{"id":1812,"date":"2022-12-14T14:10:00","date_gmt":"2022-12-14T13:10:00","guid":{"rendered":"https:\/\/bugsbusiness.nl\/van-volmachtdata-naar-100-betrouwbare-informatie-het-kan\/"},"modified":"2023-12-10T14:56:24","modified_gmt":"2023-12-10T13:56:24","slug":"from-underwriting-agent-data-to-reliable-information","status":"publish","type":"post","link":"https:\/\/bugsbusiness.nl\/en\/from-underwriting-agent-data-to-reliable-information\/","title":{"rendered":"From MGA data to 100% reliable information: it&#8217;s possible!"},"content":{"rendered":"\n<div class=\"cb cb__intro cbintro cbpb\">\n    <div class=\"container\">\n        <div class=\"row\">\n            <div class=\"col-12 col-md-6\">\n                                    <h2 class=\"cbintro__title\">\n                                                <span class=\"cbintro__title-text\">From underwriting agent data to 100% reliable information: it&#8217;s possible!<\/span>\n                    <\/h2>\n                                <div class=\"cbintro__content\">\n                    <p>Many systems currently on the market do not fully meet regulators\u2019 data quality and security requirements. This often necessitates workarounds and human intervention, which in turn can compromise data reliability. Elbert-Jan Offereins and Arnold Barendrecht explain how, thanks to Imago Insights, being both reliable and future-proof is no longer an illusion.<\/p>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n\n<div class=\"cb cb__text cbtext cbp-none\">\n    <div class=\"container\">\n        <div class=\"row justify-content-center\">\n            <div class=\"col-12 col-md-10\">\n                <div class=\"cbtext__content\">\n                    <p>The starting signal for the development of Imago Insights was a new Maaslloyd business model. \u201cWe were a run-off insurer,\u201d says Offereins, CEO of Maaslloyd. \u201cThen came Solvency II. This shook up the market considerably. That is why we chose to also work as a commercial insurer for MGA\u2019s.\u201d<\/p>\n<h3><strong>Good practices<\/strong><\/h3>\n<p>During the preparations for the license application, it became apparent that existing systems for processing underwriting data, such as Market Scan, no longer complied with the good practices drawn up by regulators. \u201cAs an insurer, you\u2019re expected to be in control of what your agents do,\u201d says Barendrecht, CEO of Bugs Business. \u201cYou need a very reliable, consistent solution for that.\u201d<\/p>\n<p>In order to operate effectively within the required data structures of regulators and re-insurers, Imago Insights was developed jointly by Maaslloyd and Bugs Business. \u201cBecause we started from scratch, we were able to build a whole new data organization that meets all the requirements,\u201d says Offereins.<\/p>\n<h3><strong>QRT reporting and COBIT 58 controls<\/strong><\/h3>\n<p>The claims and premium data from MGA back offices goes directly into Imago Insights as an XML file, which is then digitally analyzed. \u201cYou can deduce all sorts of things from it,\u201d says Barendrecht. \u201cFor example, what the premiums are, and which claims have been made. The system also offers all kinds of tools, including QRT and reinsurance reporting.\u201d In addition, Imago Insights already complies with COBIT&#8217;s 58 controls for information security.<\/p>\n<h3><strong>Validity and future-proof<\/strong><\/h3>\n<p>This is essential. After all, regulators require information security and high data validity throughout the entire chain.: \u201cThe underwriting services market is worth 4.3 billion euros, almost 30% of the total amount of premiums,\u201d says Barendrecht. \u201cIf you really want to know what premiums are being paid, which claims have been settled and the level of reserves held, then you need complete data transparency.\u201d \u201cValidity is the key,\u201d adds Offereins. \u201cAll (re)insurers within the EU system must send a QRT report to their supervisors. If you deviate by 5 to 10%, you have a huge problem as a sector.\u201d<\/p>\n<h5 style=\"text-align: center;\"><em>\u201cValidity is the key\u201d<\/em><\/h5>\n<h3><strong>Full audit trail<\/strong><\/h3>\n<p>To comply with the various good practices, full traceability is also essential. \u201cThe back-office data of the MGA, what is sent to the insurer, and what is reported to the regulator must match 100%,\u201d says Barendrecht. \u201cIf there\u2019s a deviation, we have the audit trail. This makes Imago Insights the only fully-audited solution in the market.