BLACKSHIELD
Underwriters and MGA's
We understand your challenges
Program Business can be a highly effective means for underwriters to grow premium within selected industry classes. Speciality niche programs put capital to work, penetrate deep into industry segments, aggregate risks and provide growth with limited underwriting. However, MGA and broker programs can be difficult to manage.
The fact is that nearly all broker or administrator based insurance programs will fail due to human reporting errors, underwriting authority abuse and accounting discrepancies long before the program reaches its full potential. These issues lead to coverage disputes, litigation and financial loss.
The Solution
How does Blackshield help
-
Governed underwriting authority
-
Highly effective underwriting robotics significantly reduces expenses and maintains underwriting discipline.
-
Eliminates reporting schedules and program audits.
-
Proven Policy Issuance and Accounting modules.
-
Encrypted and Password Protected. Every action by every user is documented and tracked in the system.
-
Increased accuracy in reporting and quicker premium collection equating to greater investment income.
-
Underwriting data (loss runs, inspections, etc.) is now at your fingertips.
-
Underwriting and process alerts along with custom claims directives.
-
Evaluate risks quickly from a laptop or mobile device... from anywhere and anytime.
-
State of the art analytics platform at your fingertips.
-
Private labeled for your individual program.
-
Friendly API's to tie into 3rd party systems for underwriting, accounting data feeds and carrier systems.
A Few Case Studies
Trucking Insurance Program
A Fortune 500 insurance company desired to improve underwriting discipline and expand distribution with partners with delegated authority. Blackshield reduced underwriting expenses while improving reporting and change tracking. Blackshield's unique design enabled the carrier to distribute products through multiple Wholesalers, Brokers and direct to associations and insureds.
Blackshield accomplished every objective and enabled the carrier to underwrite and process hundreds of individual risks every month with very limited staffing.
Hospitality Program
The insurer desired to expand its product offerings into the Hospitality segment but was concerned about MGA's abusing their authority levels, not maintaining underwriting discipline and accounting discrepancies. The carrier had problems in the past with reporting schedules, account reconciliation and time spent auditing MGA Partners only to catch underwriting and accounting abuses AFTER they have already occurred... which was too late.
Blackshield's enabled the insurer quickly rollout a national hospitality program accessible by Retailers and Wholesalers to capture the targeted industry segment, while reducing underwriting expenses and maintaining strict underwriting discipline.
Inland Marine Program
Blackshield enabled the carrier to track hundreds of risks moving on and off of coverage and calculated program premiums in Real Time. This equated to quated to immediate billing instead of waiting for quarterly or year end audits. Moreover Blackshield integrates with the Claims TPA to provide real time, claims performance and actuary data to assure proper capital and claims reserves are being maintained. ​ Blackshield's robotics, automated quoting and premium debit/credit selectors enabled the carrier to quote and process hundreds of risks per month with limited underwriter involvement... revolutionizing the segment.