It is a landmark deal for the insurtech
UK insurtech Send Technology Solutions (Send) has revealed its first partnership in the US, with specialty liability insurance provider Bowhead Specialty Underwriters (Bowhead).
The deal will see New York-based Bowhead use Send’s commercial insurance platform, which enables insurers worldwide to automate their operations.
Send chief executive Ben Huckel said: “This is a landmark deal for Send and our first US customer. In a very short space of time, we’ve been able to deploy the Send Underwriting Workbench to deliver a single customer view of complex and disparate data sources, as well as a fully integrated pricing solution.”
Ambitious growth strategy
The Send Underwriting Workbench is designed to support and facilitate the underwriting process - it is already being used by several major UK carriers.
The platform incorporates a high level of automation, using third party and artificial intelligence (AI) enabled data. It also offers flexible components, such as integrated pricing and bordereau management.
A bordereau report is an operational report that is sent periodically from an insurance firm to its reinsurer, detailing the assets covered, potential liabilities, expected premiums and the claims paid.
Huckel added: “Our AI-enabled platform is delivering deep insight into how Bowhead’s business operates, providing [it] not only with peace of mind that [its] regulatory requirements are covered, but also commercial confidence to support [its] ambitious growth strategy in the exceess and surplus (E&S) market.”
Bowhead underwrites professional liability insurance, including directors’ and officers’ (D&O), management liability, errors and omissions, healthcare and casualty lines.
The partnership enables the specialty insurer to bring its insurance administration work out of silos and into one solution, helping the business to easily view and track work through the entire insurance lifecycle.
Stephen Sills, Bowhead’s chief executive, added: “We are a rapidly growing business with a digital-first approach to underwriting.
“We needed a partner with technology built for the specialty sector, to enable our growth and differentiation. Following a fast and successful testing and implementation phase, we have confidence that the Send Underwriting Workbench solution will do just that.”