Markit Core ™ 4.0
MARKIT CORE™ allows Insurance businesses to operate in the present, digital, connected environment.
It's focus is the London Insurance Market and specifically to support MGAs and Delegated Authority business.
Markit Core ™ is shaped from our knowledge of the market, being developed to meet the complexity of London Market (including Lloyd’s) standards in respect to those transacting Delegated Authority business.
The technology is delivered via a secure private cloud (SaaS) and can be accessed via mobile, tablet or a desktop browser anywhere and at any time.
Base Configuration: Entity Configuration, Contract Management, Roles & Permissions.
Product Management: Product Configuration, Rating, Document Management.
Common Processes : Quote & Policy Management, Claim Management, Report MI & Analytics, Accounting & Cash Matching, Transaction Payments, Client Database,Complaints, Compliance & Assurance, Channel Management.
Upon a Base Configuration and Product Set-Up the configured Platform will provide access to the Full Life-Cycle of a policy.
The Markit Core Platform allows an MGA to better configure their workfows, manage and respond to broker requests faster and more effectively, evaluate individual risk better and overall create an environment which allowed underwriters to focus on underwriting and not administration.
The Platform delivers all the must-have functionality expected from a policy administration system and most of the nice-to-haves all ‘out of the box’.
The Platform is typically configured through a series of phases.
Capacity providers are increasingly demanding greater transparency from MGAs, placing greater emphasis on efficient use and quality of data held by MGAs. The Platform provides real-time digital risk reporting, policy administration and accounting information across all its specialty underwriting and business lines. This can be shared, selectively, with all stakeholders in real-time, ad-hoc, or by an auto-generated report.
Following a Platform implementation at a London based MGA it grew its bottom line and its lines of business without incurring additional cost associated with increasing its headcount.
As a result, the MGA expanded gross written premium to £20mn in 2021, up from £15mn in 2020.
A summary of the key benefits:
Reduce time on repetitive tasks
Quickly amend lines of business
Access realtime reporting
Maintain full compliance
Meet latest security standards
Integrate with 3rd Party APIs