Beazley will adopt Insurity’s Sure Program Underwriting Distribution (Sure P.U.D.) to automate the distribution of its Personal Articles Floater (PAF) line of business in the US and bolster its Lloyd’s book of business.
The P.U.D. platform will also help the insurer allow its coverholders to submit risk data in a standardised format and offer pre-quote data validation structured for processing.
Beazley Group head of Property Risks Richard Montminy said: “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’s Sure P.U.D., formerly known as Virtual MGA, underwrites risk against binder rules and issues instant quotes and policies. It is also said to enhance the customer experience and reduce manual processes through standardising process and format.
Insurity chief insurance officer Sylvester Mathis said: “Beazley is a recognised 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 capitalise quickly on new and emerging opportunities in the marketplace.”
Last month, Beazley rolled out a new Directors’ & Officers’ liability (D&O) insurance product, dubbed CryptoGuard, for crypto companies.
This February, the firm launched its digital trading division, which consolidates underwriting, claims, technology and operational experts into a single cross-functional team.