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Product updates go live
Ornella’s underwriting team changes rates and appetite directly and publishes updated products to brokers straight away.
Customer Story
Ornella Underwriting updates its own products in Applied Riskhandler
Brokers can refer and bind out-of-appetite risks in their own system, which has generated new business for the MGA.
Challenge
A new product that needed more control
Ornella Underwriting is an established managing general agent (MGA) that has distributed products and solutions on behalf of market-leading insurers through the Applied platform since 2013.
When Ornella set out to deliver a new homeowners product, the Applied team guided it to Applied Riskhandler for the flexibility it needed to build, distribute and maintain new products.
Handling risks outside its appetite was also slow. “Previously when a broker had a risk that fell outside of our underwriting,” said Brian Hughes, Director of Underwriting, “they’d have to call and ask if they could put it on cover. If we could, it was a laboursome, manual process to write that policy. And even more manual processes and calls to make changes mid-term and at renewal.”
Cornmarket, Wexford
Headquarters
12 Years
As an Applied Customer
Additional Info
Employees: 40
Offices: 1
Solutions
Solution
Rate, appetite and referrals under Ornella’s control
Applied Riskhandler supports rapid product innovation and underwriting controls for full-cycle rate, quote and bind. “Applied Riskhandler allows us to manage rate and appetite ourselves,” said Hughes. “If we need to make a change, we can just go straight on to Applied Riskhandler and release product updates live.” With those controls, Ornella’s customers always get its most up-to-date products, pricing and risk selection.
Referrals now happen in the system as well. “But with Riskhandler, the broker can refer the risk within the system and if it’s acceptable to us we can write that risk as normal,” Hughes explained. “And once the policy is accepted, the broker can make policy changes with automatic acceptances and Ornella has a full record of the referral process available within the policy record.”
How Applied Riskhandler helps
Ornella builds products, sets its own rate and appetite, and handles broker referrals on one platform without outside change requests.
Referrals inside the system
Brokers send out-of-appetite risks for review in the platform rather than by phone, and accepted risks are written as normal.
A full referral record
Every referral is stored on the policy record, and accepted policies take mid-term changes with automatic acceptance.
Results
Less manual work and more referred business
With product changes under its own control, Ornella saves time and goes to market faster.
The new referral process is easier and less time-consuming for Ornella’s staff, and it has brought in business. “The broker is more likely to refer the risk to you if they can bind it within their system rather than having to go to the trouble of phoning so that’s generated business,” said Hughes.
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