Bermuda firms Treefrog and Foundation form cloud-based underwriting platform
Treefrog Consulting, a Bermuda-based re/insurance and ILS technology firm, has created an underwriting, pricing and portfolio management web application to help reinsurance and ILS businesses speed up pricing.
The software, called Foundation Platform, was created in partnership with cloud services provider Foundation Platform Technologies, and will be available to early adopters in February 2019.
Treefrog president Dmitry Mnushkin claims the platform can price even the most complex deals in under 10 seconds, and that the streamlined workflow could save companies "millions of dollars".
“This product is going to turn a lot of heads with its polished screens, pricing speed and ease of use," said Mnushkin. "It is ideal for reinsurance and ILS companies that must price and manage property catastrophe reinsurance risk.”
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.”
Further to this launch, two advisory positions have been created as an exclusive offer for those wishing to beta trial the software for free.
Kelly Dutnall, chief operations officer at Foundation Platform Technologies, aims to have a new client set up on the platform and have their deals priced within 10 days of the launch.
"Foundation will dramatically lower the barrier to entry for companies wishing to apply technical underwriting discipline to writing catastrophe risks," she added.