• Follow us

Bermuda News

Realising insurtech and fintech's potential | The Royal Gazette:Bermuda Re-Insurance

Scott Neil, Assistant Business Editor

Published Jun 10, 2019 at 8:00 am (Updated Jun 10, 2019 at 11:30 am)

Future trends: Graham Card, of WCL, sees benefits coming from insurtech and fintech (Photograph supplied)

Future trends: Graham Card, of WCL, sees benefits coming from insurtech and fintech (Photograph supplied)

Related Stories

Insurtech and fintech are reshaping how businesses interact and also bringing to an end many time and labour-intensive office processes.

Within the insurance sector, one example is the reconciliation of funds received with transactions.

In practical terms, that could mean removing the need for someone to walk around an insurance office with a bank statement to find out who is awaiting the cash, or portions of it, to fulfil transactions.

We are now in what has been described as the second digital wave, where the exchange of data is being automated and integrated within organisations’ processes.

That streamlining does not necessarily mean job losses, but instead represents opportunities for staff to focus on other, more valuable and rewarding tasks.

That’s the view of Graham Card, a senior management consultant with Web Connectivity Ltd, which provides technology-enhanced services to clients in the insurance and reinsurance sector.

Speaking to The Royal Gazette about developments in the insurtech and fintech space, he said one of the good things that is happening with blockchain and insurance is that the Acord standards are accepted as the structured data standard for delivering the outcome of blockchain calculations.

Acord, the Association of Co-operative Operations Research and Development, was created in 1970 and provides the insurance industry with data standards, implementation solutions, standardised forms and messaging system. Its widely implemented standards have streamlined the handling and exchange of data between trading partners.

With the arrival of blockchain, that process is being further streamlined with the aim of eliminating time and labour-intensive paper insurance certificates that have been prevalent in the industry.

Job losses as a result of automated advances in automation are not a certainty.

It would free staff up from the need to do many paper-related processes. Mr Card said: “There is more a refocusing of people’s roles and responsibilities to value-added tasks.”

He added: “We are now into the second digital wave. In the first wave it was convincing people that rather than exchanging paper you exchanged data. The second wave is them saying ‘how do we use that data in an automated, integrated fashion within the organisation’s processes’.”

Mr Card believes that for Bermudian-based insurers and reinsurers, such technology advances are compelling.

“Typically, reinsurers on the island are looking to run their support processing at relatively low cost in relation to their underwriting capability, and the more they can make processes more efficient and less manual, the better. We like to fit into that space,” he said.

WCL has completed a collaboration with a fintech company to bring in a new service it calls EnabledCash, providing a “relevance and an interface” between bank statement and an insurer or reinsurer’s ledger system.

“Typically, the allocation of cash from bank to ledger is manual; the insurer or reinsurer will print the statement from the bank and walk around their office and ask who recognises this money from company A, or company B or company C,” said Mr Card.

“Because the money in relation to our processes is underpinned by data, we are sharing that data — with client permission — with Fennech, a fintech company, and they are using smart contracts, and to a degree machine learning, to then apply rules within the reconciliation between the bank statement and our data.

“That enables them to enhance the cash details with referencing information obtained from messaging. They can break a lump sum of cash into multiple parts relevant to each transaction that has been agreed and settled within that larger settlement.”

The banking system uses a common format “soft statement” on the Swift network to send and receive end-of-day account statements.

Mr Card said: “Because standard data formats are used, this enables us — with Fennech — to apply a set of rules on how we identify the financial movement.

“So, if a million dollars comes in, we can break that down to hundreds of parts if that’s what the client requires, and also enhance it with transactional information so they can then apply it to their ledger systems.”

In this way, a company can automatically match received cash against transactions, replacing what has hitherto been a manually based process because there was no previous fit between bank and the company’s accounting systems.

EnabledCash is one of a number of software applications in the stable of London-based WCL. Other applications include EnabledPlacing and Enabled MGA.

