Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, is launching its Sure Underwriting Workbench in the London market.
According to Insurity, Sure Underwriting Workbench’s low code, configurable rules engine empowers London market carriers, MGAs, syndicates, and brokers to focus more on risk assessment and less on routine tasks, thereby increasing underwriting efficiency.
Insurance organisations in the London market face steep challenges, especially regarding quickly and efficiently assessing risk and navigating an increasingly complex regulatory environment.
Additionally, carriers and syndicates must adopt the newly pledged Blueprint Two initiative, the digital services framework based on ACORD standards, that will make the placement, accounting, and claims settlement more efficient and establish a standard core data record (CDR).
Sure Underwriting Workbench automates routine decisions by coordinating work and collecting information into a single platform, allowing underwriters to dedicate more capacity to assessing the complex risks expected in the London market.
Sure Underwriting Workbench is agnostic and capable of integrating with any rating system and can access data from any API-enabled system.
According to Insurity, these capabilities can reduce the underwriting tools required by 50%, consolidating all data, documents, and decisions into a single platform and making the adoption of the CDR and the wider Blueprint Two initiatives more manageable.
Sylvester Mathis, chief insurance officer at Insurity, said, “The London market is undergoing a massive digitalization initiative, and carriers, syndicates, and others need underwriting solutions that can easily interact in the future digital ecosystem.
“Sure Underwriting Workbench integrates with any system, and the Blueprint Two framework will enable Sure Underwriting to accelerate and simplify insurance organizations’ digital transformation. Underwriting efficiencies realized through reporting dashboards, collaborative workflows, and easy-to-use APIs drive the required return on investment.”
Earlier this year, Insurity partnered with Attestiv to accelerate automation initiatives, increase fraud protections, and reduce expenses for P&C carriers.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global