Concept: Bermuda specialty insurance startup Mosaic Insurance (Mosaic) and American multinational corporation DXC Technology partnered to launch an insurance technology platform for Specialty Insurance . It can increase the speed at which specialty insurance is sold, underwritten, and serviced.
Nature of Disruption: Specialty Insurance Technology Platform combines Mosaic’s IP, expertise, and proprietary workflows with DXC’s technology. The platform is powered by DXC’s technology services, including DXC Assure for Commercial and Specialty, cloud, applications, analytics and engineering, business process outsourcing, and security. It automates interactions with ML algorithms and natural language, blockchain infrastructure, open interfaces, data transparency, and robotics. The AL and ML algorithms are used to enhance underwriting in Mosaic’s technical product lines, including financial institutions, transactional liability, and cybersecurity. It enables instant data sharing across the platform among brokers, syndicated capital partners, reinsurers, and regulators with transparency utilizing Blockchain infrastructure.
Outlook: The Technology Platform for Specialty Insurance addresses key frailties in the market by enabling easy interaction with broker partners for electronic placements, triaging, algorithms for risk selection, claims settlement, and pricing across their highly specialized lines. The platform differentiates itself from other competitors with the adoption of disruptive technologies, including analytics and AI. Mosaic, DXC boasts that the platform can disrupt the global insurance industry, combining best practices in insurance processing with state-of-the-art technology.
This article was originally published in Verdict.co.uk