Artificial intelligence underwriting support, blockchain-enabled access to real-time data, and advanced automation will significantly increase the speed at which specialty insurance can be sold, underwritten and serviced
Mosaic Insurance and DXC Technology (NYSE: DXC) today announced the successful launch of an innovative new 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, a next-generation global specialty insurer, will 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.”
Combining Mosaic’s IP, expertise, and proprietary workflows with DXC’s best-in-class technology, the platform differentiates Mosaic from competitors through use of disruptive technologies, including analytics and artificial intelligence (AI). The platform is 100-percent cloud native, supporting Mosaic’s tenet of an open architecture and Lloyd’s of London’s vision for “data-first” and “automation everywhere.” Mosaic’s structural centerpiece is Syndicate 1609 at Lloyd’s – the world’s leading insurance market, providing specialist services to businesses in more than 200 countries and territories.
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
“DXC is excited to play a critical role in launching Mosaic’s game-changing approach to specialty insurance,” said David Swift, President, Insurance and Business Process Outsourcing, DXC Technology. “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.”
Significantly, Mosaic’s platform, delivered by DXC, will be at the forefront of using DXC-developed application programming interfaces (APIs) integrated with Lloyd’s—allowing systems to exchange data sources for claims processing and seamless receipt of submissions from multiple broker partners. The architecture creates a digital ecosystem offering customers faster coverage and claims payments.
“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, US, and Asia.
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