Dmitry Mnushkin, president of Treefrog, said those taking part in the early adopter beta programme will be given significant discount opportunities on the production versions.
He added: “This product is going to turn a lot of heads with its polished screens, pricing speed and ease of use. It is ideal for reinsurance and ILS companies that must price and manage property catastrophe reinsurance risk.”
Mr Mnushkin has a background in technology and the reinsurance sector. He has previously worked as an application developer at Renaissance Reinsurance and Logic Communications.
He said the speed of the software being used in the new application meant it could “price even the most complex deals in well under 10 seconds”, streamlining workflow and creating potential savings.
“Even though the software is off-the-shelf, the calculations behind the scene are entirely customisable. That means your Intellectual Property, actuarial insight and underwriting acumen can be quickly encoded in your copy of the software, and no one else has access to it.”
Michael Lyons, advisor to the project and chief executive officer of Weston Insurance Holdings, a Florida-based primary natural catastrophe insurer, said: “When I first saw how quickly this software could price a deal, I knew it was going to change the industry.”
While Kelly Dutnall, chief operating officer of Foundation Platform Technologies, said: “We wanted to make sure the onboarding experience was simple and efficient. Our goal: within 10 days have a new client up and pricing their deals. Foundation will dramatically lower the barrier to entry for companies wishing to apply technical underwriting discipline to writing catastrophe risks.”
Bermudian international technology consulting firm Fireminds is the premier integration partner for the Foundation Platform. Michael Branco, CEO, said: “Fireminds continues to provide enterprise services in data centres, cloud, managed services and software development for reinsurance and insurtech customers in Bermuda and Cayman. We’ve enjoyed a longstanding relationship with our solution partners and are excited to work with them to launch Foundation and deliver better toolsets to our valued customers.”
Companies taking part in the beta test programme will get a discount on the license fee once it goes to production.