ViClarity wins ERM end-to-end solution of the year, marking a successful period for the Irish-based vendor in terms of expansion within the insurance sector.
The brand is already well known in its domestic market, currently working with 60% of insurance brands on the island of Ireland. And 2023 has seen ViClarity take this experience to grow significantly across the UK and the EU.
The judging panel said they were impressed by ViClarity's commitment to continuous improvement, customer satisfaction and ambition in expanding outside Ireland.
As a provider of governance, risk and compliance management software solutions, the judges also commended the vendor's approach to innovation. For example, working closely with its ERM solution clients, ViClarity says it has developed new features over the past year including a new reporting suite to cater for the needs of all types of insurers and new integrations with external reporting tools.
Commenting on how ERM technology is changing, Ogie Sheehy, global CIO and European CEO at ViClarity, says: "Enterprise risk management is developing at a rapid pace and now becoming more integrated across the board. Re/insurers now not only want to have a risk register with connected controls, but they are also now looking for the ability to have a mapped set of key risk indicators, with some also looking to go further and have incident tracking processes integrated back into the risk register."
He adds the concept of data entered once and being used in multiple places (i.e. integrated) is also becoming increasingly interesting for insurers.
In terms of developments this year, Sheehy says: "We had a great year of innovation in 2023, but in 2024 we are going to focus mainly on enhanced end-to-end ERM reporting functionality to enhance the visualisation of the data, mobile application development, to enhance the inputting of the data, and the continued exploration of how artificial intelligence can further enhance the tools and products that we offer to re/insurers."
