Pen Underwriting Deploys Exact for Exposure Mangement
October 9 2017, London – NIIT Technologies Limited, a leading global IT solutions organization, announced that Pen Underwriting has successfully deployed its insurance exposure management software, Exact. Pen Underwriting is one of the UK’s largest MGAs (managing general agent) writing more than £500 million in premium. It has implemented Exact, part of NIIT Technologies’ insurance product portfolio to monitor and manage its risk exposure and accumulation across territories.
Matthew Unsworth, Chief Operating Officer of Pen Underwriting, said: “As a multi-class, multi-territory MGA, we operate a virtual insurer model, providing a range of value-added services across analytics and pricing, which complement and support our product set and distribution. We needed a system that would work across a wide range of Pen’s book of business and NIIT Technologies was a great fit. “Working with NIIT Technologies allows us to implement a solution that meets those requirements, not only managing risk exposures but producing data and analysis that will help inform portfolio management decisions and pricing. Investing in such capabilities is another example of Pen’s virtual insurer capabilities, where we fulfil all the typical functions of an insurance company and offer much more than the traditional distribution-focused MGA.”
We are delighted that one of the largest international companies in the sector has chosen us as their partner, They were looking for a solution that could quantify Pen’s total non-modelled CAT risk exposure and simulate scenarios across a range of propositions, and that is one of Exact’s strengths. MGAs are a new and growing market segment for us and we are delighted to have won this business.Adrian Morgan, Executive Vice-President and Head of NIIT Technologies (NITL)
Phase one of the project is now completed and covers North American Property business, and the next phase of implementation will be focused on Pen’s UK portfolio.
About Pen Underwriting
Pen Underwriting is a multi-class, multi-territory managing general agent (MGA) that operates as a virtual insurer, meaning it can fulfil all the typical functions of an insurance company — from sales, distribution, pricing and product innovation through to claims, analytics and governance — except carry risk. Pen Underwriting has three divisions — Commercial, Specialty and Volume — offering a wide and growing range of specialisms from e-Solutions and delegated authorities for volume business through to specialty products with individual underwriting for hard-to-find placements. With a national branch presence across 18 locations, more than 350 insurance professionals and generating more than £500m GWP, Pen Underwriting represents one of the largest underwriting agencies in the UK. For more information see www.penunderwriting.co.uk
AdvantageGo is the innovative commercial insurance and reinsurance product family from NIIT Technologies. It harnesses the power of proven, functionally-rich core solutions and augments it with the energy and culture of being an InsurTech leader. AdvantageGo enables insurers and reinsurers around the world to fuse the traditional with digital, helping them to rapidly adapt, drive change and succeed with agile software and Microservices.
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About NIIT Technologies
NIIT Technologies is a leading global IT solutions organization, enabling its clients to achieve real world business impact through unparalleled domain expertise working at the intersection of emerging technologies. The Company focuses on three key verticals: Banking and Financial services, Insurance, Travel and Transportation. This domain strength combined with leading-edge capabilities in Analytics, Cloudification, Cognitive automation, and Digitalization, helps clients innovate business, automate process and industrialize AI. With over 9500 people serving clients across Americas, Europe, Asia, and Australia, NIIT Technologies fosters a culture that promotes innovation and constantly seeks to find new yet simple ways to add value for its clients.