STAMFORD, Conn., Nov 9, 2018 /PRNewswire/ -- New InsurTech startup Pricing Platform is targeting to transform commercial property underwriting. With its flagship app U1, the company is hoping to bring in efficiency and structure to the underwriting process and make it an enjoyable experience for underwriters and cat modelers. The startup is led by Sito Sarkar, who has previously been in various risk management and catastrophe modeling roles at Employers Re, IRI, Swiss Re and at Ironshore.
Large and middle market commercial property underwriting, whether in admitted market or in the E&S/D&F space, remains a complex art due to its non-homogenous risk characteristics, data limitations, varying account sizes, shared and layered nature of business, convoluted terms and conditions and above all, constantly changing market forces. All insurance companies and syndicates use cat models to analyze certain cat perils. However, rating non-modeled perils and using all the available information to make an underwriting decision is often ad-hoc and subjective. Some established players have developed in-house systems that provide a structure to this process. But for most underwriters, the process is encumbered with multiple spreadsheets, re-key of data and excessive manual work. Pricing Platform's flagship application U1 provides a ready-made solution to this challenge, increasing efficiency and consistency.
"During my years in the industry, I witnessed first-hand how the underwriters and cat modelers suffered from manual processes and lack of support systems. Many underwriters spend more time formatting data and preparing reports, rather than analyzing risk and making the right decisions. U1 will transform the way exposure data and pricing models are presented to underwriters, so they can concentrate on what they are hired to do – better risk selection and profitability. As a by-product, management gets real-time portfolio rollups, underwriting controls and a huge repository of data for future applications" said Sito Sarkar, founder & president of Pricing Platform.
U1 is highly customizable and is available as a cloud service or as an on-premises software. A tablet version is in the development.
For more information, visit: www.pricing-platform.com
SOURCE Pricing Platform