Ogie Sheehy, global  CIO and European CEO at ViClarity, a provider of governance, risk and compliance management software, explains how insurers' ERM needs have changed and how the solutions provider can best support them.
How have insurers' ERM needs changed in recent years? What is top of mind for them currently?
Insurers' needs are changing in that they are now looking for more integrated and sophisticated ERM software systems. While point solutions are good, insurers want to make sure that data entered into one component of their ERM tool is updating other areas, providing an end-to-end view of risk in their businesses.
For example, if an incident is logged in an incident tracking system, it needs to automatically integrate/connect to the relevant risk on the risk register and therefore provide a comprehensive view of data.
Why should insurers choose ViClarity for their governance, risk and compliance needs?
Over the years, working with insurers across Europe and globally, ViClarity has developed a comprehensive end-to-end ERM tool that is simple, effective and integrates all the components of a GRC tool into one platform.
ViClarity's agile ERM solution allows insurers to "start small and build big" to implement an effective solution that can be customised to meet the needs of the insurer regardless of their size or complexity. The tool is agile and can be changed/modified easily to keep up with the changing needs of the insurer.
Will artificial intelligence be a focus for innovation from ViClarity in 2024? What other innovations are in the pipeline?
ViClarity is actively working on a number of interesting innovations to enhance the robustness of our current end-to-end ERM platform this year. We had a great year of innovation in 2023. However, 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.
How would you describe the culture and company philosophy at ViClarity?
From the outset I always wanted to make sure that the company culture was "client centric". I wanted to make sure that we were not a company with no face to the client. We pride ourselves on partnering with each and every client, during the implementation process where we customise the product to the specific client needs, but also after the system goes live.
We have a full team of support and customer success members who work closely with the clients on an ongoing basis to ensure that they get the maximum value from the solutions.
Having successfully expanded beyond Ireland, what is ViClarity's business strategy for 2024?
For 2024, the ViClarity business strategy is to continue to develop and enhance our products and solutions to grow market share globally by providing the most innovative, robust software in the insurance industry. We will continue to partner closely with our clients and expand our solution set to bring additional value to our existing and new clients globally.
