and international law.

Lack of consistency in data leading to low quality of information among involved parties.

The importance of good data

 

Many insurers struggle to manage risks in the area of co-insurance due to a lack of high-quality, reliable data. The available data is stored in separate systems and various formats that do not communicate with each other, making it difficult to create a single comprehensive overview. As a result, data is often entered manually. This leads to:

  • The risk of incorrect data
  • Unnecessarily high operational costs
  • Long processing times
  • Limited control over cumulative risk
Object-data

Policy data is manually retyped up to 7 times.

in the co-insurance market

Our solution

As experts in knowledge automation and process automation, we know how to optimize processes for all parties involved. We have combined this knowledge with our experiences in the co-insurance market in the Blueriq Co-insurance Solution. This solution provides validation, control, and insight based on data and information: the ultimate tool for assessing and managing risks.

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Case Study: The iDOS Objectdata Validator

The VNAB (Association of Dutch Insurance Exchange) plays a crucial role with its iDOS system in the exchange of object data among the involved parties. Read our paper on how Blueriq created an integration with iDOS for a major exchange insurer to retrieve object data, which can then be verified, enriched, and distributed to internal systems such as the back office and CRM.

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Integration with the VNAB iDOS platform

Blueriq provides insurers with the capability to exchange data in a controlled, intelligent, and optimal digital manner with the VNAB platform iDOS.

Validation through checks, translations, transformations, and insights

provides insurers with the ability to create and utilize reliable, high-quality data.

Control over information exchange in the chain

Insight supported by data and information is the key tool for assessing and managing risks. This allows for strategic guidance.

New opportunities

By enhancing data quality and adopting a more efficient way of (collaborative) working, more time, space, and insight are created to improve and optimize business operations and services.

Interested in discussing the possibilities of digitalization in the co-insurance market?

Curious about our experiences and solutions? Feel free to contact Dominique de Wit. Alternatively, you can schedule an appointment using the button below.

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Dominique
de Wit Commercial manager