The new platform is 100% cloud-native. Credit: Garik Barseghyan from Pixabay.

Mosaic Insurance and DXC Technology have launched a new insurtech platform purpose-built to increase the speed at which speciality insurance is sold, underwritten, and serviced.

The new platform leverages DXC’s technology services, including DXC Assure for commercial and specialty, business process outsourcing, applications, analytics and engineering, cloud, and security.

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The platform is designed to enable interaction with broker partners for electronic placements, algorithms for risk selection, triaging, pricing, and claims settlement across specialised lines.

It is 100% cloud-native and uses machine-learning algorithms, natural-language processing, blockchain (distributed ledger technology), data transparency, open interfaces, robotics, and AI to automate interactions throughout the risk life cycle.

Additionally, the platform will use DXC’s application programming interfaces (APIs) integrated with Lloyd’s to enable systems to exchange data sources for claims processing and receipt of submissions from brokers.

Mosaic co-founder and co-CEO Mitch Blaser said: “Legacy-free technology is fundamental to Mosaic’s model, and our collaboration with DXC represents the first insurtech operating platform of its kind.

“This open platform also delivers the benefit of leveraging the latest technology that’s very modular. You can look at what’s available in the market, put it on your platform because it suits your needs, and modify it easily. Overall, this allows for better decision-making and lower expense ratios.”

DXC Technology insurance and business process outsourcing president David Swift said: “Our relationship with Mosaic provides DXC with a unique opportunity to flexibly harness the capabilities of our offerings across the entire Enterprise Technology Stack and demonstrate how we are helping innovative enterprises succeed in the marketplace.”