Bermuda domiciled Treefrog Consulting has partnered with Foundation Platform Technologies on the development of a new cloud-based catastrophe underwriting and pricing platform for the reinsurance and insurance-linked securities (ILS) sectors.
The new software platform is designed to dramatically speed up the pricing of even the most complex risks for reinsurers and ILS market participants, and is expected to be available to early adopters in February 2019.
With this unique underwriting, pricing and portfolio management web application, two additional Foundation Platform advisory positions have been established as an exclusive offer for those that want to Beta Trial the software for free, explains the firm.
Treefrog’s President, Dmitry Mnushkin commented: “This product is going to turn a lot of heads with its polished screens, pricing speed and ease of use. It is ideal for reinsurance and ILS companies that must price and manage property catastrophe reinsurance risk.”
He also notes that the speed of the software, which is called Foundation, means it could price complex risks in under 10 seconds, ultimately saving companies of millions of dollars over building and maintaining their own systems.
“Even though the software is off-the-shelf, the calculations behind the scene are entirely customizable. That means your Intellectual Property, actuarial insight and underwriting acumen can be quickly encoded in your copy of the software, and no-one else has access to it,” said Mnushkin.
Chief Operating Officer (COO) of Foundation Platform Technologies, Kelly Dutnall, said: “We wanted to make sure the onboarding experience was simple and efficient. Our Goal: within 10 days, have a new client up and pricing their deals.” Foundation will dramatically lower the barrier to entry for companies wishing to apply technical underwriting discipline to writing catastrophe risks.”
While CEO of Fireminds Michael Branco, a Bermuda tech consulting company that is on board as a premier integration partner for the platform, said: “Fireminds continues to provide enterprise services in data centers, cloud, managed services and software development for re-insurance and insurtech customers in Bermuda and Cayman. We’ve enjoyed a long-standing relationship with our solution partners and are excited to work with them to launch Foundation and deliver better toolsets to our valued customers.”
Michael Lyons, advisor to the project and CEO of Weston Insurance Holdings, explained that “When I first saw how quickly this software could price a deal, I knew it was going to change the industry.”