Pen Underwriting Deploys Exact for Exposure Management

October 9 2017, London – AdvantageGo 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 AdvantageGo 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 AdvantageGo was a great fit. “Working with AdvantageGo 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 AdvantageGo

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

About AdvantageGo

AdvantageGo is the innovative commercial insurance and reinsurance product family from Sapiens. 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.

AdvantageGo – revolutionising insurance software.

About Sapiens

Sapiens International Corporation (NASDAQ and TASE: SPNS) is a global leader in intelligent SaaS-based software solutions. With Sapiens’ robust platform, customer-driven partnerships, and rich ecosystem, insurers are empowered to future-proof their organizations with operational excellence in a rapidly changing marketplace. Our SaaS-based solutions help insurers harness the power of AI and advanced automation to support core solutions for property and casualty, workers’ compensation, and life insurance, including reinsurance, financial & compliance, data & analytics, digital, and decision management. Sapiens boasts a long-time global presence, serving over 600 customers in more than 30 countries with our innovative offerings. Recognized by industry experts and selected for the Microsoft Top 100 Partner program, Sapiens is committed to partnering with our customers for their entire transformation journey and is continuously innovating to ensure their success.    

For more information, please visit  https://sapiens.com