Insurance Times Awards 2024: DistriBind seeks to reduce reliance on spreadsheets and improve data visibility

1. Why did you put yourselves forward for the category?

DistriBind was nominated for the Insurance Times Awards Excellence in Technology – Data Focused Service Provider category because we wanted to share our success and real world customer benefits.

DistriBind has caught nearly 100,000 error breaches of sum insureds over limit, or invalid classes of business with a total liability of over £100bn, which customers have been protected from.

Providing a digital workbench to improve and automate the exchange of data in the insurance industry eliminates reliance on spreadsheets and significantly improves data visibility and quality.

Focusing on delegated authority business, DistriBind has already corrected or resolved 70% of validation errors that are flagged. The platform doesn’t just catch errors, it helps improve data quality too.

2. What do you think makes your entry stand out and why should you win the award?

DistriBind stands out as a digital data exchange delivering automated back office processing as it provides a solution resulting in fewer errors, better data accuracy and increased visibility.

DistriBind enhances operational efficiency by automating and improving manual processes and is particularly powerful in resolving complex issues. Over 92% of “sequence” errors – such as reporting a cancellation or endorsement without the original risk – are automatically identified, corrected and re-sequenced.

DistriBind deserves to win this award because of the measurable impact it delivers. Exactly 86% of our customers uncover data issues during the implementation phase, meaning they experience the value of our platform before it’s even fully operational.

Our ability to deliver immediate, tangible improvements sets us apart, proving the strength of the partnership we offer from day one.

3. What would winning this award mean to you and your firm?

Being a runner-up in the Excellence in Technology – Service Provider category in 2023 was a significant achievement, but winning this prestigious award would truly validate the daily hard work and teamwork behind DistriBind.

Industry awards are a major highlight each year and the Insurance Times Awards in particular are highly esteemed. Just being shortlisted is an honour.

The dedication of the Insurance Times team and judges in maintaining the importance of these awards is why we entered again – and winning in 2024 would be an incredible milestone for us.