Actura underwrites the submission, and leaves the decision to a person.
When a submission arrives, Actura works it end to end:
- Reads the full proposal and researches the applicant
- Tests the risk against your underwriting guidelines
- Prices it on your own rating sheets
- Drafts the quote and the bind documents
- Hands a complete, priced file to the underwriter, who weighs the points that carry the most caution and signs
This takes hours of reading and re-keying off the desk, and it prevents the errors that came with them.
Actura is configured to each line of business and runs your own rules, rating sheets and document formats. It is in production across cyber, aviation, marine, life sciences, professional indemnity and directors and officers.
No quote is issued and no risk is bound until a named underwriter has approved it.
By hand
45 to 90 minutes
With Actura
Under 10 minutes
Actura runs rating workbooks that actuaries already use.
Rating logic lives in a spreadsheet for good reason. Excel gives the actuary the most flexible way there is to compose a proprietary premium formula, and a workbook holds years of refinement that a rules engine does not reproduce cleanly.
Rating worksheet
| Factor | Basis | Rate / factor | Contribution |
|---|---|---|---|
| Base rate, hull | US$42.0m sum insured | 0.42% | US$176,400 |
| Fleet factor | 6 aircraft | ×1.05 | US$185,220 |
| Loss experience | 1 claim in 5 years | ×1.12 | US$207,446 |
| Territory | Asia Pacific | ×0.98 | US$203,297 |
| Deductible credit | US$250,000 each claim | −4% | US$195,165 |
| Liability layer | US$100m combined single | flat | US$88,000 |
| Technical premium | US$283,165 |
The cost has always been the desk work around it. Figures are keyed into the input cells by hand, and results are copied out of the output cells for the next step. That is where the hours and the transcription errors go.
Actura keeps the workbook and removes the desk work. The underwriter uploads the rating sheet into Actura and marks which cells take input and which cells carry the result. Actura reads the figures each submission provides, loads the workbook in memory on its own server, runs the calculation exactly as the sheet defines it, and returns the computed premium fields to the record. The workflow then uses them to draft the quote and the bind documents.
None of this is required. If your rating lives in Excel, Actura runs the workbook. If it lives in another rating engine, Actura connects to that instead. And if you would rather price outside Actura, that is fine too: it prepares the submission, passes it across, and takes the computed result back.
Nothing is re-implemented and nothing is approximated.
The formula that runs is the formula the actuary wrote, computed on the live submission instead of by hand.
From what the broker sends to what you sign.
- 01
The submission arrives
An email, a form, a slip or a scan, in the format the broker prefers. There is no portal for them to learn, and nothing for you to install.
- 02
Actura reads it in full
Every document is read into a record you can question in plain language. Each answer points back to the file and the passage it was drawn from.
- 03
The risk is researched
Outside sources add context to what the submission states, so the picture is fuller than the broker pack alone.
- 04
Your rating is applied
The risk questions for the line are answered and your own rating logic runs on what was found. You keep your rules; Actura runs them.
- 05
Graded terms return
Clear cases carry through. Anything uncertain is graded and sent to a named underwriter, with the original alongside, ready to sign.
The same engine, configured per line.
Every line, one engine
Cyber, aviation, marine hull, life sciences, professional indemnity and directors and officers all run on the same platform, each configured to the question list and rating the line requires.
A person signs the risk
Actura does not bind on its own. It prepares the decision under governance and hands it to a named underwriter, who is accountable for the terms that go out.
LinesCyber, aviation, marine hull, life sciences, professional indemnity, directors and officers.
The rest of what Actura does.
Give us one underwriting or claims workflow. We will run it on your own documents.
No integration work to start. We reply personally and put you in front of a working result.