The renewal period underway has proven to be a challenging one for both capital providers and those looking to place risks. Difficult negotiations on deal structures and terms and conditions are made even more complicated by inefficiencies in collaboration – both with the broker/cedent as well as internally within the ILS fund manager’s operation. A well-integrated, effective software solution supporting ILS fund managers in navigating these challenges is essential for running the business of the future. Such a solution will digitise processes and information exchanges to increase productivity and reduce transaction costs while offering users a more seamless experience.
Work smarter, not harder
No off-the-shelf software solution exists today to do this. As a result, various tools are used and they are not well integrated, resulting in inefficiencies such as duplicate data entry, system stops within processes due to a lack of integration and communication across multiple channels. To deliver the desired business outcome (e.g., an investment decision, a claims update, etc.), workers today need to conduct a plethora of menial tasks. The time required for this is at the expense of value creating tasks.
For example, to arrive at an investment decision, information from various stakeholders including underwriters, modelers, portfolio managers, legal, and others is often needed. The process of compiling the required decision inputs is often lengthy and culminates in a meeting. Such a meeting needs to be repeated each renewal.
A technology solution would streamline the collection of decision inputs while freeing up time for experts to focus on the decision analysis or other value-adding tasks.
‘ILS Workspace’ – digitising your processes and collaboration
‘ILS Workspace’ delivers an improved collaboration experience, turnaround time, and overall a more efficient and effective environment for decision-making. The current state prototype is built with technology that is flexible to accommodate the specific needs of a business and deliver a solution in form of productive software faster than if it were built by traditional development means. While the current prototype is designed for front-office decision-making during the investment process, the solution is also capable of handling middle and back-office processes, such as claims management and technical accounting.
The solution offers key capabilities:
- End-to-end business process orchestration and task management
- Collaboration and communication capabilities
- Full audit trail and transparency
- Single data entry
- Integrations into system landscape with various systems – e.g., contract admin
- Appealing UI/UX
In summary, the ‘ILS Workspace’ is designed to enable ILS fund managers to rapidly deploy a highly customised solution that integrates with current systems and tools in order to improve decision-making and increase the time allotted for value-adding tasks.
If you want to find out more about ‘ILS Workspace’ or arrange a demo, get in touch with us.
