Mosaic and DXC Technology Launch Technology Platform for Specialty Insurance

Mosaic Insurance and DXC Technology announced the launch of an 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, the Bermuda-based specialty insurer, aims to 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 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.

“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,” said Mitch Blaser, Mosaic’s co-founder and co-CEO.

“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,” he said in a statement.

Read more: Lloyd’s, London Insurers Form Joint Venture with DXC to Transform Digital Processing

Mosaic said the platform differentiates it from competitors through the use of disruptive technologies, including analytics and artificial intelligence (AI). Operating on the cloud, the platform supports Mosaic’s tenet of an open architecture as well as the Lloyd’s of London’s vision to build the most advanced digital and technology led insurance marketplace. Mosaic’s structural centerpiece is Syndicate 1609 at Lloyd’s.

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

“Our relationship with Mosaic provides DXC with a unique opportunity to flexibly harness the capabilities of our offerings across the entire Enterprise Technology Stack and demonstrate how we are helping innovative enterprises succeed in the marketplace,” said David Swift, president, Insurance and Business Process Outsourcing, DXC Technology.

Mosaic’s platform, delivered by DXC, will be at the forefront of using DXC-developed application programming interfaces (APIs), integrated with Lloyd’s, which allow systems to exchange data sources for claims processing and seamless receipt of submissions from multiple broker partners.

“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-specialized lines.”

Founded in February 2021, Mosaic combines Lloyd’s Syndicate 1609 with a wholly owned syndicated capital management agency and underwriting hubs in Bermuda, the UK, U.S. and Asia.

Source: Mosaic

Topics Excess Surplus Tech New Markets