Insurance technology start-up Pricing Platform has unveiled a new application to improve efficiency and structure of commercial property underwriting.
Dubbed U1, the app is customisable and comes as cloud service or on-premises software. A tablet version of the app is also being developed by the company.
U1 acts as an underwriting workstation for modelling, pricing, underwriting and portfolio management of commercial property insurance.
The company stated that large and middle market commercial property underwriting is complex in terms of non-homogenous risk characteristics, data limitations, varying account sizes and changing market factors, among others.
Besides, underwriters and cat modellers are said to be burdened by several spreadsheets, data re-keying and excessive manual work.
The new app is intended to offer a ready-made solution for these challenges, while enhancing efficiency and consistency.
Pricing Platform founder and president Sito Sarkar said: “During my years in the industry, I witnessed first-hand how the underwriters and cat modellers suffered from manual processes and lack of support systems. Many underwriters spend more time formatting data and preparing reports, rather than analysing risk and making the right decisions.
“U1 will transform the way exposure data and pricing models are presented to underwriters, so they can concentrate on what they are hired to do – better risk selection and profitability.”
Sarkar added that the app also provides management with real-time portfolio rollups, underwriting controls and wide data repository for future applications.