London-based Insurtech distriBind and Synpulse Management Consulting are pleased to announce a partnership to drive the growth and adoption of distriBind’s delegated authority platform in the London market. distriBind’s cloud-based SaaS solution offers configurable and flexible back-office automation and straight-through processing of delegated authority data, with or without bordereaux.
The collection and analysis of data from delegated authorities is an ongoing challenge for carriers within the London market. Working with risk, premium, and claims bordereaux from coverholders can be time-consuming, inefficient, and prone to human error, causing difficulties in gaining a true reflection of risk exposure for informed decision-making and regulatory compliance.
"We’re convinced that distriBind’s powerful data ingestion, validation, and reconciliation capabilities will eliminate carriers’ manual processing efforts and allow AI-driven capacity management at the portfolio level to drive performance on DA books,” Kirchhofer, Head of Insurance UK at Synpulse, said.
“I’m really excited to bring this partnership between distriBind and Synpulse to the London market,” said Dave Connors, CEO of distriBind. “With around 40% of Lloyd’s premium coming from coverholders, it’s not sustainable to maintain manual processes delivering so little value in terms of data transparency.”
“The combination of distriBind’s flexible and highly configurable product and Synpulse’s global quality delivery capabilities will empower the market to maintain and increase its attractiveness as a capacity provider to global coverholders by offering efficient processing and great service.”
- Dave Connors, CEO of distriBind
distriBind is a London-based insurtech company dedicated to solving problems caused by bordereaux. Its AI-powered, next-generation delegated authority platform is the first in the market to properly address these widely recognised problems.
distriBind can assist MGAs and coverholders, whether they distribute using traditional ‘relationship-based’ sales methods or use digital distribution via an app, portal, or digital quote, and bind by automation of back office and reporting, while also providing capacity providers with powerful portfolio management capabilities.
Currently participating in Cohort 6 of the Lloyd’s Lab, distriBind has previously been awarded a grant by Innovate UK to enhance its artificial intelligence predictive engine. It was also the runner-up in the ACORD Insurtech Innovation Challenge London 2020.
For more information about distriBind, please visit www.distribind.io.
Synpulse is an internationally established management consulting company and valued partner of many of the world’s largest financial services providers. Founded in 1996, Synpulse is headquartered in Zurich, Switzerland, with branch offices in London, New York, Singapore, Hong Kong, and many other global financial hubs.
Synpulse works with insurance carriers along the entire value chain, from the development of strategies and their operational realisation all the way to technical implementation and handover. In addition, Synpulse works with P&C insurers on vendor selection, target model definition, digital transformation, and various integration initiatives.
For more information about Synpulse, please visit www.synpulse.com.