Connected Four: The power of Data and Connectivity

News -- 26 June 2024

Author: Kirstin Duffield

related article image

In today’s digitally driven world, the concept of being 'connected' transcends mere communication. As Data becomes a new currency the value of data continues to rise. Data underpins the seamless integration of systems, its fluid exchange with other systems, and the robust infrastructure that powers this interconnectivity. To maximise this benefit it is essential to embrace a data-first approach, where data acts as the foundation upon which every interaction and transaction is built and optimized. This approach is crucial as it ensures that every element within the ecosystem not only communicates efficiently but also leverages insights derived from accurate and comprehensive data. Our unique position in this landscape stems from our commitment to data accuracy and integration, ensuring that all components of our ecosystem work harmoniously to deliver unparalleled value.

At the heart of our ecosystem lies our Novus Policy System for the Insurance Intermediary, whether MGA or Broker, it is the cornerstone that manages and processes policy data with precision. Designed to support This system is crucial for maintaining the integrity and accuracy of policy information, ensuring that brokers have access to up-to-date and reliable data. By integrating seamlessly with other systems, Novus coordinates the data flow smoothly across the entire ecosystem, reducing the risk of errors and enhancing operational efficiency.

Complementing this is the Eos Digital Onboarding of Trading Partners system, which facilitates the seamless recording of new partners into the ecosystem, with options to enable the direct supply of data by the data owner themselves. In itself it supports various data augmentation integrations as well as Sanctions Checking. It streamlines the onboarding process, ensuring that new partners can quickly and efficiently progress to safely start transacting. By automating and standardizing the onboarding process, we eliminate bottlenecks and reduce the time to market, enhancing the overall agility of the ecosystem. By use of a single common Master Reference Library, for Eos and Novus ensures that the data is cohesive as well as embracing industry standards.

Integral to maintaining data accuracy within the ecosystem is the rules-based Contract Checker. This system is designed to meticulously verify and validate data against predefined rules, ensuring that every contract and transaction adheres to the highest standards of accuracy and compliance. By automatically checking contracts for errors or inconsistencies, the Contract Checker enhances the reliability of the data, reducing the risk of costly mistakes and disputes. It serves as a critical checkpoint within the ecosystem, safeguarding the integrity of the data and ensuring that all transactions are based on accurate, verified information.

The final piece of the ecosystem is the integrated Insurance Placing platform, Whitespace. This platform brings together all the elements of the ecosystem, providing a unified interface for brokers, trading partners, and other stakeholders to interact and transact. Whitespace leverages the data and connectivity established by the other systems to offer a streamlined, efficient, and transparent placing process. By integrating Digital Onboarding with Novus, through to data first contract construction and placing the verified contracts on Whitespace, it ensures that every transaction is supported by accurate and comprehensive data, enhancing trust and efficiency in the insurance placing process.

Together, these four systems form a cohesive and powerful ecosystem that leverages the power of data and connectivity to deliver exceptional value and return on investment. A data-first approach is not just beneficial but essential in ensuring that the entire ecosystem operates smoothly, accurately, and efficiently. By integrating these systems seamlessly, we create a robust infrastructure that supports accurate data exchange, streamlined processes, and enhanced decision-making, setting us apart in the industry.