April 30, 2025
Background
Our client, a New York based Specialty Insurance Carrier, focuses on catering to the mid-market insurance needs through a more straight-through processing model that requires minimal to no touch underwriting. Their team met this by configuring their own proprietary Policy Admin Application on a no-code Platform. The application contains capabilities for policy administration and underwriting, as well as automated rating engine, rules engine, and capturing third-party data for exposure validation. This solution not only enables quick processing of submissions but also offers end-to-end zero-touch quotes to bind functionality.
To support and scale this purpose-built solution and its evolution, the carrier’s team acknowledged the need to partner with industry subject matter experts, who could ensure proper delivery of projects based on industry need and customer requirements. Having previously worked with key executives in Davies, the client chose to rely on the trusted expertise of the Davies team to support them with the expansion of their work in providing Primary Casualty insurance coverage for small to mid-market, distressed, and hard-to-place business risks.
In doing so, Davies helped match our client’s customers with the right resources, as well as helping them build out enhancements and advancements to their solution that allowed them to expand their portfolio in the rapid time frame they required.
How we helped
Davies has helped the specialty carrier deploy multi-state Non-Admitted Primary Casualty OL&T coverage, which deals with the likes of vacant buildings and condominium apartments. This enabled the client to continue abiding by their tight schedules for expansion and evolvements for their existing application. Davies came in and built on top of the baseline solution, enabling them to scale with releases for added functionality and enhancements every month.
Davies also deployed Solutions Architects to the carrier, who worked on data extraction which was key for granting our client access to their data and the insights for better decision making, and a better understanding the core structure of their data.
As well as being instrumental in deploying the carrier’s real estate portfolio, Davies has also delivered full underwriting workbench capability and worked with the client on a backlog which includes endorsements and renewals—to give them a true end-to-end policy admin capability. On top of this, Davies is responsible for managing the client’s business as usual (BAU) tasks, including defect management and product line expansion and is continuously working with the specialty carrier on expanding their product line.
Results
The client’s innovative zero-touch underwriting approach has significantly reduced the time brokers spend on obtaining insurance quotes, where a broker can now get a quote in under five minutes.
The carrier’s 5-year projection also sees the firm operating with 30% less administrative staff in future, enabling it to channel its staff resource into underwriting talent to grow the business. They also plan to expand its product offerings within the casualty insurance space, adding lines such as excess casualty and other liability products. The specialty carrier aims to continue leveraging and enhancing its no-touch approach to maintain its competitive advantage.
