Mosaic wins award for insurtech platform
Mosaic Insurance has been recognised for its ground-breaking insurtech platform that is innovating risk management, streamlining industry processes and improving operational efficiency.
The Bermudian-based specialty insurer was named Midsize Property/Casualty Winner in the Data/Analytics category of the Aite-Novarica Insurance Technology Impact Awards 2022 for its real-time underwriting analytics portal.
The awards, now in their 11th year, recognise IT initiatives and projects that have generated significant business impact within industry organisations.
Winners of this year’s programme, which evaluated more than 60 technology projects, were selected by Aite-Novarica’s research council of more than 350 insurance technology leaders.
“To be recognised by industry stakeholders is truly meaningful and underscores our mission at Mosaic to promote partnership in this business,” said Mosaic co-CEO Mitch Blaser.
“We’re thrilled our platform can help inform and speed the work of risk experts across the insurance sector.”
Mosaic said it was supported by DXC Technology and Trident International Inc to develop the automated platform, enabling data-based decision-making to revolutionise insurance underwriting.
The platform is also enhancing connection among underwriters, brokers, re/insurers and capital partners through secure, real-time access that offers rich data visualisation, APIs, mobile accessibility and complex analysis through automation and AI.
“It’s gratifying to get peer validation for the industry-leading Mosaic Analytics Portal,” said Mosaic’s chief operating officer, Krishnan Ethirajan.
“We have an asset which the industry finds relevant and differentiating. Through our well-designed data model and architecture, we have been able to harness the power of data to the fullest. It’s changing the traditional working paradigm by encouraging industry collaboration.”
Mosaic said MAP leverages a variety of technologies, including DXC Assure components for back end, Trident API gateway, Amazon S3, Amazon QuickSight data visualisation, Athena interactive query service and Glue serverless data-integration.
The company said it is the first application in the market that is 100 per cent cloud-based, API-exposed and real-time, with the ability to share data with stakeholders.
“Specialty underwriters need fast access to complex analytics, allowing them to evaluate the most profitable risks,” said Abhijeet Kuray, Mosaic’s chief technology officer, noting that the project aligns Mosaic as a prototype for Lloyd’s Blueprint Two aspirations.
“Previously, underwriters would face a deluge of often unusable and unstructured information. There’s been a pressing need for real-time, consumable data to facilitate the most discerning underwriting decision-making.”
By eliminating manual effort and improving data availability, the platform demonstrates Mosaic’s promise of an insurtech operating model and supports augmented underwriting in the company’s highly technical specialty lines, it said.
Mosaic said the platform continues to advance, integrating with external sources such as the London Market Association pricing platform and Dun & Bradstreet for data augmentation.
Dashboards have been built for Mosaic’s reinsurers and trade-capital partners participating in its syndicated programme which covers complex risks in regional markets worldwide.
“The Mosaic tech platform is a unique selling point that sets the company apart from its competitors,” said Jason Howard, president, Acrisure International.
“It allows third-party capital providers real-time access to risks being bound by Mosaic underwriting teams, and the ease with which partners can analyse their share of the Mosaic portfolio is invaluable.”