Enhancing our underwriting capabilities through new market leading technology
Published On : 04 Oct 2017
Pen Underwriting has reaffirmed its commitment to be at the forefront of technological advances within the insurance industry by adopting an innovative IT solution to help manage risk exposure.
This leading London Market solution will also allow Pen to produce data and analytics that will help shape underwriting decisions.
Pen has chosen NIIT Insurance Technologies Limited (NITL), which provides IT software and services to the global insurance industry, to provide the exposure management software.
NIIT Insurance Technologies (NITL) provides IT, software and services to the commercial insurance sector, with clients in Lloyd’s, London, Europe, Bermuda and the US.
“We are delighted that one of the largest international companies in the sector has chosen us as their partner,” said NITL Executive Vice-President Adrian Morgan. “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.“
Matthew Unsworth, Pen’s Chief Operating Officer said: “We needed a system that would work across a wide range of Pen’s book of business and we believed NITL was a great fit.”
“Working with NITL 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.”
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.