New insurtech startup targets commercial property underwriting
New insurtech startup Pricing Platform has developed a new software application that it claims will transform the commercial property underwriting market.
The startup is led by Sito Sarkar, who has previously held various risk management and catastrophe modelling roles at Employers Re, IRI, Swiss Re and at Ironshore.
The company said its app will provide efficiency and structure to the underwriting process, which is otherwise encumbered with multiple spreadsheets, re-key of data and excessive manual work.
"During my years in the industry, I witnessed first-hand how the underwriters and cat modelers suffered from manual processes and lack of support systems. Many underwriters spend more time formatting data and preparing reports, rather than analyzing risk and making the right decisions," said Sarkar.
"U1 will transform the way exposure data and pricing models are presented to underwriters, so they can concentrate on what they are hired to do – better risk selection and profitability. As a by-product, management gets real-time portfolio rollups, underwriting controls and a huge repository of data for future applications."
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