Jacqueline McNamee, founder and CEO of C-Quence explained, “As we expand into the commercial Property Casualty market it is critical for our broker relationships and their clients that we establish an excellent long term relationship with a top grade capacity provider. So we are delighted to announce that capacity for P&C will be provided by NIG.”
Steve Scott, Director - Broker Markets at NIG commented: “We have confidence in the innovative, technology and data driven model C-Quence have developed. We are particularly attracted to the fact that whilst it caters to smaller businesses, it is just as applicable to larger organisations that require more sophisticated solutions. We support C-Quence's progressive vision to transform how complex commercial business is transacted and we look forward to a positive and successful partnership".
P&C Product launch
C-Quence will launch its P&C product suite in early March, to brokers currently using its C-Q Elements platform.
The phased rollout will see C-Quence’s risk appetite quickly expand to include 21 broad industry sectors. The first phase will focus on three of these groups: Business & Professional Services, Retail and Hotels & Accommodation. The second and third phases will quickly follow with the inclusion of the remaining 18 industries.
The P&C product uses the same modular approach to covers originally applied to the company’s ML5 Management Liability suite . To begin with there will be seven Property and three Casualty modules so the product will be known as P7+C3.
McNamee explains, “The fact is that P&C is a more varied and complex set of risks than Management Liability so a prudent phased rollout is the best approach when what we are bringing to the market is so powerful and radical.
“The C-Q Elements platform offers broker users simplicity and utility despite the underlying complexity of P&C business. Using modules as a way of delivering the covers means brokers can adjust the limits and retentions within each module to suit the specific needs of individual clients. It is an effective way of delivering sophistication without complication.
“It also means we can add cover modules easily should there be sufficient demand. Indeed we already plan to add a couple more in the near future such as Legal Expenses and Terrorism in the UK cover.”
|All Risks – Specified Items
|Goods in Transit
|Loss of Money
|Loss of Licence
The C-Q Elements platform makes extensive use of over 50 external data sources combined with thousands of underwriting algorithms supported by Artificial Intelligence (AI) and Machine Learning. This makes it is easy for brokers to deliver sophisticated commercial insurance quickly, at lower cost and with enhanced levels of service than before.