Beazley Chooses Insurity's Sure Program Underwriting Distribution Solution to Automate Distribution And Validate Data for its New PAF Product
July 26, 2022
Insurity's Sure Program Underwriting Distribution platform will capture data from coverholders, produce BDX to Lloyd's format, manage aggregates and give Beazley instant access to quote and risk level data
HARTFORD, Conn.- BUSINESS WIRE -Insurity, a leading provider of cloud-based software for insurance carriers, brokers and MGAs, today announced that Beazley has adopted Insurity's 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, a leading global specialty insurer headquartered in London, 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.
Beazley has evolved from a specialist Lloyd's syndicate transacting business exclusively from the Beazley "box" at Lloyd's in London to a global insurer with offices in Europe, Asia, and across North America. Beazley 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 the automated 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.
"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,” said Richard Montminy, Group Head of Property Risks at Beazley. “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.”
“Insurity is extremely excited to work with such a forward-thinking market leader as Beazley,” said Sylvester Mathis, Chief Insurance Officer at 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."
To learn more about how your organization can benefit from Sure Program Underwriting Distribution, please contact Elizabeth Hutchinson at Elizabeth.Hutchinson@insurity.com.
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, North America, Latin America and Asia. Beazley manages seven Lloyd’s syndicates and, in 2021, underwrote gross premiums worldwide of $4,618.9 million. All Lloyd’s syndicates are rated A by A.M. Best. Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's. Beazley's European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch. Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber liability, property, marine, reinsurance, accident and life, and political risks and contingency business. For more information please go to www.beazley.com