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EITA 2023: Best policy admin software provider Imaginera

Bevis Tetlow_Imaginera

Imaginera, a provider of innovative underwriting technology solutions, has been awarded the prestigious Best Software Provider – Policy Administration Award at the European Insurance Technology Awards for its flagship platform, Orca.

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Orca is an underwriting workbench that aims to empower global teams to manage the entire policy lifecycle efficiently.

Its integrated policy administration module provides comprehensive visibility and control, enabling underwriters to more confidently make informed decisions.

“The insurance and reinsurance market has long been hindered by legacy administration software that is cumbersome and difficult to integrate,” explains Bevis Tetlow, CEO at Imaginera.

“This has led to frustration, inefficiencies and workarounds. We have addressed these challenges with Orca, designing a solution that prioritises the user experience and incorporates [the] real-world experience of daily processes.”

Orca’s capabilities extend beyond traditional policy and layer administration. It eliminates the need for disparate solutions, streamlining workflows and enhancing efficiency significantly.

Orca’s design, which is rooted in an understanding of the insurance and reinsurance sector, seeks to tackle technical challenges and empowers clients to shape their work processes without constraints.

Cloud-based solutions

Imaginera firmly believes that global underwriting teams should embrace cloud-based solutions designed with the entire policy lifecycle in mind, integrate seamlessly with existing systems and offer an exceptional user experience.

“Currently, most organisations operate in a siloed environment, with underwriting using one system, administration using another and claims using yet another,” explains Tetlow.

“This patchwork of technology vintages and data models creates significant barriers to data flow, resulting in inefficiencies and errors.”

Configurable architecture

Orca’s highly configurable architecture empowers clients to tailor the platform to their needs, delivering a customised solution with an off-the-shelf feel. Clients can customise management groups, business classes, locations and other parameters effortlessly.

Imaginera’s client-centric approach ensures seamless integration with existing workflows, providing a richer data view, and boosting efficiency across the board.

Tetlow outlines Imaginera’s vision: “We are committed to making Orca the industry-leading solution for underwriting workbenches and claims administration capabilities.

“We are continuously adding functionality to Orca, and we are currently working on expanding its capabilities to include electronic market messaging for both accepting new submissions and processing premiums, claims and financial data.”

Partnerships

Orca’s transformative impact on the industry is evident in its rapid adoption and renewal rates. Despite being a relatively new entrant, Orca has secured partnerships with five major reinsurers, including leading names in London and Bermuda.

Nick Lazarus, senior reinsurance underwriter at Inigo, comments: “Imaginera’s system and customisable workflows allow the whole team to work together more efficiently.

“Imaginera’s Orca platform has been instrumental to getting our new operation up and running quickly. It’s easy to use and helps our team work efficiently and effectively together to keep on top of our client relationships and broker submissions.”

To learn more about the European Insurance Technology Awards 2023, click here.

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