Press Release
Mosaic platform wins Insurance Technology Impact Award
July 7, 2022
Mosaic Insurance has been recognized for its ground-breaking insurtech platform that is innovating risk management, streamlining industry processes, and improving operational efficiency.
Mosaic was named Midsize Property/Casualty Winner in the Data/Analytics category of Aite-Novarica Group’s 2022 Insurance Technology Impact Awards for its real-time underwriting analytics portal. The awards, now in their 11th year, recognize IT initiatives and projects that have generated significant business impact within industry organizations. This year’s program winners, which evaluated more than 60 technology projects, were selected by Aite-Novarica’s research council of more than 350 insurance technology leaders.
“To be recognized by industry stakeholders is truly meaningful and underscores our mission at Mosaic to promote partnership in this business,” said Mosaic Co-CEO Mitch Blaser. “We’re thrilled our platform can help inform and speed the work of risk experts across the insurance sector.”
Mosaic was supported by DXC Technology and Trident International Inc to develop the automated platform, enabling data-based decision-making to revolutionize insurance underwriting. The platform is also enhancing connection among underwriters, brokers, re/insurers and capital partners through secure, real-time access that offers rich data visualization, APIs, mobile accessibility and complex analysis through automation and AI.
“It’s gratifying to get peer validation for the industry-leading Mosaic Analytics Portal (MAP),” said Mosaic’s Chief Operating Officer Krishnan Ethirajan. “We have an asset which the industry finds relevant and differentiating. Through our well-designed data model and architecture, we have been able to harness the power of data to the fullest—it’s changing the traditional working paradigm by encouraging industry collaboration.”
MAP leverages a variety of technologies, including DXC Assure components for backend, Trident API gateway, Amazon S3, Amazon QuickSight data visualization, Athena interactive query service, and Glue serverless data-integration. It is the first application in the market that is 100% cloud-based, API-exposed and real-time, with the ability to share data with stakeholders.
“Specialty underwriters need fast access to complex analytics, allowing them to evaluate the most profitable risks,” said Abhijeet Kuray, Mosaic’s Chief Technology Officer, noting the project aligns Mosaic as a prototype for Lloyd’s Blueprint Two aspirations. “Previously, underwriters would face a deluge of often unusable and unstructured information. There’s been a pressing need for real-time, consumable data to facilitate the most discerning underwriting decision-making.”
By eliminating manual effort and improving data availability, the platform demonstrates Mosaic’s promise of an insurtech operating model and supports augmented underwriting in the company’s highly technical specialty lines.
The platform continues to advance, integrating with external sources like the London Market Association (LMA) pricing platform and Dun & Bradstreet for data augmentation. Dashboards have been built for Mosaic’s reinsurers and trade-capital partners participating in its syndicated program which covers complex risks in regional markets worldwide.
“The Mosaic tech platform is a unique selling point that sets the company apart from its competitors,” said Jason Howard, President, Acrisure International. “It allows third-party capital providers real-time access to risks being bound by Mosaic underwriting teams, and the ease with which partners can analyze their share of the Mosaic portfolio is invaluable.”
PHOTO CAPTION: (from left) Mosaic COO Krishnan Ethirajan and Chief Technology Officer Abhijeet Kuray, and the Aite-Novarica Group’s 2022 Insurance Technology Impact Award recognizing Mosaic as Midsize Property/Casualty Winner in the Data/Analytics category