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11th October 2017
NIIT Technologies announces that Pen Underwriting has successfully deployed its insurance exposure management software, Exact
NIIT Technologies has announced that Pen Underwriting has successfully deployed its insurance exposure management software, Exact.
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, coo of Pen Underwriting, comments “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, evp and head of NIIT Technologies (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.
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