Europa Underwriting Partners with Covernet To Achieve Policy Management Ambition

Insurance software provider chosen to enhance efficiency and competitiveness for Europa Underwriting.

Europa Underwriting, a leading MGA, has selected Covernet, a premier insurance software provider, to streamline its policy management processes and elevate operational efficiency through the implementation of the Covernet ISMIS platform.

Europa Underwriting joins a growing list of MGAs benefiting from the Covernet ISMIS platform, a fully functional MGA solution designed from the ground up to meet the sector’s specific needs. This strategic move underscores Europa's commitment to leveraging cutting-edge technology for data-sharing processes and gaining a competitive edge in the insurance industry.

The Covernet ISMIS platform will automate the collection and processing of full cycle EDI messages for Europa Underwriting, ensuring data integrity and automatically identifying exceptions for prompt attention by the Underwriting Team. Additionally, the platform facilitates the transformation and relay of messages to Europa's capacity providers, optimizing communication channels.

One of the key features of the ISMIS platform is its ability to enable further efficient underwriting at Europa. The platform's user-friendly policy screens provide underwriters with immediate access to comprehensive policy histories, including account breakdowns across every transaction. Moreover, the platform generates user-friendly PDF policy documents with all policy details readily available for review.

Europa Underwriting will also benefit from a suite of reports provided by the ISMIS platform, offering easy access to Management Information (MI) across their entire book of business. This capability allows Europa to monitor portfolio performance, track individual broker performance on a daily, weekly, and monthly basis, and make data-driven decisions.

The ISMIS EDI Self Service module empowers Europa Underwriting with the ability to search, review, and manage processed EDI messages independently, enabling quick resolution of exceptions and ensuring seamless operations.

In addition to these features, the ISMIS platform incorporates bespoke risk engines for each product, running policy transactions through Premium Validation functionality. This process identifies any inconsistencies or issues in transacted policy premiums from broker platforms, providing Europa with valuable MI for pricing strategies.

A robust accounts module within the ISMIS platform enhances efficiencies in managing both broker and insurer accounts. Brokers can access statements and process monthly accounts directly through the platform, further streamlining financial operations.

Jonathan Dixon, Commercial Director of Europa Underwriting, said:

"Europa Underwriting is excited to partner with Covernet and leverage the advanced capabilities of the ISMIS platform. This strategic move aligns with our commitment to operational excellence and positions us at the forefront of technological innovation in the insurance industry.”

Jim Campbell, Business Development Director at Covernet, said:

“We are delighted to announce this new partnership with Europa Underwriting Limited. Their team’s expert understanding of what they wanted and needed, coupled with our own team’s experience and our platform’s rich functionality and flexibility meant we were able to deliver their solution and migrate their existing business successfully within challenging deadlines. We are very much looking forward to working with the team at Europa over the months and years to come as we support their exciting plans for the future.”

Covernet continues to solidify its position as a leading insurance software provider, enabling companies like Europa Underwriting to transform their operations and thrive in an ever-evolving insurance landscape.