“Insurance companies have been facing data-related challenges for years, hindering their growth and innovation potential”

In the rapidly evolving landscape of insurance, data has emerged as a critical asset for achieving success. Yet, insurers are still grappling with disparate systems and fragmented data stores, hampering their ability to tap into its full potential. Overcoming challenges such as technical debt, complex data sources, and inadequate reporting solutions has been a pressing need in the industry, prompting Wikifri to introduce a transformative solution.

"Insurance companies have been facing data-related challenges for years, hindering their growth and innovation potential," said Bill Freitag, Managing Partner at Wikifri. "We have 27 years of experience designing and building insurance data solutions. Nearly every organization we encounter needs to move beyond one-off data solutions and into something that recognizes the full data picture. We knew the timing was right for a comprehensive solution that will revolutionize how insurers manage their data."

Insurance Daylight (IDDS) is a groundbreaking cloud-based Software-as-a-Service (SaaS) product developed by Wikifri data architects, engineers and insurance business experts. IDDS is designed to bring clarity and stability to insurance companies' data, addressing the longstanding issues in the industry. The platform consolidates and stabilizes data from various core systems and distribution partners, including bordereaux data, within a secure multi-tenant cloud environment.

IDDS enables all the back-office functions of an insurance company and satisfies the entire organization's needs for data. It is the critical piece that will help insurers to become data companies that sell insurance — a vital transformation needed for the modern era.

"IDDS represents a paradigm shift in how insurers handle their data," said Gayle Adler, Product Owner at Wikifri. "Data within core systems isn't stable. It doesn't always relate back to an accounting period. It causes operational systems and financial systems to work independently. Data stabilization allows companies to tie operational and financial systems together, allowing anyone to use the data with confidence. IDDS gives companies one version of the truth that everyone can agree upon."

IDDS centralizes data into a technical ledger, performs essential earnings calculations, Incurred But Not Reported (IBNR) estimations, and lightweight reinsurance processing. The platform supports a wide range of downstream functions, including general ledger reporting compliant with Statutory, Generally Accepted Accounting Principles (GAAP), and International Financial Reporting Standards (IFRS), Annual Statement generation, Bureau Statistical Reporting, Reinsurance reporting, and Other Carriers (Bordereaux) reporting. IDDS empowers insurers with a comprehensive suite of capabilities.

Beyond streamlining data management, IDDS unleashes the full potential of data for actuarial and product development functions. It facilitates advanced analytics, exposure modeling, and artificial intelligence, offering insurers the tools to make data-driven decisions. With IDDS as a foundation, insurers can confidently perform management reporting and financial analysis. They can leverage an array of third-party data tools and utilize a thriving ecosystem of data-driven possibilities.

Embracing IDDS fosters business creativity, opening insurers up to a wider array of partnerships, enhancing product opportunities, and expanding market reach. The growing community of IDDS users is driving cutting-edge advancements in machine learning, predictive modeling, and artificial intelligence. Data-driven decision-making is here, and IDDS lets insurers put it to work.

With IDDS, Wikifri is leading the way in empowering the future of insurance data. To learn more visit www.wikifri.com/idds