BDB is a fully independent wholesale Lloyd’s Broker operating since 1993, and MITHRAS is the underwriting clone of it. They are selling products to different brokers in different countries, so their role is to design better insurance solutions for their clients and develop efficient systems to distribute the products, as well as provide information to underwriters.
Before switching to Insly, they used Phoenix for policy administration, but quoting and policy generation were done using email, Excel and Word. Once they started to distribute products with smaller premiums, they needed a more efficient and cost-effective solution.
“With Insly, we have decreased the quoting and policy issuing time from several hours to 10 seconds.” – Giacomo Gallo, Divisional Director of BDB
As a result of switching to Insly, BDB decreased their quoting and policy issuing time from several hours to just 10 seconds. Insly has saved them a lot of manual labour, as well as increased the satisfaction of resellers. When speaking with various brokers about Insly, Giacomo says that the vast majority of feedback is positive. He attributes this to how easy it is to use Insly and the short time it takes to issue a policy from scratch.
So what’s next for BDB and Insly? Rather than adopting completely new systems and processes, BDB is taking a step-by-step approach. Currently they are using only the sales part of Insly, but within the next year or two they want to move other products to Insly and start using Insly for claims handling and insurance accounting.
A dinner with BDB after another workshop in London.
Read more success stories:
- “How AFIA uses Insly to calculate motor insurance premiums faster”
- “How Accelerate and Insly launched a white-labelled MGA trading platform“
Sounds interesting? Call us +44 (0)20 3637 2590 or try Insly for free!