Falcon Risk Services Embraces Digital Transformation with Cogitate

Falcon Risk Services Transforms with Cogitate's DigitalEdge

Falcon Risk Services, a managing general agency (MGA) owned primarily by HDI Global Specialty, has successfully launched its professional liability product offerings utilizing Cogitate's innovative DigitalEdge Policy and Claims solutions. This leap into the digital realm marks a significant advancement for Falcon, enabling them to manage the entire lifecycle of their insurance coverage with greater efficiency and effectiveness.

A Quick Evolution in the Insurance Space

Established just three years ago, Falcon Risk Services rapidly recognized the growing demands of the market and responded by transitioning from outdated manual systems to a comprehensive digital solution. The initiative is geared toward enhancing the speed and quality of service provided to clients, particularly in the realms of management liability, financial risks, and cyber/technology errors and omissions insurance. This push toward digitization comes as a necessary adaptation to maintain competitive advantages in a rapidly evolving industry.

Positive Impact of Digital Solutions

Craig Landi, Founder and CEO of Falcon Risk Services, emphasized the significance of collaboration with Cogitate, stating, "Cogitate's understanding of the insurance landscape enabled us to implement our transformation rapidly and effectively. Their integration capabilities with data suppliers and analytics tools played a crucial role in achieving our objectives for operational efficiency and sophisticated risk assessment. This collaboration has exceeded our expectations."

Strategic Launch of New Product Offerings

Initially, Falcon introduced its Excess Follow Form as part of a broader strategy to unveil 20 new products over the next year and a half. Key integrations with various third-party data services, including sanctions.io and S&P Global Market Intelligence, are part of this vision. By leveraging these resources alongside Falcon's proprietary data, the firm aims to enhance underwriting processes and streamline submissions.

A Forward-Thinking Approach

The adoption of Cogitate's platform has not only improved the efficiency of submission processing and the overall underwriting cycle but also successfully migrated historical claims data. This seamless transition facilitates a more unified digital experience for Falcon's clients and partners.

About Falcon Risk Services

Operating under the umbrella of Falcon Risk Holdings, Falcon Risk Services has carved a niche for itself in the domain of underwriting and claims management for financial, professional, and cyber insurance lines throughout the nation. The agency relies on a data-driven approach and robust relationships with brokers to provide diversified and effective insurance solutions tailored to both client and market needs.

About Cogitate

Cogitate offers a state-of-the-art DigitalEdge Insurance Platform designed to digitize the insurance industry paradigm. By equipping insurance carriers, MGAs, and brokers with advanced cloud-native capabilities, the platform ensures smoother operations across all facets of underwriting, billing, and claims. It effectively unlocks potential avenues for profitable growth by combining first and third-party data insights for superior decision-making and risk management.

About HDI Global SE

As an influential player in the commercial and specialty insurance market, HDI Global SE is dedicated to serving small to medium enterprises, as well as larger corporations, with customized insurance solutions. Their extensive reach, bolstered by a global network spanning more than 175 countries, positions them as a leader in delivering comprehensive coverage options tailored to varied business needs. With an impressive financial performance, HDI continues to maintain a strong reputation within the industry.

Frequently Asked Questions

What is the primary goal of Falcon Risk Services' digital transformation?

The primary goal is to enhance efficiency in managing the full lifecycle of insurance products and improve response times to market needs.

How has Cogitate contributed to Falcon Risk Services' offerings?

Cogitate has provided a robust digital platform for policy and claims management, allowing Falcon Risk Services to streamline operations and implement tailored solutions effectively.

What new products will Falcon Risk Services be introducing?

Falcon plans to roll out 20 new products over about 18 months, starting with the Excess Follow Form.

What advantages do third-party integrations offer to Falcon Risk Services?

Integrations with third-party data providers enhance underwriting capabilities, improve submission processes, and lead to better decision-making through enriched data insights.

How does HDI Global SE support businesses in the insurance industry?

HDI Global SE offers tailored insurance solutions and has a vast global coverage network, providing specialized support to meet clients' diverse needs effectively.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.