Europa Underwriting is specialised in creating innovative and bespoke motor insurance solutions since 2003. The MGA has built up an extensive knowledge of the UK insurance market through delivering bespoke products to the broker market.
Europa migrated to the ISMIS platform in 2023, which it uses to automate the collection and processing of full cycle EDI messages, 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.
Europa Underwriting selected Covernet to streamline its policy management processes and elevate operational efficiency
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.
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.
Enhanced MI and Premium Validation
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.
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.
"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"
Jonathan Dixon, Commercial Director of Europa Underwriting