The scheme, powered by INSTANDA's no-code core insurance platform, is now available for EWS1 assessors
London, 29th November 2022 ' INSTANDA, the no-code core insurance platform provider, has today announced that it has been chosen by MGAM Limited as its technology partner to launch a new government-backed professional indemnity (PI) insurance scheme for EWS1 assessors. The scheme is now available for purchase by property surveyors and is delivered by MGAM, an Acrisure partner, and SCOR, in partnership with the Department for Levelling Up, Housing, and Communities (DLUHC).
The scheme has been launched in response to the significant shortage of insurance companies willing to provide PI cover to firms undertaking assessments of external wall systems, commonly known as 'EWS1 forms', in mid and high-rise residential buildings. EWS1 forms were developed by the Royal Institution of Chartered Surveyors (RICS), UK Finance and the Building Societies Association to support the valuation process for high-rise residential buildings with cladding. The scheme is due to last for five years, from which it is anticipated that insurers will step back into the market, removing the requirement for a state-backed scheme.
INSTANDA played an important role in helping MGAM successfully respond to the Government's appeal for help on the matter. The strength of the INSTANDA platform enabled MGAM to bring the new scheme to market quickly and provide a seamless journey for its users, giving them peace of mind and confidence when using it.
Jason Anthony, Founder and Chief Executive Officer at MGAM Limited commented: 'Winning the Government contract to develop this PI scheme for EWS1 assessors means a great deal to our business. Using INSTANDA's core insurance platform gave us the confidence that we could launch our product to market quickly, while guaranteeing the very best user experience and customer service ' something that was crucial for all parties.'
Tim Hardcastle, Co-founder and Chief Executive Officer at INSTANDA added: 'Partnering with an innovative and forward-thinking organisation like MGAM has given us another opportunity to demonstrate, in real business value terms, how well our core insurance platform can respond to today's complex insurance needs.
Hardcastle continued: 'We believe the agility of our technology makes INSTANDA best placed when it comes to responding to the diverse needs of the insurance industry and the customers it serves. We're proud that our no-code technology provided MGAM with the ease and flexibility it needed, enabling their team to quickly develop the solution in-house.'
Media contacts:
Santi Dharmawan, Lansons
020 7294 3647
About INSTANDA:??
INSTANDA works with the leading carriers, MGAs and brokers in Europe, North America, UK, Japan, LATAM, Africa, Middle East and Australia. INSTANDA is the Insurance Industry's first no-code core insurance platform and allows insurers to break into new markets as well as overcome the drawbacks of legacy IT systems and embrace the benefits of digital transformation.
Converting the lethargic back office to an agile middle and front office with low upfront costs. Using INSTANDA, organisations can now think and act at the same speed, where rates, questions, documents, customer journeys can be amended in minutes and new products can be launched in days and weeks via the INSTANDA no code interface. ROI is delivered in months via dramatically reduced product manufacturing, underwriting and distribution costs with unrivalled customer experience.???
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