UK insurtech Send Technology Solutions has launched an ‘underwriting workbench’, a global SaaS platform that supports and facilitates the entire underwriting process from submission to bind.
According to the company, the underwriting workbench is a single platform for managing new business, renewals and endorsements that can help insurers and MGAs change the way they model and understand risk.
The AI-powered, API-enabled platform also includes advanced functionality such as bordereau and cover holder management, and a rating component.
As part of the development, Send also partnered with a start-up MGA in the London market, deploying the underwriting workbench as its core system to track all risks in one place, manage bordereau and support regulatory compliance requirements.
The launch follows two years of operational usage with a FTSE 100 carrier, one of the UK’s top five composite insurers.
“We’ve fused revolutionary technology with deep domain expertise and believe we have the most advanced underwriting workbench on the market," said Send co-founder and CEO Ben Huckel. "It offers seamless integration of new data sources, and intelligent AI and data processing toolsets provide contextual risk assessment in real-time. Today’s underwriters want to be able to focus on complex challenges without the burden of manual data analysis. Our workbench platform does just that.”
Huckel added: “Our workbench has enabled a global carrier to regain control over its underwriting process and risk data with a one-stop desktop for underwriters. The carrier has streamlined operations and gained efficiencies and can now lead with forward visibility and commercial confidence.
“The SaaS underwriting workbench solution is rapid to deploy and is available to any insurer or MGA, regardless of their size. Our platform enables underwriters to eliminate system complexity and to create seamless workflows between systems, even legacy systems.”
Send Technology Solutions, Ben Huckel