BIOLAP has developed sophisticated enterprise insight solutions for some of the leading insurance intermediaries in the world including Aon, Arthur J Gallagher and Tysers. We have continued to develop and refine our transformation methodology to load and transform data from a wide range of insurance systems into a scalable common and consolidated enterprise insight solution for our clients. These systems include:
|Insurance Broking System|
The reporting capability from our Insight Solutions for Insurance Intermediaries is extensive – a few examples are:
- Full insight into credit control – aged analysis of counter party exposures (Funding, Unmatched Cash, Held Funds, Uncollected Income, doubtful debts) and automated daily FCA CASS5 Client Money Reporting. Using this reporting capability allows our clients to reduce credit risk and bad debt exposures, reduce uncollected revenues and improve working capital resources and improve FCA CASS5 compliance.
- Enhanced insight into revenue generation and retention through:
- analysis of revenues by client, market, product, profit centre
- analysis of revenue leakage via client discounts, wholesale commission sharing and third-party commission sharing
- analysis of fee compression (e.g. constant fee income despite additional product use by clients)
- gross commission rates from underwriters on comparable products and
- underwriter profitability (premiums v paid claims).
- business gained, lost and retained
- Automated trial balance feeds into general ledger accounting systems.