Innovative technology for Mosaic insurance
Bermuda-based Mosaic Insurance and Virginia-based DXC Technology have today launched an innovative new insurance technology platform that increases the speed at which specialty insurance is sold, underwritten and serviced.
Together with DXC’s business-process expertise and technology, Mosaic, a next-generation global specialty insurer, will refine underwriting, simplify transactions, and process claims and assess risks faster. Mosaic also streamlines end-to-end processing and provides real-time access to data.
The companies said the new platform is powered by several of DXC’s technology services, including DXC Assure for Commercial and Specialty, business process outsourcing, applications, analytics and engineering, cloud, and security.
The model’s launch signifies a major step forward in the global insurance industry, combining best-practices in insurance processing with state-of-the-art technology, the companies said.
Mitch Blaser, Mosaic’s co-founder and co-CEO, said: “Legacy-free technology is fundamental to Mosaic’s model, and our collaboration with DXC represents the first insurtech operating platform of its kind. We believe it gives us a tremendous advantage.
“This open platform also delivers the benefit of leveraging the latest technology that’s very modular. You can look at what’s available in the market, put it on your platform because it suits your needs, and modify it easily. Overall, this allows for better decision-making and lower expense ratios.”
Combining Mosaic’s IP, expertise, and proprietary workflows with DXC’s best-in-class technology, the platform differentiates Mosaic from competitors through use of disruptive technologies, including analytics and artificial intelligence (AI), the companies said.
“Our patent-pending insurtech operating model addresses key frailties in the market today,” said Mosaic’s COO Krishnan Ethirajan. “The platform enables a seamless interaction with broker partners for electronic placements, algorithms for risk selection, triaging, pricing, and claims settlement across our highly-specialised lines.”
The platform is 100 per cent cloud native, supporting Mosaic’s tenet of an open architecture and Lloyd’s of London’s vision for “data-first” and “automation everywhere”.
The companies said the new platform automates interactions throughout the risk life cycle with:
•Machine-learning algorithms and natural-language processing that enhance underwriting in Mosaic’s highly technical product lines, including transactional liability, political violence, political risk, financial institutions, professional liability and cybersecurity
•Blockchain (distributed ledger technology) infrastructure that provides transparent and instantaneous sharing of data across the platform among brokers, syndicated capital partners, reinsurers and regulators
•Data transparency, open interfaces, robotics and AI that cut costs and streamline processes, including regulatory complexities required to operate a syndicate at Lloyd’s
David Swift, president, Insurance and Business Process Outsourcing, DXC Technology, said: “DXC is excited to play a critical role in launching Mosaic’s game-changing approach to specialty insurance.”
Mosaic’s platform, delivered by DXC, will be at the forefront of using DXC-developed application programming interfaces (APIs) integrated with Lloyd’s – allowing systems to exchange data sources for claims processing and seamless receipt of submissions from multiple broker partners. The architecture creates a digital ecosystem offering customers faster coverage and claims payments.
Founded in February, Mosaic combines Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency and underwriting hubs in Bermuda, the United Kingdom, United States, and Asia.