Bermudian Firm To Launch Unique Application
A Bermudian firm is preparing to launch a unique underwriting, pricing and portfolio management web application which they said will “help Reinsurance and ILS businesses dramatically speed up the pricing of even the most complex deals.”
Treefrog Consulting has joined with Foundation Platform Technologies to produce and market the new software platform which will be available to early adopters in February 2019.
Two additional Foundation Platform advisory positions have been created as an exclusive offer for those wishing to Beta Trial the software for free.
Treefrog President Dmitry Mnushkin said those taking part in the early adopter Beta programme will be given significant discount opportunities on the production versions and added: “This product is going to turn a lot of heads with its polished screens, pricing speed and ease of use. It is ideal for reinsurance and ILS companies that must price and manage property catastrophe reinsurance risk.”
Mr Mnushkin said the speed of the software, called Foundation [here] meant it could “price even the most complex deals in well under 10 seconds”. This off-the-shelf technology and significantly streamlined workflow can save a company millions of dollars over building and maintaining their own internal systems.
He added: “Even though the software is off-the-shelf, the calculations behind the scene are entirely customizable. That means your Intellectual Property, actuarial insight and underwriting acumen can be quickly encoded in your copy of the software, and no-one else has access to it.”
Michael Lyons, advisor to the project and CEO of Weston Insurance Holdings, a Florida-based primary natural catastrophe insurer said; “When I first saw how quickly this software could price a deal, I knew it was going to change the industry.”
Foundation Platform Technologies COO, Kelly Dutnall stated: “We wanted to make sure the onboarding experience was simple and efficient. Our Goal: within 10 days, have a new client up and pricing their deals.” Foundation will dramatically lower the barrier to entry for companies wishing to apply technical underwriting discipline to writing catastrophe risks.”
Fireminds, a Bermudian international technology consulting firm, has come aboard as a premier integration partner for the Foundation Platform and CEO Michael Branco said: “Fireminds continues to provide enterprise services in data centers, cloud, managed services and software development for re-insurance and insurtech customers in Bermuda and Cayman. We’ve enjoyed a long-standing relationship with our solution partners and are excited to work with them to launch Foundation and deliver better toolsets to our valued customers.”
Firms taking part in the Beta Test Programme will get a discount on the license fee once it goes to production. Those interested in taking part should send a note to info@foundationplatform.com or call us at +1 441-295-0050.
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