(Image credit: Ed Robertson/Unsplash.)
Global specialty insurer Beazley (London) has adopted Insurity’s (Hartford) Sure Program Underwriting Distribution (Sure P.U.D.) to grow its Lloyd’s book of business and automate the distribution of its Personal Articles Floater (PAF) line of business in the United States. Beazley will give its coverholders the ability to submit risk data in a simple, standardized format via the P.U.D. platform providing pre-quote data validation structured for processing, according to an Insurity statement.
Richard Montminy, Group Head of Property Risks, Beazley.
Beazley has evolved from a specialist Lloyd’s syndicate transacting business exclusively from the Beazley “box” at Lloyd’s to being a global insurer with offices in Europe, Asia, and across North America. Beazley will use 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, according to the Insurity statement. 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, according to the vendor.
“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,” comments Richard Montminy, Group Head of Property Risks, Beazley. “Adding in automation into the underwriting process will allow us to offer our PAF product more widely in the U.S, via Insurity’s online platform and APIs, enabling our MGAs to access and distribute our product in a structured and controlled environment.”
Sylvester Mathis, Chief Insurance Officer, Insurity.
Capitalizing on Emerging Opportunities
“Insurity is extremely excited to work with such a forward-thinking market leader as Beazley,” comments Sylvester Mathis, Chief Insurance Officer, Insurity. “Beazley is a recognized leader in the London market, and in its investment in technology to enhance its performance growth. Their use of Insurity’s Sure Program Underwriting Distribution enables the PAF team to capitalize quickly on new and emerging opportunities in the marketplace.”