C- Quence
Award Category
Insurtech
Background
Formed in March 2018 C-Quence is a Digital MGA headquartered in London with an office in Manchester and technology team in Toronto.
We bring the technology / data revolution to Commercial Lines recognising the key role that brokers play in the process.
We designed and built a game-changing, easy to use transaction platform – C-Q Elements. It is designed to quote, bind and deliver customer bespoke policies for sophisticated Commercial Lines products – the first platform to service open market and facilities business using structured data and analytics.
Policy wordings too have been redesigned – clear and concise – offering broad cover with fewer exclusions.
ML5 – our Management Liability suite – is our first product. A Property and Casualty product will launch later this year.
Our proposition
Brokers told us they wanted better products and service at lower cost. We built:
A super-efficient platform:
• Radically reduces operating costs
• Cloud based – no cost infrastructure
• Significant time savings – more time for end-customer engagement
• 2 minutes & 2 questions to create, bind and deliver a customer specific policy
• Automated pre-bind compliance and sanctions checks
• Underwriting data enriched from 15 third-party sources
• Referral decisions in 10 minutes
• Eliminates errors
• No re-keying
ML5 Management Liability suite:
• Automated document construction bespoke to each client
• Short and easy to understand
• Broad cover – fewer exclusions
Facilities Capability:
• Automated batch quoting
• Tailored product
• Customised pricing
The C-Q Elements platform and ML5 product were developed on time and £2.5m under budget. We were able to start trading in 11 months from a standing start.
In the four months since going live:
• We service 148 active brokers on the platform across 6 broker offices
• We have signed TOBAs with a mixture of well-known global and independent brokers
• C-Q Elements has generated over 330 quotes representing over £300k in GWP (excl. IPT).
• Referrals account for just 6.2% of quotes with an average turnaround time of less than 10mins
• A number of high-profile capacity providers have approached us regarding partnership opportunities.
Each component of our proposition – Platform; Product; Team, is outstanding. Combined they deliver a step change – see broker testimonials.
Our Future
In five years we will be:
• a market leader in Commercial Lines having positively disrupted the status quo by developing the new standard in using data and algorithms that transform Commercial Underwriting
• regarded as the cutting edge Technology Service Provider and Insurance Distributor
Sooner:
• Broaden product range – Property Casualty suite, to be launched this year
• Extend the number of capacity partners – already in discussion with a number of high profile Retail Market carriers.
• To be regarded as the go-to provider for Schemes and Facilities business, having developed a unique and first of its type batch quoting and on-boarding capability.
Broker Testimonials
Declan Durkin – Managing Director, THB UK Risk Solutions
“What I didn’t expect, although many have promised it, was a platform and wording so intuitive and considerate of what both clients and brokers actually have been crying out for.
“From a client’s perspective, one of the broadest policy forms in the market very competitively priced and one that tells you in plain English what is and isn’t covered. From a broker’s perspective, a system that reads your mind, answers the underwriting questions for you and sits above the usual transactional SME ‘click and buy’ platforms.
“Like all the best designs the team at C-Quence rigorously questioned clients and brokers to understand the frustrations around our industry then went away and solved them all in one go!”
David Lee – Senior Vice President, Lockton UK Wholesale
“It’s about time someone shook up Commercial Lines with a truly innovative yet pragmatic and easily recognisable way of doing business. As an industry we need to modernise, and we see C-Quence as a key strategic partner in doing this.
“We are very impressed with the C-Q Elements platform. It’s so clean, smooth and easy to use. We can see this as a viable option for our ML Facility business.
“The ML5 product is the best we have seen; the product is one of your crown jewels but we see the forthcoming P&C product as the game changer.
“I’m also pleased to say that C-Quence are insurance people who understand the Market and Brokers’ needs and requirements. That understanding runs through everything they deliver. They are also listening because the changes they have already brought to their platform improve what is already an impressive achievement.”
Andrew Bailey – Head of Corporate, Bridge
“Very rarely in my business life, and in particular within the insurance world has an opportunity to fundamentally change, improve and enhance the level of service we are able to offer our clients presented itself as the one we are currently working on with C-Quence.
“From our initial exploratory discussions to our current advanced stage, we genuinely feel that we are at the vanguard of the way insurance will be transacted and delivered in the future and truly positions our business at a point where we can respond to increasing client demand for simplicity.
“The demands of our clients will not change. Our business, with the positive input from C-Quence is in the process of change.”
Anthony Place – Senior Vice President - Lockton Market Management Group
“Possibly the most exciting new insurer to come to market in the past 5 years.
“Importantly, they are building solutions by listening to customer’s needs rather than any preconceptions of what the market requires.
“High quality team, customer focussed, dynamic, enthusiastic, very different and a genuine pleasure to deal with – their system is pretty impressive too!”
Sarah Brailey – Divisional Director, THB UK Risk Solutions
“After one Demo of the product we were blown away by the sophistication. It is THE best system I have seen, and I knew it would be a major asset to our business.
“The coverage is excellent and completely simplifies the insurance terminology that can often be misleading for clients. This product along with the expertise and professionalism of the whole team at C-Quence makes this a game-changer to the financial lines sector.”