CarbonUW: Next Generation Analytics Platform providing unique insights for underwriting
Underwriting is the process of meticulously assessing risks and crafting policies. In recent years, traditional underwriting methods are giving way to more modern approaches utilising new data sources and analytical approaches. These models are the bedrock upon which the insurance industry’s future is being built according to specialist and independent Managing General Underwriter (MGU) CarbonUW.
CarbonUW is a specialist, independent Managing General Underwriter (MGU) and Lloyd’s Syndicate providing a new approach to underwriting. They’ve developed Graphene, a post-bind analytics and pricing platform challenging industry norms and views on data ingestion, analysis, and consumption. Built in-house from the ground up, using a modern tech stack without the constraints of legacy infrastructure, Graphene uses the latest data processing and analysis techniques, resulting in unique insights otherwise overlooked by underwriters. The overall goal of Graphene is to help underwriters reduce cost, increase profitability and improve efficiency.
How it works
Graphene is CarbonUW’s proprietary technology platform designed to present underwriters and cover holders with advanced data, helping its users make informed and profitable underwriting decisions. Graphene standardizes and homogenises claim risk and premium bordereaux, augmented with third-party data, provides improved insights. Utilising it Machine Learning and AI modeling engine Carbon Underwriters are able to draw insights at a Binder/Coverholder/Territory or class of business (COB) level
Insights from the platform are shared with all CarbonUW’s partners, whether they be MGAs, claims handlers, brokers, follow markets or reinsurers.
Once a slip (a document used by a broker to set out details of a risk) is uploaded into Graphene, the platform produces a comprehensive overview of the most critical data. The user can then access all this data from a suite of dashboards. Moreover, Graphene also has a built-in natural language processing tool called IQ Search, powered by AI. This tool uses natural language to find insights from data allowing for real-time decision making and data analysis. Finally, Graphene has an Excel plugin, so users can download static data fixed at a point in time.
In the figure below you can see the dashboard of Graphene. Here the user can monitor trends not on just individual binders but also on aggregators up to a global or portfolio level.
Why did we select CarbonUW for ITC DIA Europe?
CarbonUW recognises the importance of embracing modern technology to provide improved insights for underwriting. Their proprietary technology platform Graphene uses the latest in data processing and analysis techniques, providing unique insights for underwriting to improve performance and portfolio management.
At ITC DIA Europe Barcelona 2023, CarbonUW’s Giovanni Schiattarella, Head of Europe, Fergus Cooney, Lead Analytics Engineer and Nav Dhuti, Product Innovation Lead, presented Graphene live on stage and demonstrated how insurers can make use of Graphene to improve the underwriting process and get even more insights out of it.
Who is CarbonUW?
CarbonUW is a MGU and Lloyd’s Syndicate, founded in 2018 with the mission to transform the world of delegated underwriting. They are a young and dynamic company located in the UK. CarbonUW has expanded their business across various territories, including Europe, Australia and North America. and increased their premium base from £15 million to a quarter of a billion in just three years.