Consilium, the international (re)insurance broker, part of the Aventum Group, has today unveiled Exponential – a new global delegated underwriting authority (DUA) service for coverholders, which promises to disrupt the prevailing market for binder placements and help coverholders grow their businesses exponentially.
Available to both insurance and reinsurance coverholders globally, in a rapidly broadening range of lines, the holistic service will for the first time give coverholders access to a global network of (re)insurance capacity providers; digital platforms capable of deploying product to market in weeks; compliance and marketing consultancy; product and wording design; a dedicated in-house DUA team; world class claims management, and ground breaking actuarial support and data science services (reserving, modelling and pricing), all rolled into one powerful in-house package. Carriers also benefit from automated data feeds and bespoke data rich performance reports.
David Bearman, CEO of Aventum Group, explains the significance of the launch:
“MGAs are tired of paying away their hard-earned commission to brokers who do little more than compile a monthly spreadsheet and take them out for an annual lunch. The reality is that coverholders globally have been under-served and over charged for many years. With new digital technologies augmented with actuarial insights, Exponential exists to change that status quo for the first time.
“Being coverholders ourselves for almost a decade, we’ve learnt exactly what it takes to succeed in the DUA environment. The goal is simple: to leverage the capabilities of our Group to offer a holistic service that adds genuine value to coverholders and underwriting markets. The service will hugely benefit anyone who underwrites on behalf of another, and we see the potential as very exciting – we look forward to expanding our MGA partner base through the Exponential platform.”
Exponential brings together Consilium’s global in-house DUA team, managed by Stuart Backhouse, and Roshan Choolhun who will take up the role of Managing Director for Exponential. An entrepreneurial and ambitious leader, Roshan has more than 20 years’ experience working for successful independent brokers specialising in Accident & Health (A&H). He began his career as an A&H broker for Chesterfield before joining RK Harrison in 2012 which was later acquired by Howden. He joined Ed Broking in 2017 and established the A&H team there before it sold to Ardonagh earlier this year.