In a move to enhance efficiency and adapt to policy management trends driven by digitization, First Tier Underwriters (FTU), a Georgia-based specialty insurance wholesaler, has made the decision to replace its proprietary policy system with Cogitate DigitalEdge Policy (DEP). DEP, developed by Cogitate Technology Solutions, offers a comprehensive suite of solutions that empower insurance carriers and intermediaries to streamline their operations, accelerate growth, and embrace digital transformation.
Background on First Tier Underwriters
Established in Georgia, FTU specializes in offering residential and commercial property coverage, including flood insurance, in coastal areas. With their focus on serving areas vulnerable to natural disasters, FTU recognizes the need for a robust policy management system that can ensure efficiency and accuracy in handling their unique coverage options.
Overview of Cogitate DigitalEdge Policy
Cogitate’s DEP stands apart as a next-generation technology product, catering specifically to the needs of the insurance industry. DEP boasts a cloud-native and digital platform that enables carriers and intermediaries to manage the complete lifecycle of policies seamlessly. Cogitate’s advanced technology solutions have been designed to drive digitalization, leverage data analytics, and facilitate greater connectivity across the insurance ecosystem.
Value Proposition for First Tier Underwriters
Upon implementation, FTU anticipates several game-changing benefits offered by DEP. Quote generation processes will be streamlined, decreasing the time taken to provide customers with accurate quotes. Additionally, DEP allows FTU to quota share across one or more Lloyd’s contracts, opening up new avenues for collaboration and profitability. The policy forms generation and version control features offer enhanced quality control and ensure the latest versions are consistently utilized. Integration of proprietary rating engines and carrier raters into DEP will expedite the underwriting process, minimizing manual intervention. Furthermore, DEP provides bordereau reporting and analytics capabilities, enabling FTU to gain actionable insights and optimize their performance.
Scalability and Customizability of Cogitate’s Platform
What sets DEP apart is its ability to meet the immediate needs of FTU while being fully prepared to accommodate future growth and expansion. This scalability ensures that FTU’s investment in DEP aligns with their return on investment requirements. DEP’s customizable nature further enables FTU to overcome the specific challenges faced by insurance wholesalers like themselves, as well as other industry players such as Managing General Agents (MGAs), Managing General Underwriters (MGUs), and Program Managers.
Announcement of FTU’s Selection of Cogitate DigitalEdge Policy
Cogitate Technology Solutions has officially announced that FTU has chosen DEP to digitalize and streamline their new business, underwriting, and policy administration processes. This selection marks a significant step forward for FTU, positioning them to achieve future growth and scale with the help of DEP’s cutting-edge features.
With FTU’s decision to replace their legacy system with Cogitate’s DEP, they are taking a bold step towards embracing digital transformation and uncovering the vast potential that advanced technology solutions offer. Cogitate’s understanding of the unique business models within the insurance industry and their commitment to digitization, data analytics, and connectivity position them as an invaluable partner for companies like FTU. Through DEP, FTU can expect to revolutionize its policy management process, drive efficiency, and enable future growth in a rapidly evolving industry.