#London #United Kingdom #Heron Data #NBS Underwriting #UK MGA

NBS Transforms its Underwriting with Heron

In an era where efficiency is paramount in the insurance sector, NBS, a prominent Managing General Agent (MGA) in the UK, has achieved remarkable advancements by integrating automation technology into their underwriting processes. Founded in 2011, NBS has continued to expand its portfolio, now boasting over £120 million in gross written premiums across more than 40 products. Their latest innovation involves the implementation of Heron, an intelligent automation tool designed to streamline submission intake, significantly enhancing operational productivity.

NBS previously operated on a portal-only model, which required brokers or their own underwriters to input every risk manually. This approach not only consumed valuable time but also made it difficult for underwriters to evaluate a higher number of submissions within a day. In fact, underwriters faced challenges due to the complexity of submissions, which often involved extensive documentation and numerous questions per case. For example, a commercial combined risk submission required answering up to 120 questions spread across multiple premises.

By adopting Heron, NBS has successfully cut underwriting time by approximately 50%. Heron works seamlessly with the existing broker portal, handling the incoming submissions by extracting and structuring data from various document formats. The tool reads proposal forms, presentations, and additional attachments submitted via email, converting them into clean structured data for NBS's system. This has allowed underwriters to focus on essential aspects of their work—evaluating risks instead of getting bogged down by manual data entry.

As a result, underwriters can now review 25-40% more submissions each day, substantially increasing throughput without the necessity of hiring additional staff. This enhanced efficiency not only boosts productivity but also leads to improved job satisfaction for underwriters, who now find their work more engaging. The effects are evident; for instance, NBS's professional indemnity line has seen turnaround times reduce from about four days to merely two days, while commercial combined cases now require only half a day, compared to a full day previously.

NBS was introduced to Heron through the Accelerant Marketplace, a curated network of high-performing partners tailored for effective integrations. The introduction of Heron has enabled NBS to broaden its acceptance of submissions, consequently increasing business volume. In the early months of implementation, quote volume for one line of business surged by 10%, despite the UK insurance market experiencing a downturn of approximately 16%. NBS anticipates that as every product line transitions to using Heron, overall quote volume could see a 25% escalation, potentially generating an additional £8-10 million in premiums within the first year.

In essence, the strategic partnership between NBS and Heron not only modernizes underwriting operations but also positions NBS for sustainable growth in a competitive market. Furthermore, NBS has announced plans to extend Heron’s functionalities across its entire suite of products, ensuring that no new offering is launched without integration of this transformative tool. The company is also developing a broker-facing chatbot widget aimed at simplifying the submission process even further, allowing brokers to submit cases directly to Heron for quick turnaround.

As the insurance landscape evolves, innovations like Heron are paving the way for more efficient, effective, and satisfying underwriting practices, redefining how MGAs like NBS operate in a competitive environment.

About NBS

NBS specializes in providing tailored insurance solutions, focusing initially on leisure and hospitality-related risks such as pubs and restaurants. Over the years, the company's offerings have expanded to include a diverse range of products including commercial combined, contractors, professional indemnity, and non-standard household insurance.

About Heron

Heron is designed to revolutionize the submission intake process within the insurance industry. It automatically processes various document formats, screening submissions, and integrating structured data into existing systems for enhanced workflow efficiencies.