New managing general agent (MGA) Futuristic Underwriters has been officially launched and started offering services to reduce commercial property & casualty (P&C) risk.

It will deliver insurance solutions to reduce risk and improve the insurance experience for agents, insurers, policyholders and claimants within the commercial P&C sector.

With a tech-enabled approach to commercial P&C insurance, the MGA said that the conventional insurance approach results in unsatisfied customers and is non-profitable for insurers, brokers and policyholders.

The commercial insurance sector has encountered several challenges, encompassing ineffective procedures, surging premiums, evolving regulatory demands and a mounting frequency of claims, Futuristic said.

Futuristic Underwriters said it will deliver solutions to combat these adverse trends for industries.

These solutions are expected to cater to the needs of industries including contractors, manufacturers/distributors, real estate, professional service organisations, auto and other P&C lines.

Futuristic said its solutions will include next-generation technology including AI to improve the insurance experience.

Futuristic Underwriters CEO and president Yogesh Kumar said: “In this era of growing complexity and evolving risk landscapes, where underwriting losses are reaching an unprecedented high, it becomes increasingly essential to reevaluate traditional underwriting practices.

“Our mission is to confront these industry challenges head-on with a transformative, technology and data-driven approach to underwriting that not only mitigates risk but reimagines the underwriting process.”