With complex insurance risk comes complex data and multiple points of data intake – from brokers, coverholders, online platforms and market messaging. Checking this data to ensure best practice underwriting and quality in the data captured by both outsourced and in-house teams could be time consuming , with an over reliance on percentage data sampling and manual interaction with business teams by phone, email and spreadsheets. EPI monitoring against plan across the book and over time presented one of several challenges AEGIS were keen to address.
AEGIS selected DQPro in Q2, 2020 to provide business teams with a comprehensive and automated data monitoring solution to apply 100% of the controls they need across underwriting data held in multiple systems, 24/7.
Onboarding DQPro has delivered 40+ new checks to AEGIS teams in less than two months , providing 50 AEGIS business users with:
- Immediate visibility – with respect to data issues and control breaches and their status against defined SLAs – with rapid management escalation where required.
- The ability to satisfy audit requirements efficiently – DQPro’s process efficiency, market ruleset and business workflow ensure 24/7 daily confidence and improvement in the quality of data across AEGIS operations.
- Cost reduction – by eliminating a lot of the manual, frictional cost to daily operations of finding and fixing data issues.
- Evidence and clear reporting – around regulatory data controls required by the Lloyd’s Minimum Standards and Solvency II.
- Supportive cultural change – by creating an easy and intuitive process and pride and business accountability in data quality.
AEGIS London have a track record of consistently out-performing the Lloyd’s market. In 2019 they were the 16th largest syndicate in Lloyd’s writing business via Lloyd’s syndicate 1225 and their online trading platform OPAL. Their top quartile performance aligns with a strategic investment in technology and data to support their underwriting operations.