Falcon Risk Services Partners with Cogitate for Digital Transformation
Falcon Risk Services, a managing general agency (MGA) largely owned by HDI Global Specialty, has launched its professional liability product offerings through Cogitate's innovative DigitalEdge Policy and Claims solutions. This digital advancement represents a significant leap for Falcon, allowing them to handle the entire lifecycle of their insurance policies more efficiently and effectively.
Rapid Adaptation in the Insurance Market
Founded just three years ago, Falcon Risk Services quickly recognized the increasing market demands and shifted from outdated manual processes to an all-encompassing digital solution. This move is aimed at boosting both the speed and quality of service for clients, especially in areas like management liability, financial risks, and cyber/technology errors and omissions insurance. Embracing digitization has become essential for staying competitive in this fast-changing industry.
Benefits of Going Digital
Craig Landi, Founder and CEO of Falcon Risk Services, highlighted the importance of working with Cogitate, saying, "Cogitate's understanding of the insurance landscape allowed us to implement our transformation quickly and effectively. Their ability to integrate with data suppliers and analytics tools has been crucial for us in achieving our goals related to operational efficiency and advanced risk assessment. This partnership has truly exceeded our expectations."
Launch Strategy for New Product Offerings
Falcon initially rolled out its Excess Follow Form as part of a broader plan to introduce 20 new products in the next year and a half. This effort includes key partnerships with various third-party data services, such as sanctions.io and S&P Global Market Intelligence. By utilizing these resources alongside Falcon's proprietary data, the agency aims to enhance underwriting processes and streamline submissions.
A Vision for the Future
The incorporation of Cogitate's platform has not only accelerated submission processing and the entire underwriting cycle but has also successfully transitioned historical claims data. This smooth transfer provides a more cohesive digital experience for Falcon's clients and partners.
About Falcon Risk Services
Operating within Falcon Risk Holdings, Falcon Risk Services has established itself in the underwriting and claims management sphere for financial, professional, and cyber insurance across the nation. The agency relies on a data-driven model and strong relationships with brokers to deliver diverse and effective insurance solutions tailored to meet both client and market demands.
About Cogitate
Cogitate presents a cutting-edge DigitalEdge Insurance Platform that aims to transform the insurance industry. By providing insurance carriers, MGAs, and brokers with advanced cloud-native capabilities, the platform ensures seamless operations across underwriting, billing, and claims. It opens up profitable growth opportunities by harnessing both first and third-party data insights for improved decision-making and risk management.
About HDI Global SE
HDI Global SE is a key player in the commercial and specialty insurance market, dedicated to offering customized insurance solutions for small to medium enterprises and larger corporations. With a strong global presence in over 175 countries, they are well-positioned to deliver comprehensive coverage options that cater to varying business needs. Their impressive financial track record reinforces HDI's strong reputation in the industry.
Frequently Asked Questions
What is the primary goal of Falcon Risk Services' digital transformation?
Falcon's main goal is to improve efficiency in managing the full lifecycle of their insurance products while also enhancing response times to market demands.
How has Cogitate contributed to Falcon Risk Services' offerings?
Cogitate has delivered a powerful digital platform for policy and claims management, enabling Falcon Risk Services to streamline operations and implement customized solutions effectively.
What new products will Falcon Risk Services be introducing?
Falcon plans to introduce 20 new products over the next 18 months, starting with the Excess Follow Form.
What advantages do third-party integrations offer to Falcon Risk Services?
Integrating with third-party data providers enhances Falcon's underwriting capabilities, optimizes submission processes, and fosters better decision-making through enriched data insights.
How does HDI Global SE support businesses in the insurance industry?
HDI Global SE provides personalized insurance solutions and boasts a vast global coverage network, offering specialized assistance to effectively meet their clients' diverse needs.
