Overview
mea Platform is a leading Insurance SAAS provider, with a global footprint and a client base ranging from small MGAs to top 10 Carriers & Brokers.
The Insurance industry has a $400bn+ problem. This is the Technology and Operations spend on a global basis on processes that are necessary for the business of Insurance but not differentiating for Carriers. It includes spend on areas such as Underwriting Support, Claims Operations support, Billing & Collections, Catastrophe Modelling and Exposure Management among others. These processes are unnecessarily ‘unique’ to each carrier – everyone does the same thing but slightly differently.
mea was founded with a mission to solve this industry problem – its approach is to combine talent with decades of Insurance experience across the major functional areas alongside world-class technology talent – and together to create technology solutions that have a major positive impact on the industry.
mea has observed over the last few decades the Insurance industry investing in technology solutions that simply do not work as well as they should. Unnecessary customisation and ‘uniqueness’, creating technical debt and adding to the IT run cost, unclear business case, low return on investment and the list goes on.
mea’s technology solutions adhere to a few important principles:
- No unnecessary customisation – executed for a fraction of the cost
- We target processes that are necessary in the functioning of the Insurance industry, largely manual with a heavy volume of people and cost attached to them.
- We create holistic solutions that work as much as possible ‘out-of-the-box’, with pre-defined end to end processes and standard industry wide, process specific data models.
- Our solutions are enterprise ready and global in nature
We will progressively explain how we execute on this vision - in this report we will provide an overview of our Commercial P&C Underwriting Workbench solution.
mea's Underwriting Workbench covers the end-to-end process from Submission to Bind, across New Business submissions, endorsements and Renewals. It is underpinned by the leading global data Ingestion solution and includes pre-built templates for all the major lines of business in Commercial P&C enabling market leading speed of deployment and cost of implementation.
Our solution is proven with global, at scale, successful deployments.
Key Features
mea Platform Underwriting Workbench is a modular solution comprising of the following key modules:
Ingestion: The module uses advanced natural language processing & machine learning through proprietary Large Language Models to extract and interpret information from Submissions, Endorsements and Renewal documents. The platform ingests emails, application forms, SoV’s, loss runs, risk assessment reports and other relevant documents and extracts the pre-agreed data fields and provider access to these fields via API, downloadable excel files or through mea Underwriter Triage portal. mea Ingestion also transforms data (e.g. matching to reference data lists, applying default values, deriving data etc.) into the desired format for Carriers and Brokers to enable consumption into downstream systems. Email intent & classification allows the ability to classify email communications into specific types of transactions to be processed e.g. a cyber cancellation vs. a D&O new business submissions vs. a social email from a broker that does not require processing. mea ingestion is pre-trained, is highly accuracte from day one and zero cost to implement.
Validation & Clearance: The module pre-validates submission data to ensure the Broker & insured party data is accurate and up to date, reducing the risk of duplicate data in carrier or broker systems, ensuring there are no restrictions on the insured party and/or their key individuals that prevents underwriting the business, ensuring the business has not already been offered or rejected by another team or office.
Enhancement: The module enriches submissions data to enable improved risk selection, prioritization and pricing in multiple ways. Smart Search enables pre-set specific internet searches for specific lines of business and/ or geographies, enabling enhanced information to be automatically captured, saving underwriters valuable time. New data items can be reliably extracted from documents such as Risk Engineering reports. Integrations to external data services, such as Google API for for geocoding data for properties enrich proerty location data in SOVs.
Clients have the ability to optionally utilize ChatGPT functions throughout the flow to search submissions, collate additional data, ask questions of the data.
Underwriter Triage Portal: The module provides a one-stop-shop for Underwriters from Submission to Bind, across New Business submissions, endorsements and Renewals. It includes ability to configure risk appetite and prioritisation rules for Submissions and then applying such rules in real-time to prioritise Submissions. The module allows full workflow and task management functionality including the ability to create, assign and monitor tasks for teams and individuals, pre-built workflows tailored to major Lines of Business. Automated and manual referrals across Underwriting Authority levels are supported along with full audit trail across the lifecycle of an Underwriting transaction. Risk insights support effective Underwriting decisions through pre-built models such as Propensity to Bind or Predicted Profitability. Integration to major Rating engine providers is -rebuilt along with the ability to configure multiple rating options & scenarios for Brokers. Our Clause Library enables underwriters to quickly select and apply standard clauses to policies and contracts, ensuring consistency and accuracy within teams. Quotes for Brokers can be generated within the platform, with checks to ensure that terms and conditions meet minimum 'Contract Certainty' criteria. Once brokers confirm intent to Bind, the platform supports Policy Issuance as well as pre-Integration to major Policy Administration packages, as well as rapid integration to Carrier legacy systems, to enable policy Bind and Premium Booking. Full operational reporting is also available through the platform.
Key Benefits
Key benefits of implementing mea Platform Underwriting Workbench include:
- Increase in Underwriting GWP and productivity, including ability to increase number of submissions processed with same number of Underwriters, resulting in increased GWP.
- Faster submissions turnaround time with associated improved broker satisfaction and improved submission to bind ratio.
- Improved quote to bind ratio by prioritising submissions that have a higher bind probability.
- Improved broker satisfaction through consistent feedback on all submissions received.
- Better risk selection and more accurate pricing
- Cost reduction. Significant reduction of manual effort in the Operations & Underwriting support teams to ingest submissions, classify (new business, renewal, which LOB etc), read, extract data and type manually in back end systems (eg submission registration, clearance, cat modelling, exposure management, rating/pricing systems).