London Underwriters implements INSTANDA’s technology
INSTANDA, the UK-based cloud native solutions provider, has been instrumental in evolving London Underwriter’s business strategy, as the company sought expert advice is transitioning to a more contemporary business distribution model.
Currently, London Underwriters, which operates in 47 states across the US, specialises in writing admitted and non-admitted business for retail agencies.
Founded in 2010, the company’s move towards a less traditional and disruptive approach has been realised through the development of its own insurtech product.
Meanwhile, INSTANDA equips MGAs and carriers with the tools to depart from their legacy systems by reinventing their narrative on building, implementing and servicing products. The SaaS digital insurance management platform enables insurers to meet the latest demands of customers in the swiftly developing insurance marketplace.
Currently, INSTANDA’s cloud native platform is the foundation of the new, flexible insurance solution that provides general liability and commercial property coverages that enables customers to have control over the cover they order.
INSTANDA's low code platform allowed London Underwriters to merge different binding authorities, along with API friendly distribution partners, to create a single user experience. Bunch Insurance will also harness as much third-party data as possible, providing a more user friendly experience for customers applying for quotes as well as speeding up processes for agents and clients.
Speaking about the new insurtech, Daniel Feigenbaum, London Underwriters and Bunch Insurance CEO said, "INSTANDA challenged our thinking of what we thought insurance was and could be. By being open minded, we have now created a minimum viable product that we can test and iterate on the fly – enabling a higher rate of success for our business. This is just the first of a 'bunch' of products we want to create for our consumers. We're looking forward to partnering with INSTANDA on those future projects."
Greg Murphy, Executive V ice President of INSTANDA North America, added, "London Underwriters is a prime example of a traditional insurance company that is willing to think and act differently. INSTANDA's platform is agile, user friendly and easily adaptable to the needs of any insurance business. We're excited to see how Bunch Insurance is received. We look forward to supporting London Underwriters to create sustained innovation in a complex market."
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)