Redefining management by exception in InsurTech

Redefining management by exception in InsurTech

In a 2019 conference panel discussion, the CEO of distriBind made an insightful statement about data management in insurance: “In a bordereaux world, you have to touch 100% of the data.” This motto continues to drive the company’s mission of removing friction and manual labour in delegated authority within the insurance sector.

From its inception, distriBind has been committed to streamlining manual processes and low-value tasks in insurance operations. Whenever faced with design and prototyping challenges, the CEO would ponder whether the prospective feature would have made his earlier career as an Insurance Technician more efficient. If the answer was affirmative, it became part of the product.

Initially, the phrase “Management by Exception” was not on the CEO’s radar. Over time, however, he grew weary of the term, opting instead for a more straightforward explanation. distriBind’s goal is to “eliminate manual touchpoints for valid data while giving complete visibility of the whole dataset.”

So, what does this actually mean? When the data meets quality standards, it requires no manual intervention. distriBind’s system ingests, validates, and presents the data, thus allowing clients to focus solely on issues that truly require their attention. The platform can handle varying data structures and formats, enhancing its versatility.

But what if the data isn’t up to scratch? Even then, distriBind can transform and enrich poor quality or incomplete data. This feature enables clients to deal with whatever data they have, tailored to their specific requirements.

The company takes pride in its data ingestion layer’s ability to recognise and auto-correct errors or out-of-sequence transactions. Unlike traditional systems that require users to manually reverse transactions, distriBind offers a complete audit without any such complications.

At the end of the day, “Management by Exception” becomes more than a buzzphrase; it transforms into a reality. The platform is designed in such a way that manual intervention is only required in truly exceptional circumstances, freeing up resources and increasing efficiency.

If you find yourself struggling with erroneous data and think there must be a better way to manage it, perhaps it’s time to consider distriBind’s revolutionary approach. With their automated system, identifying errors and resolving them requires minimal effort, making the process truly exceptional.

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