Aventus, a global top 100 insurtech, that connects insurers, brokers and MGAs to a broader technology ecosystem, has launched a flexible and affordable Digital Underwriting solution for both complex and standard insurance products.
The new Digital Underwriting solution from Aventus allows underwriters to automate some, or all, of the underwriting process through a single system for the first time, whether for vanilla high volume personal lines products or for more complex commercial products requiring a high degree of flexibility. It also means that these underwriters can now offer the same personalised approach to underwriting that customers now expect, as standard across all product lines.
The Aventus platform offers three central pillars: Distribution, Customer Management and now Digital Underwriting.
Offering a combination of automated and manual underwriting referral workflows, the Digital Underwriting solution aims to guide, not restrict. Underwriters can ‘define’ their products by outlining all elements of cover including exclusions. In line with underwriting rules, this template can then be flexed in real time to quote and bind policies using pre-defined business rules, rating tables and traceable manual updates. It updates and manipulates pricing and wordings with precision, in response to changing market and customer needs.
Mike Scott, Engineering Manager at Aventus, explains: “It can perhaps be helpful to think of our digital underwriting as a digital rating engine deconstructed. We’ve rethought the traditional “black box” rating engine approach, where you put data in and you just get a price back, and instead allowed for underwriters to manage the distinct steps of underwriting rules, application of endorsements or conditions and excesses, and finally the pricing calculation. Whether peril based or algorithmic, each cover item has greater visibility and customisability. The result is an automated system that flexes as needed, allowing insurers to have mass-market product distribution yet maintain responsiveness to individual customer needs and situations.”
The Digital Underwriting tool also includes dynamic automated bordereaux reporting and performance analytics, giving all users complete, real-time oversight and transparency. With greater data collection, visibility, and storage, it provides valuable, actionable MI, and gives underwriters and their carriers the assurance that underwriting is being delivered to the standards they expect.
Peter Goodman, CEO & Founder of Aventus, comments: “Digital underwriting that can work across multiple lines on the same system has been a panacea for the industry for many years now – illusive, undeveloped and inaccessible for most brokers and MGAs, particularly for non-standard policies that need a high degree of flexibility…until now. Our Digital Underwriting capability is a powerful tool that makes digital underwriting across standard and nonstandard on the same system a reality. It gives any insurer or MGA the same abilities and efficiency benefits of custom-built digital underwriting portals, but without the price tag.
“Today’s underwriter, burdened with collecting, combining, and reviewing documentation for submissions, typically spends a small fraction of their time actually assessing risk. Manual tasks leave underwriters little or no time to think strategically. Digital underwriting tools free up time so that underwriters can now focus on higher value strategic tasks, managing processes and P&L in a more efficient workflow. With this launch Aventus is now the Digital Underwriting solution for Brokers and MGAs.”
Recognised by Fintech Global as a Top 100 Insurtech, for its innovative use of technology to generate cost savings and efficiency improvements across the insurance value chain, Aventus has gathered significant momentum since its launch last year, with both retail and wholesale insurance customers now in the UK, US and Australia. It solves the inherent legacy issues facing the industry. Its customer-centric insurtech platform enables insurers, brokers and MGAs to build and distribute insurance products via APIs through any distribution channel then automate cross sell and upsell to the same customer base. The Aventus ecosystem also offers best in class customer support, payment, billing and claims experiences for digital insurers.