HARTFORD, Conn.–(BUSINESS WIRE)–Insurity, a leading provider of cloud-based software for insurance companies, brokers and MGAs, today announced that Beazley has adopted the Sure Program Underwriting Distribution (Sure PUD) program from ‘Insurity to expand its Lloyd’s business portfolio and automate the distribution of its Articles Floater (PAF) business line in the United States. Beazley, one of the world’s leading specialty insurers headquartered in London, will give its coverholders the ability to submit risk data in a simple and standardized format via the PUD platform providing structured pre-quote data validation for the treatment.
Beazley has grown from a specialist Lloyd’s syndicate operating exclusively out of Lloyd’s Beazley “box” in London to a global insurer with offices in Europe, Asia and across North America. Beazley will leverage Sure PUD from Insurity, formerly Virtual MGA, to enable MGAs to submit risks in a standard format, validate data upon submission and automate the underwriting process. The platform insures risk against hard rules, issues instant quotes and policies, and standardizes process and format, improving the customer journey and reducing manual processes.
“The automation provided by Insurity’s Sure Program Underwriting Distribution solution will provide the Beazley team with a data-driven platform, driving growth and minimizing underwriter intervention,” said Richard Montminy, Group Head of property risks at Beazley. “Adding automation to the underwriting process will allow us to offer our PAF product more widely in the United States, through Insurity’s online platform and APIs, allowing our MGAs to access our product and distribute it in a structured and controlled environment.
“Insurity is extremely excited to work with such a forward-thinking market leader like Beazley,” said Sylvester Mathis, Director of Insurance at Insurity. “Beazley is a recognized leader in the London market and in investing in technology to improve performance growth. Their use of Insurity’s Sure program underwriting distribution allows the PAF team to quickly capitalize on new and emerging opportunities in the market.”
To learn more about how your organization can benefit from the Sure Program subscription distribution, please contact Elizabeth Hutchinson at [email protected]
Insurity is a leading provider of cloud-based software for insurance companies, brokers and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. With its industry-leading digital platform, unparalleled industry experience and the most robust analytics offerings in the industry, Insurity is uniquely positioned to deliver exceptional value, allowing clients to focus on their core business, optimize their operations and deliver superior experiences to policyholders. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses operating in Europe, North America, Latin America and Asia. Beazley manages seven Lloyd’s syndicates and in 2021 wrote worldwide gross premiums of $4,618.9 million. All Lloyd’s syndicates are rated A by AM Best. Beazley’s underwriters in the United States focus on underwriting a range of specialty insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an AM Best A licensed carrier licensed in all 50 states. In the excess line market, cover is provided by Lloyd’s Beazley syndicates. Beazley’s European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is rated A by AM Best and A+ by Fitch. Beazley is a market leader in many of its chosen ranges, which include Professional Liability, Cyber Liability, Property, Marine, Reinsurance, Casualty and Life, and Political Risk and Contingencies. For more information, visit: www.beazley.com.