Another is EnabledAccounting. Mr Card said a recent enhancement to is the ability to have two-way query conversations using data, rather than though e-mails.

“The strength of a two-way message-based query process is you have an auditable record of what you are doing to bring about the correct financial outcome,” Mr Card said.

WCL was founded in 2003 and is a wholly-owned subsidiary of Advisen. It has a long association with the insurance market in Bermuda.

Mr Card said: “When I speak with clients and prospects, I tell them they can enter this digital world, in a relatively straightforward and cost-effective way to begin with, and then look at the opportunities to build this out into process automation, which is the second wave.

“We are having advanced conversations with a number of companies on the island. We are able to refer them to existing users.

“Often a prospect wants to get a better idea of how it works in practice.”

There was a share-and-learn user-group gathering on the island last month, where companies could speak to one another about their experiences using the new technologies.

• WCL has a website at https://webconnectivityltd.com/

Read More

Leave A Comment

More News

All Stories

Gallant Bermuda pay price for missed chances 2019-06-17 04:00:00Haiti 2 Bermuda 1Bermuda's hopes of a perfect start in their inaugural Concacaf Gold Cup campaign were dashed by a second-half revival by Haiti at th

Robber punched child in the head 2019-06-16 14:44:00A woman was robbed and her son was punched by a man with a knife in Hamilton Parish today.Police said that officers were called to Blue Hole Hill Park

Haiti prepare for the unexpected in Bermuda 2019-06-16 11:18:00Marc Collat, the Haiti coach, said Bermuda's style of play is unique for the region because of the number of players they have plying their trade in

Regiment on security exercise in St Vincent 2019-06-16 10:49:00A multinational task force tackled a simulated bomb alert at a hotel in St Vincent at the weekend as part of their Tradewinds training exercise.Troops

Attempted armed robbery at liquor store 2019-06-16 07:46:00An armed man tried to rob a Hamilton Parish liquor store this morning, police said.Officers were called to Howzat on North Shore Road at about 8.40am.

No pressure on Bermuda, says Lightbourne 2019-06-15 18:11:00Kyle Lightbourne, the Bermuda coach, insists there is no pressure on his team as they embark on their historic Concacaf Gold Cup campaign tomorrow.By

Dickinson to boost relations in Toronto 2019-06-15 17:08:00Finance minister Curtis Dickinson will highlight opportunities for bilateral trade and investment on a trip to Toronto.Mr Dickinson will lead a delega

Burt to cheer team in Costa Rica 2019-06-15 14:37:00David Burt will travel to Costa Rica to watch Bermuda's historic first Concacaf Gold Cup match against Haiti tomorrow.The Premier also announced the

Wakefield expect big things of Hunt 2019-06-15 10:52:00Chris Turner, the former Manchester United goalkeeper, believes the Concacaf Gold Cup could be the making of Bermuda goalkeeper Quinaceo Hunt.Turner,

Raft Up under way after rain clears 2019-06-15 10:17:00Hundreds of people packed out Shelly Bay for a fun-filled National Heroes Weekend Raft Up today.Nearly 100 boats rafted up for a lively est of pure so

Excitement grows for footballers' families 2019-06-15 04:00:00Family members of Bermuda footballers said the national team would feel the support of the island when the squad takes centre stage at the Concacaf Go

Financing deal struck for Caroline Bay 2019-06-15 04:00:00Construction will proceed at the Caroline Bay residential development at Morgan's Point under an agreement to revive its financing, the developers an


Tennis: Bermuda Defeats US Virgin Islands 2019-06-22 22:31:04On the final day of competition at the Davis Cup in Costa Rica, Bermuda took to the courts against U.S. Virgin Islands in a battle to avoid...

Smoldering At Pembroke Dump Extinguished 2019-06-22 19:29:06Smoldering material at the Marsh Folly dump was extinguished last night [June 21] by Bermuda Fire and Rescue Service personnel who attended with...

