NEWS ALERT: DQPro Launches Pioneering Market Standard for Essential Checks in Collaboration with Leading London Market Carriers
NEWS ALERT: DQPro Launches Pioneering Market Standard for Essential Checks in Collaboration with Leading London Market Carriers
Market-wide toolkit delivers the critical data assurance London Market insurers require across their underwriting processes and data by combining business monitoring, essential market rules, workflow and analytics.
London, Thursday 4th February 2021: DQPro is pleased to announce the launch of a pioneering new Market Standard for carrier-side data assurance built in collaboration with ten leading London Market carriers. By mapping current controls to the DQPro Market Standard, carriers can identify gaps and address them quickly and easily.
The first release of the DQPro Market Standard comprises 150+ of the most essential market rules that allow insurers to immediately improve on existing manual, ad-hoc and error prone controls by replacing them with an essential set of automated checks for 100% of policies, claims and bordereaux across four key categories:
• Policy and Claims Accuracy
• Underwriting Controls
• Compliance
• Lloyd’s Regulatory Checks
Most significantly, the Market Standard will evolve with continuous contribution from the growing DQPro user community and other market bodies as new digital operating models emerge. ”
Longer term plans include developing market specific rulesets and capabilities for other specialty insurance hubs in the USin US, Bermuda and Asia.
DQPro Co-Founder Nick Mair said:
“For decades specialty insurers have been struggling to apply the business controls they need across 100% of polices, claims and bordereaux and have therefore accepted a level of operating cost and reputational risk that can and should be mitigated against.
As London insurers adapt to an increasingly data-driven future, DQPro’s Market Standard delivers a ready-made assurance framework that carriers can deploy across their many systems and integrate quickly. This first release provides a benchmark for data confidence in the London Market and critically will strengthen over time with the network effect of our growing number of licenced users.”
David Gee, Head of Data Quality and Governance, Tokio Marine Kiln said:
“The DQPro Market Standard is a great example of market collaboration in order to solve common data challenges whilst helping us keep step with the most essential and valuable market checks as they emerge.”
Kate Seddon, Data & Operations Manager, Liberty Specialty Markets said:
The DQPro Market Standard allows us to identify new areas of opportunity to improve our processes and data integrity as we continue to grow our business both in London and abroad. This mechanism in turn allows us to share and learn with our peers to ensure that the market as a whole is more consistent in identifying and resolving common data deficiencies. This is especially helpful in the context of new market processes and the ever-changing data requirements in the London Market .
Notes for Editors
About DQPro
Founded in 2016 by Atticus Associates Ltd., DQPro provides data assurance in the form of integrated and automated data monitoring and controls for specialty insurers, reinsurers, MGAs and brokers.
The cloud enabled platform is designed for non-technical business users across any team – from underwriting and data teams to operations and compliance, with the company committed to making data assurance a boardroom topic.
Smart workflow integrates with existing systems to provide business users with early warning of data issues or business control breaches helping users resolve these before they present risk and incur cost, whilst market aligned analytics provide valuable insight to continuously improve the data intake – whether internally or with external trading partners.
DQPro is quick to install, integrate and provides the evolving framework of market checks required to establish daily data confidence at scale.
For more information please visit: www.dqpro.com
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