Meet the insurtech: Send

November 25, 2024 4:09 PM

People posing for a group photograph in a restaurant

In an effort to feature more insurtechs Digital Insurance has changed the format of our Meet the Insurtech series. Responses have been lightly edited.

In 2017, the three founders of Send–Andy Moss, Ben Huckel, and Matt McGrillis–had a vision to reshape and enhance the underwriting processes of commercial insurers by fusing advanced technology and deep expertise. They were frustrated with the manual processes, rekeying, bottlenecks and systems that didn't 'talk' to one another. Despite heavy investment by carriers in post-bind systems such as policy admin, billing and claims, underwriters were still underserved. Moss, Huckel and McGrillis knew there was a better way. They came up with the idea for the Send Underwriting Workbench, pitched it to a leading global insurer, and the rest is history.

When was the company founded and/or when was the product launched?

Three people walking down a street in London — From left: Founders of Send, Andy, Ben and Matt.

In 2019, Send delivered a commercial and specialty Underwriting Workbench for a leading global insurer (a major FTSE 100 carrier, one of the UK's top five composite insurers) – streamlining operations, driving efficiencies, and providing forward visibility. It is a SaaS and AI-enriched underwriting platform that supports and facilitates the entire underwriting process for insurers from submission to bind, and beyond.

Can you tell me about the founders and founding team?

The three founders are all 'techies' with deep business experience in the industry, within both carriers and vendor organizations. The trio had crossed paths at previous organizations, and in 2016 got together to discuss a platform idea that could help underwriters fully optimize and automate their operations and change how they model and understand risk. The goal was to help today's underwriters become 'bionic' and thrive in the underwriting landscape.

Any meaning behind the company name? (or why was the company name chosen?)

In this day and age, it's increasingly hard to find a relevant name and URL that hasn't already been chosen. As our platform centers on enabling the flow of data and helping it move efficiently, 'Send' was selected.

How many employees?

102 and counting.

Where is the company based?

Headquartered in London with staff in North America, U.K., Poland and India.

What pain points is the technology trying to solve?

Commercial and specialty underwriters are under pressure. The pressure to perform accurate risk assessments rapidly to report better loss ratios, to reduce costs whilst maintaining or improving underwriting quality, to generate new business and retain existing customers to increase underwriting profit, and in this rapidly changing market, they need confidence that their underwriting system is adaptable and able to quickly process large volumes of data to help them keep pace.

These are some of the biggest pain points for underwriters:

'Swivel-chairing' between multiple systems and rekeying data from one to the other.

A lack of visibility of pre-bind MI and data trapped in legacy systems.

A lack of confidence in scaling underwriting capacity.

Submission chaos and difficulty identifying those 'must-win' risks.

Manual, inconsistent underwriting and admin-heavy workflows.

An over-reliance on MS Office tools such as Outlook and Excel.

Clunky legacy technology unable to quickly respond to change.

What funding rounds has the company had?

In November 2022, Send closed a Series A funding round of $10 million and has since invested in recruiting experts from around the insurance and financial services industry, and strengthening its approach to product development and implementation.

What’s ahead?

Focused growth in North America, further investment in our underwriting suite of products, and building strong partnerships with SIs and tech providers.