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Business challenges

Our belief is there’s a new way to optimise underwriting. One that breaks down barriers, removes silos and delivers significant results. One that’s just easier, more accessible and hassle-free.Here’s how we can help you address your major challenges.


Addressing legacy and integration issues

Legacy is often seen as a dirty word. Most carriers have legacy policy administration systems that sit at the heart of their business. They’re painted as slow, cumbersome, inflexible platforms that are restrictive and a drag on innovation. And yet they’re the solid foundation of most operations.

We don’t always advocate the rip and replace option – not initially. One approach for mature enterprise insurers is to keep the established, albeit clunky foundations, and focus on building on top of them. To essentially bolt our platform onto existing systems and connect these critical systems across geographies.

Integration first - the philosophy that drives Send’s Workbench solution. Our platform API’s enables work to flow freely across all systems, including legacy PAS.

What this means for you is:

  • This extracted data, once freed from the restrictions of the PAS, can be reviewed, refreshed, and restructured.
  • You can then take a single view, no matter how many legacy systems are below.
  • The integrated data can then open up a whole new world of possibilities including the option of plugging in, via APIs, new sources of data as and when they emerge, either internally generated or from third-party sources.


Eliminating rekeying and reducing manual input

You are not alone in dealing with high volumes of rekeying and manual input. McKinsey & Co report: Even in large commercial lines today, anywhere from 30% to 40% of an underwriter’s time is spent on administrative tasks, such as rekeying data or manually executing analyses.

One of our customers, a major global insurer (one of the UK’s top five composites), struggled with labour-intensive processes that wasted skilled employee’s time rekeying information, reformatting, and cleansing spreadsheets. With advanced artificial intelligence and data processing toolsets we provided contextual risk assessment, SOV processing and pricing in real-time. By doing all the heavy lifting and automating admin- intensive tasks, they’re now operating more efficiently with streamlined processes.

Our Philosophy is to capture the right data, at the right time, and by the right person. This means you only capture the data once, and reduce time spent rekeying multiple data entries. This one source of the truth is then used throughout the entire policy lifecycle. From a portfolio level to line of business view to risk view, we’ve joined up all the dots for you.


Creating STP for simple business

At the intersection of human gut instinct and technology lies excellent underwriting and claims management. While technology is making enormous leaps in saving time and cost, as well as building efficiencies for the industry, we mustn’t lose sight of the fact that commercial & specialty underwriting management is as much an art as it is a science.

Yet, for many re/insurers, there is an opportunity for technology to automate process transactions and reduce manual intervention for simple business. From robotic process automation that takes over mundane, repetitive tasks and AI that rapidly and accurately extracts and harmonises data, to deep learning that spots patterns in data to assist with rating and claims, we are using our platform to help re/insurers embrace STP.

With our non-linear workflows, you can leverage industry-leading tools for enterprise task management, and standardise underwriting journeys for dynamic modelling. Our highly configurable role-based workflows include automated triage, appetite checks and user-focused dashboards.

As our smart technology handles the easier processes, your teams have more capacity to focus on higher-value work (‘the art’).


Becoming insight-driven

To be hyper-relevant in today’s market and grow in future markets, you must prioritise insight-driven operations.

You’ll no doubt have a staggering amount of data, growing daily. Yet while we are all awash in data, getting the right mix of available data to accurately price risks is a challenge. Many re/insurers struggle with siloed and inaccessible data, in multiple formats and can’t get a single customer view.

That’s where our platform can help:

  • Artificial intelligence to rapidly and accurately extract data from submissions.
  • Machine learning for SOV and bordereaux to iteratively improve the model.
  • Natural language processing that reads documents and contracts such as MRCs.
  • Data-driven automation and routing of submissions.

Your underwriters want to be able to focus on complex challenges without the burden of manual data analysis. They want to make informed decisions in minutes by leveraging gigabytes of data and complex models in the background. Our AI-enabled platform does just that. It turns complex data from across the business into a single customer view, meaning underwriters can lead with forward visibility and commercial confidence.

But our MI is not just for financial teams. Every action undertaken is recorded and auditable, whether it’s automated or human-led, and this helps you easily extract timings and throughput metrics to track KPIs. The data is not just restricted to quotes or existing business. It can extend to compliance information and give you the full confidence that your underwriting controls are effective.


Enhancing decision making with external data sources

For many re/insurers, the data explosion provides both a challenge and an opportunity. Solving complex risks problems is a highly sophisticated process that relies not only on deep and extensive first-hand experience but also on mining and interrogating multiple, disparate data sources.

We recognise that for insurers, submissions come from multiple trading platforms, from email and unstructured data. It’s bound to feel chaotic. There’ll be a lot of chair swivelling between systems and it’s hard for practitioners to easily and quickly lay their hands on intelligent data. Our vision for the workbench was that carriers need to receive submissions in a way that suits you. So, we’ve built our platform to enable you to collect data once, and to seamlessly ingest complex third-party data via APIs to get a clear understanding of risk.

Web services and API libraries set up for out- of-the-box integration means we can create workflows between systems, even legacy systems (regardless of whether they are ‘on-prem’ or in the cloud). This integration-first approach enables you to eliminate system complexity at the same time as enhancing risk-based decision making.


Breaking down the silos between systems

Mature re/insurers who have grown through acquisition will likely have a sprawling estate made up of core systems, such as PAS, raters, exposure management, claims etc.

While these monolithic ‘beasts’ may be functionally rich, one of the biggest downsides is they don’t ‘talk’ to each other. And the fallout is siloed systems, not designed for collaborative data sharing or integration.

We’ve taken a different approach at Send. We recognise that modern re/insurers need one platform that acts as a true system of record. But that’s fully composable so you can build, and rebuild, exactly as you need to.

Our SaaS platform is an end-to-end system for managing underwriting, rating, delegated authority, messaging, accounting and settlement, document generation and claims. One system from submission to bind, through to policy administration, and claims from FNOL to final settlement.

To enable innovation, you need an insurance platform that gives your team everything it needs to be more productive, in one place – a smarter, more connected platform where your resources, data and work align.


Getting a single view of delegated authority risk exposure

Let’s face it, most insurers haven’t nailed the delegated authority process yet. They want to easily and rapidly validate if MGAs and Coverholders have made good decisions, yet they’re still reliant on traditional spreadsheets that lack standardisation and automation. Many re/insurers can’t get a standardised view or a true reflection of risk exposure across delegated and open market business, in large part because they’re running separate systems.

To add to the frustration, there are endless formats used across LOBs, premiums, risks and claims. So without consistency, and with formats constantly changing, it’s no wonder the DUA process feels inefficient.

But bordereaux and coverholder management are changing. And we can help you bridge the gap between traditional ways of working, to seamlessly processing in real-time any unstructured data written by Coverholders or MGAs.

With our smart platform, we can help you:

  • Get a single standardised view of risks across open market and delegated authority business in one solution.
  • Fully automate and speed-up bordereaux and coverholder processes so you can streamline operations and work smarter.
  • Rapidly run analysis on MGAs and Coverholders to easily track performance and regain control.
  • Reduce manual effort and human error, and improve data quality and flow.
  • Easily evidence regulatory compliance and with risk- based controls in place.
  • Be ready for pricing changes with an agile system that gives you a digital-first advantage.

Together, we take out all the stress of the delegated authority process: a single platform to automate, standardise and simplify bordereaux and coverholder management.It’s time to reimagine a new future – a smart platform that bridges traditional bordereaux to future-state API-enabled delegated authority.

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