Technology Will Improve Jencap’s Underwriting Profitability and Broker Response Time
Two Sigma Insurance Quantified (TSIQ), an insurance technology company for commercial property and casualty underwriting, announced today that Jencap Group LLC (Jencap), one of the largest managing general agencies (MGAs) in the US, has implemented SubmissionIQ.
SubmissionIQ, TSIQ’s first SaaS product, enables underwriters and underwriting leadership within MGAs and carriers to automate and access their submission and third party data to optimize and accelerate risk decisions. The product was developed in response to the property and casualty industry’s desire to invest in data and technology within underwriting and supports various lines of business, allowing it to be used on an enterprise basis.
John F. Jennings, Chief Executive Officer of Jencap, stated, “We are committed to employing innovative enterprise-wide technology solutions that support our underwriters to make more timely and effective risk decisions. With SubmissionIQ, we are equipping our underwriters with the data they need to make smart and strategic risk assessments. We are excited this new tool will further empower our decision-making and support us in implementing best-in-class business processes.”
Jencap is part of Galway Holdings LP (Galway), a diversified brokerage distribution and underwriting platform. John Hahn, Executive Chairman of Galway, commented, “This initiative enhances our value as a trusted partner across the insurance value chain and places Galway in a leadership position at the forefront of technological innovation.”
“SubmissionIQ will help empower Jencap’s underwriters by providing software and analytics that eliminate cumbersome manual work and put data insights at their fingertips,” said Brian Modesitt, Chief Executive Officer of TSIQ. “We believe this symbiotic partnership will catalyze Jencap’s efforts to enhance their customer experience and better serve their mission of providing risk protection to those that need it.”
Mike Wood, Chief Revenue Officer and Head of Customer Development of TSIQ, added “We look forward to partnering with Jencap and providing them with data-driven tools to enhance the underwriting and risk selection process. We have invested heavily to support end user adoption of our technology and work closely with the senior leadership of our clients to create long term strategic relationships.”
About Insurance Quantified
Insurance Quantified is an underwriting technology provider that arms commercial property and casualty insurance carriers and MGAs with the data and analytics they need to grow their business, improve underwriting profitability and be a preferred partner and employer. Backed by Two Sigma, a pioneer and global leader in the financial sciences, we believe that systematically delivering the right data to the right people at the right time through a unified underwriting workbench will enable faster coverage decisions, more agile product innovation and significant risk reduction for all participants in the underwriting value chain. Learn more at insurancequantified.com.
Jencap is one of the largest wholesalers in the US with notable industry-leading expertise in wholesale brokerage, binding authority, and program management. Its specialized divisions and affiliate organizations provide niche underwriting prowess, broad market access, and nationwide influence. Headquartered in New York, Jencap leverages its collective power to exceed the expectations of more than 15,000 independent agency partners. For more information, visit: JencapGroup.com.
Managing Director of Marketing