Bitesize InsurTech: ViClarity
March 9, 2021 Thomas Spiller
ViClarity is a provider of governance, risk and compliance (GRC) management solutions for highly regulated industries, such as (re)insurance. Founded in 2008, ViClarity’s inception was based on their recognition that traditional methods of managing compliance were inefficient and outdated.
Many insurers rely on legacy tools and manual-based processes to manage risk and compliance programmes. Manual GRC processes place an administrative burden on staff, carry additional risk from human error and do not provide adequate reporting. ViClarity solves this by using smart workflow technology to automate processes from end-to-end. The software will automatically collect and report all GRC evidence, highlighting weaknesses and progress in real-time.
ViClarity is class-agnostic and partners with over 45 organisations across reinsurance, personal & commercial lines and the London Market, many of whom have a global presence. By adopting ViClarity’s solutions, (re)insurers can manage their governance, risk and compliance in one centralised platform, enabling them to effectively detect, monitor, score and report on their operational risks.
The platform is cloud-based and modular in design, module examples include
- Risk management: automates all risk components, including registers, controls, indicators and events
- Compliance and conduct: allows (re)insurers to automate compliance monitoring programmes, providing a single centralised repository
- Vendor and outsourcing: for the automation of onboarding and ongoing due diligence
- Complaints and incidents: logging, reviewing and resolving complaints
- Lloyd’s Minimum Standards: attestation of LMS requirements
- Policy and governance: policy review, sign-off and disbursement
The solutions are configured individually for each client, to reflect regulatory scope, organisational structures, workflows and reporting requirements. Cloud-technology allows for quick onboarding and ViClarity can plug into insurers systems through inbound and outbound APIs, or as a standalone system to maintain data integrity.
ViClarity has a track record in GRC implementation. Last year they implemented a risk system for a global insurer, to include 40 risk registers to align with business units and jurisdictions. The system was built to inter-connect with compliance monitoring programmes, vendor management and audit.
2020 was a busy year for ViClarity, they broke into new markets and increased their clients in the Lloyd’s, MGA and intermediary broker market. In February they merged with US-based compliance consulting firm PolicyWorks to expand their US footprint. The 2021 development roadmap is similarly full as they continue to develop out the software and add in additional functionality for (re)insurers.
The Oxbow Partners view
Solutions like the one ViClarity offers are taking on greater importance in the (re)insurance marketplace for two reasons.
Firstly, the increased focus on operational risks by regulators in the UK is forcing (re)insurers to think about technology-enabled processes to manage their GRC. ViClarity has been designed to align with regulator expectations and industry best practice.
Secondly, in March last year, companies had to become virtual enterprises overnight, learning how to adapt their processes to working from home. Insurance organisations have accelerated their adoption of efficiency drivers and automation. Covid has also put a spotlight on cyber risk, operational risk and compliance, area’s that ViClarity solutions can support.
By building a solution into (re)insurers workflow that automates GRC processes, ViClarity is helping (re)insurers improve their governance and regulatory compliance, ensuring that tasks are completed to the required level and properly documented.