The Ledgertech MGA As A Service (MAAS) platform is a cloud-native, secure, Low code/No code digital insurance solution.
It streamlines, collaborates, and automates all insurance processes, such as quoting, underwriting, endorsement, claim issuing and clearing, payments and commission tracking, risk transfer, etc.
The Ledgertech platform allows for new insurance products to be configured in days or weeks, rather than months or years. At the heart of the platform is a secured immutable ledger, that keeps a single version of the truth regarding all insurance data, prevents the issue of double-spending, improves fraud detection and prevention, and provides security benefits such as tamper-proof historical data and encryption.
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The Ledgertech platform allows for easy and quick configuration, testing, and launching of new insurance products. Configuring a new product includes specifying coverages, inclusions and exclusions, deductibles, pricing, commissions, payment terms, and so on. Product workflows such as underwriting, endorsement, renewal, and claiming can be customized using a No code/Low code user interface. Ledgertech provides an API-driven integration layer with Insurtech data and technology providers for various digital insurance capabilities such as weather-related data and satellite images for parametric insurance, telematics, and automated damage assessment for motor insurance or vulnerability assessment for cyber insurance. Ledgertech can also integrate with existing legacy policy administration systems sharing relevant data across the entire insurance ecosystem.
Pricing, payments and commissions
Ledgertech provides pricing capabilities for products, coverage, and sub coverage level. Pricing can be calculated using formulas, and pricing tables as well as by integrating with an external pricing engine. Payments and commissions are configured and then traced as part of the workflow execution throughout the insurance product lifecycle.
Built on AWS cloud infrastructure, the Ledgertech platform features an automatic scaling high availability solution, with disaster recovery and backup. Security features include data encryption at rest and on the fly, security group firewalls, and authentication/authorization based on the latest industry standards.
AI/ML and data analytics
The Ledgertech AI engine is an integral part of the platform, enabling the definition of prediction ML models that can be used within the product workflow, providing better risk assessment or fraud detection capabilities. Collected data across the workflows provide insights using graphical data analytics components, including sales-related insights, insurance product usage, and claim insights.
The platform facilitates digital engagement with all participants, including end customers, agents and brokers, MGAs, insurers, and reinsurers. Native UX/UI for both iOS, Android, and web apps is automatically generated by the product configurator, branded to the MGA, Insurer or Broker, as a white label format that allows different branding options as well as embedded within 3rd party apps. Dynamic user interaction is driven and monitored by bot technology that can also handle NLP if required.