\u201d<\/p>\n<h3><strong>Data analysis for MGA\u2019s as well<\/strong><\/h3>\n<p>MGA\u2019s can also analyze their data thoroughly. Their premium-claims ratio, for example, or the relationship between commissions and premium income. And because postcodes are also included in the data, customer contact can be optimized. \u201cSuppose you have numerous customers in one province of the Netherlands, and it starts to rain heavily there,\u201d says Barendrecht. \u201cYou could visit them or get in touch to let them know that you support them.\u201d<\/p>\n<h3 style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1243\" src=\"https:\/\/bugsbusiness.nl\/wp-content\/uploads\/2023\/03\/AMweb_insight_artikel2-300x206.jpg\" alt=\"\" width=\"541\" height=\"372\" srcset=\"https:\/\/bugsbusiness.nl\/wp-content\/uploads\/2023\/03\/AMweb_insight_artikel2-300x206.jpg 300w, https:\/\/bugsbusiness.nl\/wp-content\/uploads\/2023\/03\/AMweb_insight_artikel2-1024x702.jpg 1024w, https:\/\/bugsbusiness.nl\/wp-content\/uploads\/2023\/03\/AMweb_insight_artikel2-768x526.jpg 768w, https:\/\/bugsbusiness.nl\/wp-content\/uploads\/2023\/03\/AMweb_insight_artikel2-640x439.jpg 640w, https:\/\/bugsbusiness.nl\/wp-content\/uploads\/2023\/03\/AMweb_insight_artikel2-960x658.jpg 960w, https:\/\/bugsbusiness.nl\/wp-content\/uploads\/2023\/03\/AMweb_insight_artikel2.jpg 1192w\" sizes=\"auto, (max-width: 541px) 100vw, 541px\" \/><\/h3>\n<h3><strong>Scalable for the market<\/strong><\/h3>\n<p>Maaslloyd included all current standards in the data organization architecture. The next challenge is to make the data logistics solution scalable for the market. To this end, Bugs Business will offer the application as a cloud solution.<\/p>\n<h3><strong>Run simultaneously to compare<\/strong><\/h3>\n<p>But is that what the market needs? \u201cYes!\u201d says Offereins emphatically. \u201cOur competitors also feel the pressure from reinsurers and regulators. We therefore give a lot of demos. Two insurers are currently running Imago Insights alongside their current applications, so they can compare the performance.\u201d<\/p>\n<h5 style=\"text-align: center;\"><em>\u201cOur competitors also feel the pressure from reinsurers and regulators.\u201d<\/em><\/h5>\n<h3><strong>Risk of monopoly?<\/strong><\/h3>\n<p>A concern of potential users is the monopoly position. \u201cWe are indeed the only solution that is completely state-of-the-art,\u201d says Barendrecht. \u201cBut a monopoly is not our goal. We just want to provide reliable data on premiums, claims and risks.\u201d This will benefit the MGA market, especially in the long run. That\u2019s why the solution has been placed in the separate Bugs Insights BV entity, which will further develop Imago Insights and makes sure it remains state-of-the-art. Users have a say in this, for example through a supervisory board, or as co-shareholders. Maaslloyd retains the original intellectual property.<\/p>\n<h3><strong>In control, now and in the future<\/strong><\/h3>\n<p>Because Imago Insights is a cloud solution, users are always assured of compliance. \u201cThrough ISAE 3402 and ISO 27001 we meet the requirements for software, with Cobit-58 those of the regulators, and we provide updates with monthly releases,\u201d says Barendrecht. \u201cWith this triangle, we guarantee the future.\u201d Offereins agrees. &#8220;All users can say to their supervisors that they are in control,\u201d he says. \u201cWith a solution that is 100% within the EU system.&#8221;*<\/p>\n<p>*Source: AMWeb: <a href=\"https:\/\/www.amweb.nl\/138649\/van-volmachtdata-naar-100-betrouwbare-informatie-het-kan\">Van volmachtdata naar 100% betrouwbare informatie: het kan! (amweb.nl)<\/a><\/p>\n<p>**This article is sponsored by Bugs Business.<\/p>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":4,"featured_media":1244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[18],"class_list":["post-1812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nieuws-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>From MGA data to 100% reliable information: it&#039;s possible! - Bugs Business<\/title>\n<meta name=\"description\" content=\"Imago Insights enables you to make data-driven decisions and improve results.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bugsbusiness.nl\/en\/from-underwriting-agent-data-to-reliable-information\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From MGA data to 100% reliable information: it&#039;s possible! 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