Aventus rolls out new digital underwriting solution for brokers and MGAs

Aventus, a London-based B2B insurtech business and insurance operating system, has launched a new digital underwriting solution for brokers and MGAs.

The solution allows underwriters to automate some, or all, of the underwriting process through a single system for both complex commercial requiring a high degree of flexibility as well as standard insurance products.

The digital underwriting solution aims to guide, not restrict, explained the company. Underwriters can ‘define’ their products by outlining all elements of cover including exclusions.

In line with underwriting rules, its template can then be flexed in real time to quote and bind policies using pre-defined business rules, rating tables and traceable manual updates. It updates and manipulates pricing and wordings with precision, in response to changing market and customer needs.

The digital underwriting tool also includes dynamic automated bordereaux reporting and performance analytics, giving users complete, real-time oversight and transparency. With greater data collection, visibility, and storage, it provides valuable, actionable MI to underwriters and their carriers.

Mike Scott, engineering manager at Aventus, said: “It can perhaps be helpful to think of our digital underwriting as a digital rating engine deconstructed. We’ve rethought the traditional “black box” rating engine approach, where you put data in and you just get a price back, and instead allowed for underwriters to manage the distinct steps of underwriting rules, application of endorsements or conditions and excesses, and finally the pricing calculation. Whether peril based or algorithmic, each cover item has greater visibility and customisability. The result is an automated system that flexes as needed, allowing insurers to have mass-market product distribution yet maintain responsiveness to individual customer needs and situations.”

Peter Goodman (pictured), chief executive officer and founder of Aventus, added: “Digital underwriting that can work across multiple lines on the same system has been a panacea for the industry for many years now – illusive, undeveloped and inaccessible for most brokers and MGAs, particularly for non-standard policies that need a high degree of flexibility…until now. Our Digital Underwriting capability is a powerful tool that makes digital underwriting across standard and nonstandard on the same system a reality. It gives any insurer or MGA the same abilities and efficiency benefits of custom-built digital underwriting portals, but without the price tag.