Beazley Launches Three New Insurance Products in Under Eight Weeks on Unirisx Platform
Philadelphia, PA and London, UK – October 24, 2013 – Unirisx, LLC (Unirisx), developer of world-class, SaaS-based, core administration solutions for property and casualty (P&C) insurance organizations, is pleased to announce that Beazley PLC (Beazley), a global specialist insurance carrier and Lloyd’s syndicate in the UK, is now live with three new insurance products configured and launched entirely via the Unirisx Blueprint Framework, an integral component of The Insurance Solution Suite, Unirisx’s flagship offering for P&C insurers.
“We have continued to grow our product range in Q3 and Q4 this year, and will through 2014 with the launch of a further range of new products,” said Ian Fantozzi, chief operating officer for Beazley. “Without this model in place this would not have been an option we could have considered. This further proves our investment in the strategic Blueprint Framework was the right decision, and that our strategy is on course for success.”
<span style="font-family: arial,helvetica,sans-serif">Through Unirisx’s Blueprint Framework and The Insurance Solution Suite, Beazley was able to launch new Marine Logistics, Environmental, and Kidnap and Ransom products, with requirements, customization, build and release all completed in a very narrow timeframe of eight weeks. These three new products bring the total products Unirisx has helped Beazley launch to seven.
“It was a hugely ambitious undertaking to develop multiple products simultaneously into multiple, disparate markets with numerous requirements,” said James Wright, Head of IT for Beazley U.S. “We worked closely with Unirisx, and built a very collaborative project team which was able to meet the many challenges thrown at it. Both Unirisx and Beazley have consistently strengthened and expanded that team as our requirements grew.”
Unirisx was initially selected as Beazley's preferred partner to launch a new range of specialty lines products, including a comprehensive Marine policy targeted at the UK market. This was quickly followed by a suite of Professional Indemnity products for regulated and non-regulated industries in the French market, sold through Beazley's French subsidiary. With these two products up and running, Beazley launched a third major product, targeted at the U.S. market and offering multiple coverages for Builders Risk, which was subsequently deployed in over 30 U.S. states.
“The Unirisx Blueprint Framework gives us a platform for continuous innovation,” said Fantozzi. “We can now quickly and consistently deploy new products into selected markets. Knowing that each product will have a consistent application of our underwriting controls gives Beazley a real competitive edge.”
"We congratulate Beazley on their successful deployments and we are pleased to strengthen and expand our relationship with them,” said Akhil Tripathi, CEO for Unirisx. “We are proud to continue to enabling Beazley to remain a leader in the marketplace, maintain high customer satisfaction levels, and to achieve their overall goals."
About Unirisx, LLC (Unirisx)
Unirisx, LLC (Unirisx) provides transformational, world-class, core administration solutions for property and casualty (P&C) insurance organizations. Unirisx’s highly-configurable, on-demand solutions for personal, commercial, and specialty lines, including ocean/marine, excess and surplus (E&S) and professional liability, enable the rapid creation and launch of new products, broadened distribution, and effective management of the full policy lifecycle in real-time. Via a Software-as-a-Service (SaaS) model, Unirisx reduces upfront costs and accelerates speed-to-market through unique customization capabilities currently powering successful implementations in multiple lines, multiple currencies and multiple languages around the world. For more information about Unirisx, please visit www.unirisx.com.
About Beazley PLC (Beazley)
Beazley PLC (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, the U.S., Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2012, underwrote gross premiums of $1,895.9 million. All Lloyd's Syndicates are rated A (Excellent) by A.M. Best and also benefit from the Lloyd's chain of security. Beazley's underwriters in the U.S. focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A-rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's. We are market leaders in many of our chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business. Beazley PLC is incorporated in New Jersey, and is a tax resident in Ireland. The company is listed on the London Stock Exchange (LSE Symbol: BEZ.L).
Media Contact:
Jennifer Overhulse
St. Nick Media Services
(859) 803-6597
jen@stnickmedia.com
