The power of data to drive meaningful change

At the recent ITC DIA Europe 2023 event in Barcelona, Giovanni Schiattarella, Navdeep Dhuti and Fergus Cooney featured in a show-and-tell session in which they took delegates through a demo of Graphene, our post-bind analytics and pricing platform which is 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 infrastructure or mindsets, Carbon employs the latest data processing and analysis techniques that allow us to capture unique insights which may otherwise be overlooked by underwriters.

During the presentation Giovanni said: “Data models are the bedrock of any data products. At Carbon, we invest a lot in technology and since Day 1, 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 why we can say that our Graphene platform was built by underwriters for underwriting.

Our aim 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 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.

At the end of the demo session, the team observed: “Our solid 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 from £15 million to a quarter of a billion in just three years with a minimal increase in headcount.”  

Thank you once again to the ITC DIA Europe community for hosting such a great event.

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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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