Wikifri, a consulting firm that focuses on innovation in insurance, has launched its cloud-based turnkey insurance data platform, Insurance Daylight (IDDS), offering an efficient way to stabilise data.
Data has become a critical asset for insurers, but they are still grappling with disparate systems and fragmented data stores, hampering their ability to tap into its full potential.
The creation of this “transformative solution” was prompted by the industry’s need to overcome challenges such as technical debt, complex data sources, and inadequate reporting solutions.
“Insurance companies have been facing data-related challenges for years, hindering their growth and innovation potential,” said Bill Freitag, Managing Partner at Wikifri. “We have 27 years of experience designing and building insurance data solutions.
“Nearly every organisation we encounter needs to move beyond one-off data solutions and into something that recognizes the full data picture. We knew the timing was right for a comprehensive solution that will revolutionise how insurers manage their data.”
IDDS is a groundbreaking cloud-based Software-as-a-Service (SaaS) product developed by Wikifri data architects, engineers and insurance business experts, the firm explains.
The platform is designed to bring clarity and stability to insurance companies’ data, addressing the longstanding issues in the industry. It consolidates and stabilises data from various core systems and distribution partners, including bordereaux data, within a secure multi-tenant cloud environment.
IDDS also enables all the back-office functions of an insurance company and satisfies the entire organisation’s needs for data. It is the critical piece that will help insurers to become data companies that sell insurance.
Gayle Adler, Product Owner at Wikifri, said: “IDDS represents a paradigm shift in how insurers handle their data. Data within core systems isn’t stable. It doesn’t always relate back to an accounting period.
“It causes operational systems and financial systems to work independently. Data stabilisation allows companies to tie operational and financial systems together, allowing anyone to use the data with confidence. IDDS gives companies one version of the truth that everyone can agree upon.”
IDDS centralises data into a technical ledger, performs essential earnings calculations, Incurred But Not Reported (IBNR) estimations, and lightweight reinsurance processing.
The platform supports a wide range of downstream functions, including general ledger reporting compliant with Statutory, Generally Accepted Accounting Principles (GAAP), and International Financial Reporting Standards (IFRS), among others.
Beyond streamlining data management, IDDS unleashes the full potential of data for actuarial and product development functions. It facilitates advanced analytics, exposure modelling, and artificial intelligence, offering insurers the tools to make data-driven decisions.
