The digital MGA plans to enter the P&C market from January 2020
Insurtech MGA C-Quence, led by Jacqueline McNamee former chief exec of AIG, will launch a new property and casualty (P&C) suite in January 2020.
The aim is to connect numerous data attributes, such as property and location, in order to create a more complete view of risk for underwriting purposes.
In this venture, C-Quence is partnering with Cytora, an application programme interface (API) business for commercial insurance.
Within the P&C suite, Cytora’s property API will link relevant data attributes to each P&C submission. This, alongside other data sources, will then feed into the algorithms supporting C-Quence’s underwriting and transaction platform, C-Q Elements.
C-Quence strives to use technology to automate and simplify processes for brokers. For example, through C-Q Elements, brokers can receive quotes, bind a policy and receive policy documents within a two-minute time frame, depending on the complexity of the case.
The partnership aims to lessen underwriting questions, speed up the referral process, provide early notifications of any declinatures, reduce transaction costs and set accurate terms and prices for all risks, based on data.
McNamee, chief executive at C-Quence, said: “This is a weighty partnership between two organisations that have a similar ambitious vision for the future of commercial insurance.
“Individually, we are both making a difference. By combining our considerable capabilities, we are confident of accelerating long-needed transformation in our industry, helping brokers to place risk more easily and providing a more efficient trading experience.”
Richard Hartley, chief executive at Cytora, added: “Our partnership with C-Quence marks an important step in the digitalisation of mid-market insurance.
“Cytora was built to make it easier for companies like C-Quence to reinvent the status quo, embracing technology to build better customer experiences and a better understanding of risk.
“We believe C-Quence is going to drive significant positive change across the industry; we have been working with them closely for some time, and it’s a pleasure to announce this partnership.”
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