Barbican launches new quote and bind system
London-based Barbican Insurance Group has launched a new policy quote and binding portal to enhance its ability to efficiently bind new business via selected distribution channels.
The technology platform 'The Hub' has been developed with Moore Stephens and is built upon the firm’s pricing, underwriting and distribution tool RuleBook.
"By using the Hub, we can greatly enhance the overall efficiency of our quoting and binding process," said David Booth, active underwriter of Barbican Syndicate 1955. "We believe this new system will be of particular benefit for the more commoditised, high volume products available in the commercial mid-market and SME arena. By being built upon the RuleBook framework, underwriters also benefit from having instant access to detailed portfolio data."
According to the company, the new system enables instant policy binding by automating the extensive administration processes required under delegated underwriting arrangements (DUA). The system also enables the immediate generation of quotes and policy forms for submissions which meet the DUA criteria. Further, the automated nature of the system supports regulatory compliance.
David Sweet, partner at Moore Stephens Consulting, added: "We are delighted that Barbican has selected RuleBook Hub as their distribution platform. The Hub will allow Barbican to deliver an efficient quote to bind process, whilst providing greater control over DUAs, meeting internal and external regulatory pressures. This builds on our two-year relationship with Barbican delivering a best in class pricing and underwriting solution. We look forward to our continuing partnership and working together on future innovations."
The Hub allows underwriters to pre-programme all the required information for a DUA into a unique web-based application. Upon receipt of risk submissions meeting the requirements of the DUA, the system automatically generates a quote and produces the policy documentation. For those risks which do not meet the requirements of the DUA, an automatic referral system ensures the submission is immediately referred to the relevant underwriter.
The RuleBook platform can integrate with historic loss information datasets, which enables underwriters to conduct real-time analysis of the portfolio-level impact of risks on ultimate loss ratios. Further, the tool incorporates a renewal function which provides detailed information on upcoming renewals to support quicker decision making.
Today’s top stories
Marsh partners with Schinnerer Group and Nephila on new venture
Hamilton Re acquires Sompo Canopius excess casualty renewal rights
Neon hires from Sirius International to expand property D&F business
Willis Towers Watson appoints head of broking North America
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze