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VIPR launches innovative IBA system to ease distribution cost difficulties

As pioneers of modern software solutions for the insurance industry, VIPR has launched abrand-new offering to the market. The Insurance Broking Accounts (IBA) system, has been designed to efficiently manage distribution costs amongst stakeholders, alleviating pressures in the industry and resulting in supremely accurate data and payments to cover holders and third parties.

Working with leading IBA experts and super-users, VIPR analysed the best of the best in the current market to improve, adapt and modernise key features, creating a system which reaches new heights of software sophistication. Through hyper-efficient data collection,collation, reporting and advanced functionality, VIPR’s IBA system can handle high volumes of bordereaux transactions, managing data quickly and accurately. Funds are calculatedand distributed, ensuring the correct payments are made to the right people.“It can be difficult to split costs accurately between different stakeholders, resulting in poor execution and inaccuracies.” says Richard Brown, Managing Director at VIPR. He continues,“It was when a new client of ours was struggling to find an IBA system to meet its requirements, that we realised we could build a better solution than anything else currently on the market.”Key features include slick and simple integration with existing operating systems, partial cash allocations and pre-allocation of cash payments, data exportation and the option to custom-design reports. The modern and intuitive interface works across multiple devices,and the modular design enables the addition of tailored requirements to suit clients.Brown concludes “We’ve got one of the fastest, most intuitive and user-friendly IBAsystems available. Accuracy is improved and transactions are made instantly. The system is already proving popular with start-up MGA’s and we see it being a big hit amongst established companies looking to update their systems.

VIPR is a leading software provider for the insurance market specialising in solutions that focus on delegated authorities. VIPR Managed Service (VMS) and Complaints Manager are the latest additions to VIPR’s suite of products that include a bordereaux processing and management solution, coverholder management, quote and bind solutions, an audit portal and reporting tool. VIPR provides its products to a growing number of Lloyd’s managing agents, brokers,coverholders and insurance companies.

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