C-Quence switches from NIG to Sompo on P&C

The digital MGA has worked with NIG since launching its P&C product suite in 2020. A spokesperson for C-Quence confirmed the transition had been “planned and agreed” with all parties.

Jacqueline McNamee, founder and CEO of C-Quence, said: “We are delighted to be partnering with Sompo, one of the most respected A+ financial strength rated carriers in the international property and casualty market. We both have similar ambitions for expansion in the UK P&C SME and mid-market sectors.

“Our new capacity agreement means we can better serve brokers’ needs with a broad risk appetite coupled with the precision of our algorithmic underwriting and extensive third-party data capabilities.”

Innovative

Bob Thaker, CEO for commercial P&C insurance at Sompo in the UK, said: “C-Quence is a great fit for us given its innovative approach to serving SME and mid-market clients through its diversified broker network.

“Its data driven technology supports underwriting excellence that is powering a growing, high-quality P&C and property owners portfolio.”

Schemes

McNamee, pictured, flagged the new agreement enabled the MGA to bring its digital solutions to the schemes and facilities sector.

She said: “Our technology means brokers wishing to develop a specific opportunity by offering a unique solution or simplified application process for their target market can quickly set up an exclusive scheme or facility with bespoke product rules and terms as well as competitive pricing, simply by accessing our easy-to-use trading platform.”

The C-Quence boss argued that its ‘customisation by configurable toolkit’ means it can create tailored schemes in weeks.

“[That’s] a fraction of the time the market is used to, making it easy for brokers to establish a competitive advantage,” she said. “Our proposition is also supported by advanced lifecycle automation using robotics and our data analytics infrastructure for volume business.”

Submission

C-Quence unveiled a ‘drag and drop’ automated submission reader in November 2023.

The innovation used across P&C business automates the ingestion of submissions into its CQ elements platform, eliminating time consuming manual entry of complex risk data.

By dragging a submission, such as a PDF form, into the platform, the required underwriting information can be displayed alongside the submission document for brokers to verify.

The service then draws upon third-party data enrichment to ensure accuracy and speed.

McNamee said: “We created C-Quence’s end-to-end technology infrastructure to deliver powerful, transformative and highly efficient ways of trading and servicing mid-market commercial insurance – that brings economic benefits to all parties involved.

“Everything we do is designed to improve brokers’ experience of placing and servicing risks. Our partnership with Sompo is another critical step on our exciting journey.”

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