Global specialty re/insurer Canopius has entered an underwriting platform partnership with AdvantageGo, a commercial re/insurance technology provider.
Through this partnership, AdvantageGo’s workbench will be implemented across all lines of insurance and reinsurance business underwritten within Canopius UK and London Market teams, and is expected to go live next year.
Underwriting from AdvantageGo systemises an underwriter’s knowledge and delivers analytics-driven insights throughout the decision-making process, the firm explains.
Consolidating all underwriting functions into a single platform, Underwriting integrates into established core policy administration systems, driving significant benefits in operational efficiency and data accuracy that massively increases the velocity and agility of decision making.
“Our underwriters are highly engaged with, and excited by, this project, which will function as the test case for the technology’s broader rollout across lines of business,” said Kate Roy, Group Chief Operating Officer of Canopius.
Adding: “Improved insights and automation gains, streamlining and improving operational processes, which the Underwriting workbench application will bring to our teams, will ultimately lead to better decision-making by better-informed underwriters. We see considerable value in this product.”
The platform is powered by an ecosystem of data providers that supports data led decisions, Underwriting proactively delivers new business insights and risk specific knowledge.
Combined with an underwriter’s own intellectual property, underwriters can create new products, understand risk at new levels of granularity and differentiate beyond their peers.
Ian Summers, Global Business Leader, AdvantageGo, commented: “Underwriting workbench is our flagship product, and here it is being rolled out within a global specialty re/insurer.”
“The application integrates with other existing tools, such as those that Canopius uses for pricing and sanctions checks. The goal is to provide underwriters with a single-pane-of-glass view of risks that they can use to market-leading effect.”