(Image source: Insight Risk homepage.)
Insight Risk (Westport, Conn.), a technology-driven, builders’ risk-focused MGA, has deployed ChainThat’s Beyond Policy Administration (BPA), a next-generation policy administration platform. ChainThat (London) is an Xceedance(Boston), company specializing in SaaS platforms for the global insurance sector.
Insight Risk sought a core platform capable of rapid, full product deployment and policy lifecycle change management, as well as a flexible, adaptable framework to support the evolving priorities of the business, its customers, and fronting partners, according to a ChainThat. Insight Risk identified BPA as the most comprehensive fit to meet the company’s operational needs and expansion objectives.
“Our company set out to use connected devices to drive better underwriting and risk selection,” comments Chad Hollingsworth, president, Insight Risk. “Adopting BPA as our core platform allows us to improve risk evaluation and loss control, streamline engagements with agents and brokers, and provide peace of mind to our fronting carriers. With BPA, we can adapt to market changes quickly, focus on generating new revenue, and provide best-in-class service to our customers and capacity providers, such as Munich Re Group Specialty Insurance Services.”
ChainThat describes the framework of the BPA platform as built on a modern micro-services architecture. BPA provides full API access to all policy administration system components as well as a modern, drag-and-drop interface to deploy, manage, and update both standard and complex insurance products in near real-time, the vendor says. The system supports the end-to-end policy lifecycle, improves data connectivity, and can be integrated as a self-branded, external broker or customer portal, according to ChainThat. BPA includes a self-service reporting suite that is configurable to meet insurance organizations’ data analytics needs.
Platform that Complements and Flexes with Business Needs
“Insight Risk’s innovative technology deployment approach—to boost underwriting performance, reduce losses, and focus on customer service—is exactly what we had in mind when designing BPA as a SaaS platform that complements and flexes with the business needs and growth of insurers,” says David Edwards, CEO, ChainThat. “As the insurance MGA market expands and continues to gain momentum, the organizations in this space need to differentiate themselves effectively. BPA helps our clients level the technology playing field so they can focus on their unique business sectors and product offerings.”