In addition, Cogitate will help First Tier digitalise and streamline its new business, underwriting, and policy administration process.
This should enable future growth and scale.
First Tier is a Georgia-based specialty insurance wholesaler that offers residential and commercial property and flood overage in coastal areas.
Furthermore, Cogitate has over 100 years of insurance industry experience and has a full stack of next-generation services that help carriers and intermediaries accelerate digitalisation and fuel growth.
“Our immediate goal is to replace our proprietary system with the out-of-the-box offering of DigitalEdge Policy and secure this long-term partnership to support our technology going forward. The value proposition allows us to establish our base functionality today, with the option to address greater operational needs as we expand,” explained Ty McGinty, president of FTU and risk management advisor at McGinty-Gordon & Associates.
McGinty highlights game changers of the Cogitate implementation to First Tier to include a streamlined quoting process, the ability to quota share across one or more Lloyd’s contracts, improved forms generation and version control, integration of proprietary rating engines and carrier raters, and bordereau reporting and analytics.
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“We’re excited to support First Tier Underwriters as they journey from a home-grown system to our cloud-native, digital platform. This is a great example of the launch of out-of-the-box capabilities to hit the ground running with expanded functionality over time in a manner that meets FTU’s ROI requirements,” shared Tushar Bhole, executive vice president of sales and partnerships at Cogitate.