Pen Underwriting is one of the UK's largest MGAs (managing general agent) writing more than £500 million in premium. It has implemented Exact, part of NIIT Technologies' insurance product portfolio to monitor and manage its risk exposure and accumulation across territories.
Matthew Unsworth, Chief Operating Officer of Pen Underwriting, said: "As a multi-class, multi-territory MGA, we operate a virtual insurer model, providing a range of value-added services across analytics and pricing, which complement and support our product set and distribution. We needed a system that would work across a wide range of Pen's book of business and NIIT Technologies was a great fit."
"Working with NIIT Technologies 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. Investing in such capabilities is another example of Pen's virtual insurer capabilities, where we fulfil all the typical functions of an insurance company and offer much more than the traditional distribution-focused MGA."
"We are delighted that one of the largest international companies in the sector has chosen us as their partner," said Adrian Morgan, Executive Vice-President and Head of NITL. "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. MGAs are a new and growing market segment for us and we are delighted to have won this business."
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.
About Pen Underwriting
Pen Underwriting is a multi-class, multi-territory managing general agent (MGA) that operates as a virtual insurer, meaning it can fulfil all the typical functions of an insurance company - from sales, distribution, pricing and product innovation through to claims, analytics and governance - except carry risk.
Pen Underwriting has three divisions - Commercial, Specialty and Volume - offering a wide and growing range of specialisms from e-Solutions and delegated authorities for volume business through to specialty products with individual underwriting for hard-to-find placements. With a national branch presence across 18 locations, more than 350 insurance professionals and generating more than £500m GWP, Pen Underwriting represents one of the largest underwriting agencies in the UK.
NIIT Technologies is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia and Australia. Differentiated on the strength of its industry expertise, it offers a range of services including Application Development and Maintenance, Infrastructure Management, and Business Process Management. In the UK the company engages with the Lloyds and London Market through its highly specialised subsidiary NIIT Insurance Technologies Ltd offering insurance software solutions around its industry-leading platforms. Focused on Digital Services, the Company is helping businesses design agile, scalable and digital operating models. NIIT Technologies adheres to major global benchmarks and standards of quality and Information Security.