Through an innovative technology ecosystem, the new company will be focused on driving down insurance costs while improving customer experience.
Swiftly is led by Michael Lyons, the founder and former CEO of Weston Insurance, who has over 25 years of re/insurance experience. He has collaborated with Dmitry Mnushkin, Swiftly's chief technology officer and the 2019 Bermuda Technology Innovation Award winner. Swiftly's chief operating officer and general counsel is Heather Kitson, and its vice president and controller is Joelle Turner.
"We're excited to announce the launch of Swiftly, our new technology company that offers cost-effective and customer-friendly support for both life and annuity and property and casualty insurance," Mr Lyons said. "Our team has built an ecosystem of secure, cloud-based proprietary technologies that help our clients run and administer their insurance businesses with next-generation service efficiencies."
Policy administration, pricing and rating systems, enterprise risk management, transaction-level reconciliation, and clearing house technology are examples of end-to-end technologies. There will also be call-center operations, such as call center as a service and conversational artificial intelligence at the Level 3 level.
"I was inspired to create Swiftly after repeatedly seeing gaps in the insurance industry infrastructure," Mr Lyons explained. "Previously, my business mantra was, 'Don't build it if you can buy it, and don't buy it if you can rent it.' However, insurance operators are increasingly aware that there are no good rentable or purchaseable options available for several critical and highly technical operational areas of insurance."
He claims that Level 3 conversational AI is a relatively new innovation, and that certain middleware used by Swiftly to operationalize its proprietary technology was not commercially available until last year.
Swiftly's numerous interoperable technologies and advanced processes, according to Mr Mnushkin, set it apart from competing insurtech platforms.
"We provide full operational support for our technologies, which means that if a client wants to access our entire technology ecosystem as well as support, they have what's akin to a 'MGA-in-a-box,'" he explained. "This enables insurers and MGAs to launch or expand with significantly fewer employees while maintaining the highest service levels."
Swiftly's clients, according to Ms Kitson, can significantly improve annualised ROI and net operating margins while achieving higher levels of customer service as a result of extensive real-time management tools, customer self-help tools, and repetitive process automations.
"Our clients can also execute underwriting submission binds all the way through secure payment without the need for underwriter intervention," she added. "Our clients gain more control and insight into their customer data."
Swiftly, according to Mr. Mnushkin, provides a strong value proposition to existing insurers looking to expand or new entrants looking to launch more quickly and efficiently.