Customer Success Story: Signature Underwriting launched an online fleet insurance trading platform
“We chose to work with Insly because of their willingness to adjust the platform to our specific requirements that are essential for us in everyday business.” – Kelly Sims, Operations Development Manager at Signature Underwriting
Signature Underwriting as a company
Signature Underwriting is an insurance MGA, underwriting fleet business for commercial vehicles, primarily for taxis and couriers with access to both Lloyd’s and non-Lloyd’s capacity.
Signature’s unique approach focuses on risk-based underwriting providing significant discounts for customers who use telematics and vehicle camera technology. These technologies allow for better, more detailed risk evaluation and offer huge benefits to customers, insurers and the insurance industry as a whole.
Partnering with Insly
Signature Underwriting business model is based on distribution through partner brokers. The product itself is not very complex but when you consider that the administrative side needs to cover telematics, cameras, MTA’s, cancellations, renewals, multi-vehicle quoting and fleet object management then it all adds to the complexity that a trading platform would need to enable. Plus the system would need to be easily accessible from the web for both brokers and underwriters.
System setup was time consuming and a more complex exercise than initially planned. During the course of the setup the scope was amended to reflect a Minimum Viable Product (MVP) concept, resulting in a quicker launch time and non-critical functionality being added later. The full project was handed over with some delay compared to the initially planned timeline. This was mainly due to the multiple object logic being more difficult to build. Hence it was agreed that a Soft-Live should be done earlier on, trading was started in limited capacity and finalization of the developments were done during the Soft-Live period.
The result is a white-labelled cloud-based system that was rolled out to Signature Underwriting and their main partner brokers in 2016.
Looking back the learning objective is that more face time between the developers and Signature Underwriting would have probably resulted in a somewhat quicker delivery.
With Stage 2 developments having been agreed (mainly related to automation of Claims Data capture), 2017 looks to be another exciting year for Signature and Insly.