Specialist insurer Beazley had adopted Insurity’s Sure Program Underwriting Distribution solution to grow its Lloyd’s book of business and automate the distribution of its Personal Articles Floater (PAF) line of business in the US.
Insurity is a provider of cloud-based software for insurance carriers, brokers and MGAs.
Beazley has evolved from a specialist Lloyd’s syndicate transacting business exclusively from Lloyd’s in London to a global insurer with offices in Europe, Asia, and across North America. The company said it will leverage Insurity’s Sure P.U.D., formerly Virtual MGA, to allow MGAs to submit risks in a standard format, validate data at submission, and automate the underwriting process.
The platform underwrites risk against binder rules, issues instant quotes and policies, and standardizes process and format, improving the customer journey and reducing manual processes.
Richard Montminy, group head of property risks at Beazley, said, “The automation provided by Insurity’s Sure Program Underwriting Distribution solution will give the Beazley team a data-first platform, empowering growth and minimizing underwriter intervention.
“Adding in automation into the underwriting process will allow us to offer our PAF product more widely in the US, via Insurity’s online platform and APIs, enabling our MGAs to access and distribute our product in a structured and controlled environment.”
Earlier this year, Beazley partnered with InsurTech Cytora to automate risk processing and accelerate profitable growth.
Copyright © 2022 FinTech Global
