Futuristic Underwriters LLC has revealed that it has publicly launched its service which it hopes will transform the P&C insurance sector.
The managing general agent (MGA) is taking a tech-enabled approach to the space, that it believes will assist it reduce commercial property & casualty risk by leveraging the power of technology.
The launch has come following a challenging time for commercial insurance sector, as premium’s continue to rise, on top of an ever-evolving regulatory landscape.
This was exemplified in 2022, as the U.S. property and casualty sector ended the year with a net combined ratio of 102.4, according to the Insurance Information Institute, resulting in underwriting losses. These issues have left insurers, brokers, and policyholders dissatisfied and unprofitable, highlighting the need for innovative solutions.
As a result of this, Futuristic Underwriters is aiming to combat these adverse trends, focusing on industries such as contractors, manufacturers/distributors, real estate, professional service organisations, auto, and other P&C lines.
Their approach extends beyond data-driven underwriting and incorporates next-generation technologies like Artificial Intelligence, and aims to improve the overall insurance experience by offering an efficient distribution platform, proactive claims handling, and tools to reduce risk.
Following the announcement, Yogesh Kumar, CEO and President of Futuristic Underwriters said, “In this era of growing complexity and evolving risk landscapes, where underwriting losses are reaching an unprecedented high, it becomes increasingly essential to reevaluate traditional underwriting practices.
“Our mission is to confront these industry challenges head-on with a transformative, technology and data-driven approach to underwriting that not only mitigates risk but reimagines the underwriting process. We aim to herald a new era of resilience and success for our clients across diverse industries and lines of business.”
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