Fractal Industries Inc. has announced the launch of a new managing general agency (MGA) to provide insureds with a single insurance policy for multiple perils.
The MGA uses the Fractal Advanced Insurance Decision Platform (AIDP) to create an underwriting platform that integrates data and analytics, and is inter-operable with broker platforms, back-office accounting systems and third-party models.
Fractal explained that the platform would allow insurers to automate much of the underwriting process for any class of business, and within a single platform offer insureds multi-class policies.
AIDP can also provide underwriters with real time integrated aggregation tools, tail risk analysis, true risk transfer costs, and insight into impacts on regulatory capital.
Additionally, it is structured to support insurance, reinsurance or retrocession views of risk and can integrate vendor models, Fractal models, and client models within the underwriting process.
Fractal is targeting the small to medium-sized (SME) insurance market in the UK and plans to partner with a number of large distributor and broker platforms.
Alastair Speare-Cole, the President of Fractal’s Insurance Division, commented: “We realised from the outset that too many of the solutions being offered to the insurance community were only part solutions, and that there was a need to create an underwriting platform that could not only integrate data, analytics and AI and the skills of the underwriter, but was inter-operable with broker platforms, back office accounting systems and third party models.”
“And we could think of no better way of demonstrating its capability than to bring a unique product to market ourselves,” he added.
