Send - InsurTech Innovation Award 2022
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The document discusses Send, a smart SaaS underwriting platform that automates administrative tasks for insurers using AI and integrates data from multiple sources. It aims to streamline underwriting operations by providing a single platform for new business, renewals, and endorsements that standardizes workflows. Customers of Send reportedly experience a 50% reduction in processing time and 30% more time to focus on core work. Send is a UK-based company with global reach that primarily serves the global commercial specialty insurance market.
Send - InsurTech Innovation Award 2022
- 1. The smart SaaS underwriting platform for agile insurers. July 2022
- 2. 30-40% of underwriter’s time is spent administrative tasks, such as executing analyses 82% of insurers believe they need to innovate faster than ever to keep a competitive advantage 18-month timeline for insurance companies to implement alterations to the underwriting process Up to an PROBLEM WE’RE ADDRESSING McKinsey Accenture Deloitte Insurance companies have not invested in optimising and automating underwriting operations.
- 3. It’s time to reimagine a new future SEND 3 REIMAGINING A NEW WAYTO WORK
- 4. Introducing Send Underwriting Workbench ◾ A single platform for managing new business, renewals and endorsements. ◾ A one-stop desktop for underwriters – data, documentation, decision points all in one place. ◾ A smart SaaS platform with global capability across the full insurance lifecycle. AI-enriched, API-enabled, composable technology. The result? Insurers streamline operations, drive savings and work smarter. THE SOLUTION
- 5. The smart SaaS platform for global insurers and managing general agents Send has developed an innovative SaaS platform that enables commercial insurance companies to streamline operations. The AI-enriched workbench automates admin-heavy tasks and frees up underwriters to focus on core work that drives growth. Our first customer was the global insurer, Aviva, in 2019. We now have 6 customers in multiple geographies, a fast growing pipeline and employ 50+ people. £2.3bn Gross Written Premium processed via Send platform Delivery Partners Customers NW Re Ltd ABOUT US
- 7. SEN D UNDERWRITING WORKBENCH Core Benefits Here are some of the enterprise-wide benefits of Send Underwriting Workbench: Single platform for all work Regain control and focus on core work that drives growth with new business, renewals and endorsement data all together in a single platform. View and track work Forget about spreadsheets and do-lists. Our workbench brings tasks out of silos so you can easily view and track work through the entire lifecycle. Understand risks Receive submissions in a way that suits you. Collect data once, seamlessly ingest complex third-party data and get a clear understanding of risk. Standardised journeys Use purpose-built workflows that mirror the way you do business - they are conversational, iterative, fluid. Standardise underwriting journeys and processes for dynamic modelling. Increase automation We do the heavy lifting for you by automating admin-intensive tasks and eliminating rekeying. We take all the stress out of the underwriting process and drive greater efficiencies. Scale on-demand Remove the barrier to innovation and be ready for change with an agile platform. Pivot quickly, scale on-demand, deliver continuous transformation. To make rapid, accurate decisions insurers need information at their fingertips, in real-time. Our cloud- based, web service-enabled, AI- assisted workbench is enriched with business intelligence. Better reporting, seamless workflows and a single customer view not only enable a better handle on productivity but enable them to lead with commercial confidence.
- 8. SEN D UNDERWRITING WORKBENCH Core Features A single platform A single platform for managing new business, renewals and endorsements – one place where resources, data and work align. Role-based workflows Highly configurable role-based workflows including automated triage, appetite checks and user-focused dashboards for full visibility Seamless integration Seamless integration of new data sources with API’s enable work to flow freely across all systems, including legacy PAS. Advanced artificial intelligence Advanced artificial intelligence and data processing toolsets provide contextual risk assessment, SOV processing and pricing in real-time. Lowcode microservice architecture Low code microservice architecture enables frequent and reliable delivery of new capabilities. A fluid platform - based round interchangeable components Rapid SaaS deployment High secure, cloud-based technology. Rapid SaaS deployment gets you up and running in weeks, not months. Numerous digital-first players are entering the fray.We can help kickstart new entrants with out-of-the-box digital systems. Our workbench also bolts onto existing critical systems to give mature organisations the same advantage as start-up insurers. We are the accelerator to their modernisation.
- 9. Decision-making in record time 50% reduction in processing time 30% more time to focus on core work Our workbench is proven in both start-up and enterprise companies in the commercial and specialty market. Aside from streamlining operations and providing forward visibility, our customers report: SEND 9 REIMAGINING A NEW WAYTO WORK
- 11. The things that help us beat our competition AI-driven automation • Rich AI and data processing toolsets provide contextual information and processing in real-time. Composable technology • Customers can pick and choose components. • We can sell to customers regardless of size, scale or existing systems. Integration-first approach • Integration via API enables highly dynamic workflows. • Our connectivity enables work to flow freely across all systems, including legacy. Built for change • Low code architecture ensures delivery of new capabilities. • We can build, test and release new capabilities in days. Rapid SaaS deployment • Rapid proven deployment to any re/insurer, or MGA, regardless of their size. • We get teams up and running securely in weeks, not months. • Easy-to-adopt, easy-to-use, easy-to-scale. HOW ARE WE DIFFERENT? Proven expertise you can trust • We provide a single platform with global capability – across the full insurance lifecycle. • Built for insurance professionals, by insurance professionals.
- 12. SEN D ABOUT US UK born with global reach Headquartered in London Technology and delivery partners 50+ Staff 201 7 Start-up £2.3bn GWP processed via Send platform Privatel y Owned 175% ARR growth in 2021/22 15+ years Average domain experience Our market Global commercial specialty market Who we help Insurers MGAs Reinsurers Our customers From start-ups to enterprises