Island firm launches software for captives
A Bermudian software development company has launched a new one-stop place for data aimed at the growing captive insurance industry.
Bespoke Software said their new inTell Captive software streamlined data and made it easier for captive managers to access, use and analyse the information they hold.
Now the company is to showcase inTell Captive to the on-island industry and plans to exhibit its capabilities at the annual Bermuda Captive Conference in September.
Paul McLeod, president of Hamilton-based Bespoke, said: “It’s a business intelligence end-to-end solution developed with the captive insurance industry in mind.
“It allows captive management companies to pull together all the data they have around their captive insurance companies.”
Mr McLeod added: “Traditionally, the captive industry has been very late to market as it were in addressing technology capabilities, specifically around their data.
“The captive market is growing very rapidly and putting competitive pressure on this space and being able to leverage your data is a good way to stay competitive.
“It’s a way for captive management companies to realise benefits from their data.
“That data is useless unless you can do something with it. It’s an asset of the organisation and money can be made leveraging that asset, investing in that asset and realising a return on it.”
The company said that inTell Captive can get companies up and running within four months compared to traditional data-warehousing methods that can take two to three years to set up.
The system can report and track results, allowing for faster and more effective business decisions, ease regulatory reporting burdens and provide forecasting and planning.
The product also manages foreign exchange, reducing the cost of captive management and give a competitive edge through mobile, online access to data, dashboards benchmarking and performance analysis.
It also provides tools for reconciliation, audit and compliance to assist in operations and regulatory reporting.
Mr McLeod said: “A lot of these companies will manage the data they collect in different ways — spreadsheets, accounting systems — and the ability for someone to pull all that together is almost non-existent.
“What we have is a way for competitive management companies to realise benefits from their data.
“We talk to these companies and they all talk about how the pressures are increasing on them to have this data.”
And Mr McLeod pointed out that increasing regulation meant that authorities were demanding more and more information from companies.
He added: “If you are a company managing hundreds of captive insurance companies, that’s an enormous effort — it should be almost an automated process.”
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