Wikifri leverages iBOOM with operating model setup and technology implementation
Alpharetta, GA, March 14, 2023 –– Wikifri, an insurance consulting firm and data solution provider announced today that it has helped to launch Trium Cyber, a US-based cyber underwriter. Trium has recently launched their operations and began writing policies in January. Writing business is a key milestone for the startup and Wikifri played an essential role in setting up operations while program managing the implementation of enabling technologies to allow this to occur.
Trium Cyber is writing its cyber policies on behalf of Lloyd’s Syndicate 1322. The executive team at Trium engaged Wikifri in the launch process to create their target operating model and to help implement technology including the policy administration system, rating and other tools.
“Wikifri was essential to our ability to launch,” said Josh Ladeau, CEO. “Not only did their iBOOM give us a head start to creating our operating model, but their program management served to unite our vendor partners into a cohesive team, singularly focused on one objective — get Trium off the ground as a cyber insurer. Any effort like this relies on multiple parties, which can be a challenge to coordinate, but Wikifri’s outstanding program management allowed my team to focus on other critical aspects of our launch, and ultimately enabling us to write business on our first day of operation!”
Wikifri’s Insurance Business-Oriented Operating Model (iBOOM) is a key piece of intellectual property, a model implementation accelerator that helped Trium establish their operating model in rapid fashion. Having a solid operating model, with capabilities thoroughly documented, enabled the policy admin vendor and other component partners to implement their solutions under tight deadlines, in preparation for Trium’s 1/1/23 launch.
“Today’s insurers need new operating models, but they also need a way to establish the new model quickly,” said Bill Freitag of Wikifri. “Wikifri’s iBOOM helps insurers incorporate today’s most relevant technologies by quickly adapting them for product and channel use, then preparing them for collaborative integrations. In Trium’s case, iBOOM increased speed-to-market for startup operations; but it also works for transforming existing operations. This is a tremendous accomplishment for Trium — to go from idea to underwriting premium in this short of a timeline. The full team, including Trium and vendor partners, worked seamlessly to make this happen.”
About Trium Cyber:
Trium Cyber US Services Inc is a Lloyd’s-approved services company providing cyber, technology and ancillary errors and omissions insurance coverage for US-domiciled risks, backed by Trium Cyber Syndicate 1322. The services company commenced writing business on January 1st, and in addition to insurance, will offer clients access to complementary cyber risk management and real-time loss mitigation services.
Wikifri is a nimble, aggressive consulting firm, focused on improving our clients’ businesses by bringing together deep insurance industry experience and the flexibility to build partnership-based engagement teams with high level technology expertise.
Our firm’s commitment to client success is demonstrated by our seasoned professionals’ industry experience, knowledge of the technology and insurance industry landscapes, and a long history of successful projects.
Wikifri’s expert consultants are supported by its iBOOM (Insurance Business-Oriented Operating Model) and its IDDS (Insurance Daylight Data Solution) products, both of which bring clarity and actionability to the insurance transformation process.
Wikifri is committed to helping clients stay at the forefront of rapid industry changes by assisting them in the development of new markets and creating new efficiencies and capabilities for their organizations.