Modern Specialty Insurance Platform Development for Ledgebrook
| Engineering partner: | DataArt |
| Location: | USA |
| Services: | Cloud Application Development Services, Cloud Migration, Solution Architecture Consulting, Agile Software Development, Data and Analytics, Managed Services and Support |
50%
year-over-year cost reduction
Platform operational in under 4 months
85%
broker satisfaction improved
70% faster policy issuance time
Client
Ledgebrook is a U.S.-based specialty Excess & Surplus (E&S) insurance MGA that leverages technology to provide the fastest quoting experience for wholesale brokers while focusing on precision pricing and efficient risk selection.
Challenge
Rapid Market Entry with a Full-Feature Tech Platform Ledgebrook aimed to enter the market with the initial product offering within a short timeframe. The client needed to choose and build technology solution to support MGA operations from receiving submissions and providing quotes to issuing and servicing the policies. In parallel with technology deployment, the business was shaping the structure of its insurance products and coverage offerings and refining rating models and policy forms for implementation.
Solution
Launching with a Tailored MVP For the initial launch, an MVP solution featuring a Policy Administration System on the Socotra platform was chosen. This system, configured for Ledgebrook's product logic, was integrated with a specialized vendor's submission processing and underwriting service. DataArt was instrumental in designing and implementing the Ledgebrook product configuration within the Socotra Policy Administration System.
Key Features at a Glance:
- Insurance Product Data Definition - Socotra policy models were designed and created for the initial insurance products:
- Commercial General Liability - supporting complex exposure structures with multiple class codes and business locations, pricing rules varying by state, and a wide range of ancillary coverages for specific industries.
- Excess Liability - a complementary product that extends primary Commercial General Liability policies with additional layers of coverage.
- Rating Calculation - Ledgebrook's products featured a rating model that incorporated integration with Verisk ISO Rating-as-a-Service (RAAS), enriched with proprietary Ledgebrook rating factors and modifiers, providing a flexible pricing mechanism. DataArt developed an advanced rating process within Socotra PAS architecture, allowing smooth integration of external services into the premium calculation chain.
- Extended Quote-Bind Flow - A customized quote-bind flow within the platform enabled the creation and presentation of multiple quote options to clients and allowed iterative quote updates during negotiation. The system automated the generation of Quote Letter and Binder documents detailing offered terms and policy forms specimens.
- Automated Document Generation – Initially, the Policy Administration System was capable of generating over 350 policy forms automatically upon policy issuance or during post-issuance transactions.
- Data Prefill - The solution enhanced the underwriting process with an automated data prefill feature built into the Socotra interface and API integrations.
- Post-Issuance Transactions - The initial configuration of the Policy Administration System supported post-issuance activities like endorsements, cancellations, and reinstatements and incorporated rating and proration logic, along with automated document production.
Benefits: A Swift and Scalable Launch
- The technology platform was deployed successfully and became operational in under 4 months.
- Ledgebrook effectively launched its initial non-admitted GL & Supported Excess products, marking its market entry and consistent business growth.
- The solution improved the broker experience with real-time quoting and a more efficient underwriting process.
- The modernized platform laid a strong foundation for Ledgebrook's business scalability and future expansion.