There is life beyond the spreadsheet, an effective tool but with clear limitations. Captive insurance and reinsurance companies must manage a multitude of data that come from different sources and are not homogeneous. Reality shows us that, in most cases, the data is handled with a simple spreadsheet that only allows certain tasks and functions that fall short when it comes to getting most of the huge amount of information handled that captive insurers handle.
One of the most important contributions that Delonia offers is accompaniment, the immersion in the context of the captive insurer. Our advisory and consultancy work is essential, this aspect is key. We study the reality of the company before starting to work. We understand the data and make sense of it. Advice and consultancy work is vital to effectively manage the huge amount of analysis that a captive must carry out. It is necessary to understand what data is available. It is of little use to have a great technological capacity if it is not accompanied by knowledge of the business. At Delonia we are not only experts in technology, but we have been working with captive insurers for more than 10 years, accompanying them in their day-to-day and offering tailor-made solution packages.
For example, if a company’s employee benefits managers have no knowledge of medical benefits, it will be difficult to make the most of the information available. An adequate analysis will allow to achieve an effective management. There is no magic solution that fits to all contexts, each situation requires a specific approach.
We know that captive data management is a complex activity involving sensitive information, so security is paramount. We deal with both efficiency in results and security in data management.
Data management is wrapped in misconceptions and we could almost say that myths and legends carry more weight than real information. The quality, aggregation and analysis of documentation is a vital element in the digital transformation of any company. It is necessary to work with a huge amount of information under unified criteria, based on homogenization and standardization. Captives have a great advantage that, if not managed well, can become their Achilles’ heel: the huge amount of information that must be managed, sometimes even dependent on third parties.
The company must evaluate and manage the quality of the data,which can come with gaps, discrepancies, duplications, errors, and lack of indexing. The material comes from different sources, which increases the difficulty and decreases the quality. It is necessary to work with certainty, the information has to be reliable and contrasted. To this end, technological tools will be used that allow the successful use of the company’s technical, accounting and operational information.