A new player in the commercial property underwriting market has emerged with Pricing Platform, a Stamford-based fintech startup.
According to the company, its flagship app U1 is being positioned for both cloud and on-premises software configurations, while a tablet version is in the development. Pricing Platform stated that U1 will bring “efficiency and structure to the underwriting process and make it an enjoyable experience for underwriters and cat modelers.” The company is founded by Sito Sarkar, who previously held risk manager positions at Ironshore Insurance, Swiss Re and GE Insurance Solutions.
“During my years in the industry, I witnessed first-hand how the underwriters and (catastrophe) modelers suffered from manual processes and lack of support systems,” said Sarkar. “Many underwriters spend more time formatting data and preparing reports, rather than analyzing risk and making the right decisions. U1 will transform the way exposure data and pricing models are presented to underwriters, so they can concentrate on what they are hired to do – better risk selection and profitability. As a by-product, management gets real-time portfolio rollups, underwriting controls and a huge repository of data for future applications.”