Sydney-based insurtech underwriting agency Clover Insurance has successfully integrated its entire product suite into the OnePatch policy administration system.
OnePatch operates on ChainThat's Beyond Policy Administration (BPA) platform, an online digital system tailored specifically for the insurance industry.
ChainThat, a London-based company specialising in insurance technology, has crafted a platform designed to meet the unique needs of insurers and underwriting agencies.
The integration comes as part of Clover's strategic approach to streamline underwriting processes, with a focus on enhancing the experience for insurance brokers.
Throughout the course of 2023, Clover systematically introduced its three core products – business pack, home and landlords, and commercial and personal motor insurance. The motor insurance offering, the final piece in the puzzle, went live in December, marking a milestone for the insurtech firm.
Clover CEO Blair Nicholls underscored the significance of automating underwriting to simplify the placement experience for brokers.
“BPA’s advanced technology strongly aligns with Clover's goals of agility, efficiency, and extensibility. BPA is an API-driven platform that's not just a tool but a catalyst for our broker partners to integrate seamlessly to service policies end to end,” he said. “Our partnership with ChainThat is more than just a business agreement. It's a commitment to continually innovate to deliver better products and a more efficient quoting experience for our brokers.”
Established in late 2022, Clover has already garnered significant traction, with numerous brokers signing up to conduct business through OnePatch.
ChainThat CEO Vikas Acharya emphasised how Clover is leveraging technology to transform the broker experience.
“Our platform enables Clover to manage product agility with end-to-end policy servicing, integration with third party data sources, and cash reconciliation so brokers can embrace automated digital processes,” he said.
Acharya further emphasised BPA's key advantage – its high configurability. This feature allows underwriting agencies to adapt products swiftly in response to market feedback, effectively managing product changes with minimal overheads.
“BPA's robust architecture has components that enable external systems to integrate easily. It's true ‘plug and play’ that can scale for small or large organisations,” he said.
Acharya and the ChainThat team are set to exhibit at the UAC-Xceedance 2024 Sydney Underwriting Expo on Feb. 8 at the International Convention Centre on Darling Drive in Sydney.
The expo provides an opportunity for industry professionals to explore and understand the capabilities of ChainThat's BPA platform and its potential impact on the Australian insurance landscape.