BSRA Junior Squash Tournament Final Results 2019-06-22 17:50:49The Bermuda Squash Racquets Association [BSRA] held their Junior Squash Tournament, with over 50 young athletes taking part. Boys Under 17 Alex...

Photos & Video: Clarien Iron Kids Triathlon 2019-06-22 17:39:10[Updated with photos] The Clarien Iron Kids Triathlon was held today [June 22] at Clearwater Beach in St. David’s, with the island’s buddi

Weather Forecast For Sunday June 23 2019-06-22 17:22:08Sunday, June 23 is expected to see thunderstorms in the morning will give way to partly cloudy skies late, with the high to be near 27°C/80°F

Parliamentary Questions: Commission Payments 2019-06-22 16:43:52Following a Parliamentary Question in the House of Assembly, Minister for the Cabinet Office Wayne Furbert provided details about the $130,000...

Sailing: Tabor Boy ‘Ecstatic’ About Marion Race 2019-06-22 16:35:53[Written by Talbot Wilson] James Geil, Master of Tabor Boy, Tabor Academy’s 92-foot iron schooner, was ecstatic about the outcome of the bo

MLS Soccer Website Name Eve ‘Man Of Match’ 2019-06-22 16:29:52Saying he had an “exceptional 90-minute performance” MLSSoccer.com — the website of the US-based Major League Soccer — named..

BIFF: Aretha Franklin Documentary Screening 2019-06-22 12:00:21The Bermuda International Film Festival [BIFF] is to screen a concert documentary featuring the Queen of Soul, Aretha Franklin, at the height of her..

BoB Foundation Appoint’s Allison Towlson 2019-06-22 10:28:41The Bank of Bermuda Foundation has appointed Allison Towlson as its new Managing Director who will be responsible for the overall management and...

June 30: Bermuda Institute Fundraising Concert 2019-06-22 09:00:00The Bermuda Institute will host a fundraising concert on Sunday, June 30 at 6.00pm in the Bermuda Institute Auditorium on Middle Road in Southampton..

Happy Valley PTA Condemn School Bus Arson 2019-06-22 08:54:56Happy Valley Child Care Parents Teachers Association [HVCCPTA] has condemned as “unacceptable and irresponsible” the act of arson over the


Name That Voice 90 2019-06-09 03:00:32Delia invites you to guess the name of the voice you hear in Name That Voice! It could be someone recently in the news, a celebrity, even a cartoon ch

The end of the Supply Side economy 2019-06-02 11:00:07Free market, supply side – trickle down- economic thinking is facing it’s Waterloo moment After the era of economic stimulus ended in the

Edward Seaga: A Caribbean Enigma 2019-06-02 07:56:12Edward Seaga was a great Jamaican patriot well deserving of the many tributes that have been paid to him concerning his devoted service to his country

Name That Voice 89 2019-06-02 03:30:13Delia invites you to guess the name of the voice you hear in Name That Voice! It could be someone recently in the news, a celebrity, even a cartoon ch

BROWNE AND MOTTLEY: Shapers of the regional future 2019-05-28 13:36:35Prime Ministers Gaston Browne of Antigua and Barbuda and Mia Mottley of Barbados are two of the Caribbean’s young and dynamic leaders, both work

Name That Voice 88 2019-05-26 03:00:40Delia invites you to guess the name of the voice you hear in Name That Voice! It could be someone recently in the news, a celebrity, even a cartoon ch

Eye Appeal 2019-05-24 22:58:16Fancy something shady, different with lasting eye appeal? Here’s Darya by PALA Eyewear. The slim khaki striped tortoiseshell frame is subtle and

CARICOM must unify to resist imposition of OAS 2019-05-19 16:29:33Readers of this commentary, particularly those in small countries, might wonder why they should be concerned about who is the Chief Executive Officer

Disclaimer and Notice:WorldProNews.com is not responsible of these news or any information published on this website.