The new platform will allow underwriters to partially or fully automate the underwriting process through a single system. This includes high-volume personal lines products and more complex commercial products that require a high degree of flexibility. The system will also allow underwriters to offer across all their product lines a personalised approach to underwriting that customers now expect, the company said.
Underwriters can define their products in the system by outlining all elements of cover as well as exclusions, Aventus said. In line with underwriting rules, this template can quote and bind policies in real time using pre-defined business rules, rating tables and traceable manual updates. It updates and manipulates pricing and wordings with precision and in response to changing market and customer needs.
With the launch, Aventus’ offering now has three central pillars: distribution, customer management and digital underwriting.
“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,” said Peter Goodman, founder and CEO of Aventus. “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,” Goodman said. “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.”
