Insurance: From legacy to best-in-class Data & AI capabilities

Outdated systems, scattered data, and compliance hurdles slow down digitisation and business growth. A structured pattern of technology and services clears the path connecting silos, modernizing infrastructure, streamlining M&A, and laying the groundwork for AI adoption.

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Accelerate digitization with a solid data foundation

Develop foundational data platform infrastructure with robust integration architecture, governance, and data management to ensure consistency of approach across the enterprise.

Build a solid data foundation

Consolidate IT systems
Bring together your organization-wide systems under one platform to reduce costs and complexity.

Secure data
Protect your data with strong security measures, including minimization, anonymization, access controls, and encryption.

Improve data quality
Clean up poor data quality and process unstructured documents, emails, and financial statements to drive better insights.

Implement data governance
Set up proper governance and automation to ensure consistent, complete data with full lineage tracking and metadata, essential for AI adoption.

Centralize fragmented data
Pull scattered data from finance, HR, claims, external systems, databases, and spreadsheets into one comprehensive system.

Integrate third-party data
Strategically connect external data sources like credit reports, public records, and IoT data to build a complete risk picture.

Improve insights and decision-making

Enable basic analytics
Enable basic analytics around consolidated data, once the data foundation is solid.

Build self-service capabilities
Develop self-service capabilities around existing data and Business Intelligence (BI) layers to lower entry barriers for Data/Business Analysts.

Automate manual tasks
Tackle burdensome and tedious manual tasks by automating them.

Increase data accessibility
Make data accessible to the broader business through a data catalog and tooling.

Foster collaboration
Bridge the gap between IT teams and executive leadership, ensuring technology strategy aligns with business goals.

Support data privacy and compliance requirements
Enable Bordereau reporting and comply with regulations, particularly concerning premiums, data, and security.

Enable predictive analytics with ML/AI

Leverage AI for data processing
Use GenAI to automatically process unstructured data, extract valuable insights, and provide more accurate risk and pricing.

Implement predictive analytics & fraud detection
Apply ML models to analyze structured data, identify patterns, make predictions, and detect anomalous patterns indicating fraudulent activity.

Utilize AI as a Co-Pilot
Deploy GenAI as an intelligent Underwriting assistant to answer questions, synthesize information, and draft communications.

Implement agentic AI process automation
Deploy autonomous AI systems that work collaboratively with specialized human-in-the-loop oversight to manage end-to-end workflows – from submission intake and risk triage to pricing recommendations.

Why a bespoke AI-ready data platform

A well-designed data platform lays the foundation for a company's growth, enables cross-sell, and helps your organization stay compliant in a highly regulated industry. We help you standardize processes, capture economies of scale, and onboard newly acquired carriers faster. Our comprehensive offerings are designed to meet your data maturity level and guide you towards AI-powered decision-making.

Modernize your data infrastructure

Reduce reliance on old technology
Create a stable enterprise data management capability
Connect data assets across and between businesses
Enable accurate decision-making capability by raising the bar on data quality
Connect external systems through single integration hub
Implement data classification, lineage, retention and consent management

Improve your business operations

Streamline M&A activities and speed up post-merger system alignment
Cut excessive operational costs without cutting corners
Give underwriters fast, accurate data to act with confidence
Fill critical skill gaps without long hiring delays
Clear the bottlenecks in decision-making processes
Educate leadership on AI use-cases and cyber risk management best practices

Produce innovative solutions

Unblock AI projects held back by poor data quality
Ensure AI investments deliver value, not just prototypes
Define target operating models for modern data and AI capabilities
Establish cross-functional IT teams to drive further enablement across the entire business
Secure sensitive data with tighter access controls and oversight
Set consistent standards to streamline work across silos

How we work

VirtusLab specializes in working with insurers at various levels of data and tech maturity, helping tech-underserved carriers modernize without disrupting core operations and supporting emerging digital-native startups to launch their business. We automate routine tasks to cut costs, replace outdated systems with a proven tech stack to reduce overhead, and fix data processes, so information is collected, stored, and used effectively. We bridge the gap between tech teams and leadership, making sure AI projects are tied to strategy and backed by a strong business case.

Legacy lock-in assessment

What is: Aging systems, siloed tools, ad-hoc reports

Pain points:

Inflexible systems
Manual rekeying and workarounds
High operational costs

How we enable you: Assess your current infrastructure and build a business-aligned data platform roadmap alongside a decommissioning approach to legacy systems