Industry Challenges
Operational, Financial & Digital Migration
London Insurance Market
LDSL delivers positive outcomes to legacy data problems by providing skills and services to help organisations manage change, achieve their vision, and optimise performance and productivity.
Clarity and transparency of information are key for business continuity. Data is ‘KING’ as long as it is clean data. With many businesses looking to digitally transform and grow their organisation, now is the time to prepare for change.
Dedicated application in cleaning corrupt and inaccurate data can lead to the discovery of hidden exceptions, reduce resource costs, and avoid contentious legal issues.
Typically, clients are looking to optimise their Reinsurance Programmes, reduce their cost base, and provide efficient Management reporting. By adopting these activities the portfolio can be re-aligned to run as Underwriters and Account managers intended rather than constantly applying repairs to failing books of Account. The reductions in project time extended throughout the data processing life cycle will generate its own financial rewards.
What Is Your Current Challenge?
Unknown Debt
How many claims have not been included within a reinsurance recovery aggregation because of one misplaced digit? LDSLs’ DRP platform identifies such errors which once reprocessed, will be accurately reflected in the net account. Do you have the systems or time to identify these errors?
Poor Cash Flow
Cash flow is challenging for any business, especially in the current climate. Although a basic element, identification of premiums collections and claims processed is an important test to insure that the health of your company is not undermined. There are multiple examples of companies where these fundamental activities are overlooked as a result of reconciliation mismatches or 3rd party contracts not being adhered to. What checks do you have in place to manage this?
Legacy Books Acquisition
Are you looking to purchase legacy books of business? The cost of inaccurate Data is reflected in the premium factored within the price. Both as a buyer and a seller – identifying corrupt data within an account offers major leverage in negotiating the price to be paid for the book of business. LDSL provides a licensed platform to identify corrupt records as an automated Due Diligence process. How good is the data? Are you paying the right price? How long have you to make an informed estimate?
Data Set Interrogation
Do you have the in-house capability to interrogate data sets quickly and accurately for both insurance and related reinsurance programmes? The LDSL team composed of (re) insurance accountants, exposure modellers and AI technicians employ a dedicated reinsurance algorithm able to identify data irregularities in data sets instantly with results produced in a fraction of the time taken for regular Due Diligence Audits.
Risk Exposure
Risk comes with a reliance on the use of inaccurate data, a focus on historic analysis based on that data, and a lack of timely reporting. By identifying data patterns, it is possible to establish where data is corrupt or missing, rectify the anomaly, and reduce your risk.
Reinsurance Programme Under Utilised
Underwriters rely on their Reinsurance programme to reduce line exposure, smooth loss experience, share risk & profit, and reduce the effects of a Catastrophe. Where coverage offered by the protection isn’t actively policed, losses may be attributed to incorrect policies and security leading to exposure contention, inspections, and arbitration with the resultant financial comfort and reputation at risk.
Inaccurate Management Information
Running Account Management protocols without accurate data can lead to inaccurate forecasting on both current and future financial modelling. The resultant underfunding and overexposure of liability potentially leaving the company insolvent.