Ben Laidlaw, Chief Technology Officer at Carbon Underwriting, gives an update on Graphene, our market-leading underwriting ecosystem, and what to expect as we head into 2024
What is Graphene?
Graphene is 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 on a modern tech stack without the constraints of legacy infrastructures or mindsets, Graphene employs the latest data processing and analysis techniques that allow us to capture unique insights which may otherwise be overlooked by underwriters.
Graphene is managed by an expert team of quants and IT developers who employ machine learning and artificial intelligence. The platform standardises and homogenises claims risk and premium bordereaux, augmented with third party data – which actively provides best-in-class insights. When combined with our Machine Learning/AI modelling engine, Carbon underwriters are able to draw insights at a binder, coverholder, territory or class of business level.
Importantly, Graphene allows for the democratisation of insurance data, with the platform and its conclusions being shared with all of Carbon’s partners, whether coverholders, brokers, follow markets or reinsurers.
What are the latest updates to Graphene in terms of developments and team expansion?
As a business, we have invested a lot in technology from Day 1 and our tech headcount has never been less than 40% of our total headcount with a strong iteration between underwriters and the technology team. That’s our key focus and why we say that our Graphene platform was built by underwriters for underwriting.
Our superior data models have provided us as a syndicate with a scalable runway to build amazing data products that allow underwriters to focus on underwriting, actuaries on their modelling and increased efficiency across the entire business. It has also allowed us to expand across multiple territories and increase our premium base significantly in just three years with a minimal increase in headcount.
How has Graphene been received in the market so far?
Graphene underpins everything we do because it presents all parties in the distribution chain – underwriters, brokers and coverholders – with superior data to ensure they are completely aligned. Feedback has been extremely positive and the platform continues to be successfully rolled out and adopted by the market.
Our aim from the outset was to provide a fully democratised data model which has enabled us to reduce costs, to increase profits and to improve our efficiency – not just for ourselves but also for our partners. Our approach is quite simple – data model before application. Graphene is now generating significant and sustained third party revenue for our business.
Where do you see Graphene in the future?
We are working to move our sector away from linear, mono directional communication by sharing conclusions with all contract parties, while providing insight that underpins corrective strategies and proactive risk management. We have created an ecosystem where every single stakeholder works as a collective group which leads to better-informed and therefore quicker decisions.
With regards to external functionality, we are working towards making Graphene and its insights more proactive than reactive. The foundational strength of Graphene’s IP and data model mean that it functionally will continue to grow as the platform is rolled out further. Built specifically with expansion in mind, there will be more features added to the platform which go above and beyond Graphene’s current risk analytics application.
2024 and Beyond…
As we reflect on the journey of Graphene and its remarkable impact so far, we can’t help but be overwhelmingly bullish about what lies ahead in 2024 and beyond. Graphene, the brainchild of Carbon Underwriting, has not only challenged industry norms but shattered them, revolutionising data ingestion, analysis, and consumption.
In 2024 and beyond, Graphene will remain a springboard for innovation, taking clients on an incredible journey that will continue to redefine the insurance landscape.
Please contact our team to discuss how our services can enable your business to grow.
Carbon Underwriting is a trading name of Carbon Underwriting Limited which is an appointed representative of Davies MGA Services Ltd, a company authorised and regulated by the Financial Conduct Authority under firm reference number 597301 to carry on insurance distribution activities. Carbon Underwriting Limited is registered in England and Wales company number 11193856. Registered office at 5th Floor, 20 Gracechurch Street, London, EC3V 0BG
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