Steve Stacy wishes to create a better future for the insurance industry with tactical products that enable innovation and much-needed disruption. As the Product Owner at Amarillo Technologies, Steve is currently working on Amarillo’s first technology product – called Fusion – that addresses challenges in the Delegated Underwriting Authority (DUA) market by improving the data quality between the parties.
Steve shares more on what attracted him to join Amarillo, common problems he has seen in the DUA space, and how Fusion can revolutionise the way we do business.
You can reach out to DEMO Fusion.
What attracted you to join Amarillo and build Fusion?
Working with carriers and brokers previously and using products to try and help them validate, cleanse and then use delegated authority data became increasingly more difficult throughout the last five years.
DASATS, DDM, Solvency II, Part VII and the general requirements from Lloyd’s coupled with a need for companies to compete and be forward-thinking meant that using the existing processes and systems became frustrating.
I wanted to build something complimentary to organisations existing processes, allowing them to use the data and not be delayed by the validation process.
What are the common DUA problems you see that led you to Fusion’s creation?
Human errors and data inconsistencies that are caught too late in the downstream process means potentially lots of extra work to identify and then amend data that could be 3, 6 or more months old.
Therefore, slow and difficult processes are created without using the data immediately.
What are the benefits organisations should expect when adopting Fusion?
Our goal is to drastically improve the way DA business is managed and processed across the London insurance market by adopting our technology product – Fusion.
The objective is to create a data model that captures accurately useful data directly at source, i.e. MGAs, while helping to cleanse and supplement core data records. This will create value for all the stakeholders in the supply chain. A quality core data record and accelerated processes will reduce operational costs, provide better performance reporting, and make better business decisions.
Better insights will enable insurers, brokers and MGAs to do more business while focusing their time and energy on improving client experience and becoming more relevant. Therefore, the cost of doing business in the London insurance market will be reduced and bring more investment.
When could customers start using Fusion?
Fusion will be available in early Q2 this year. We are now working with early adopters to validate all our current thinking and test the end-to-end process thoroughly.
The team can demo Fusion now, so please get in touch if you want to know more.