Our technology underpins every aspect of our business

Specialty Risks ability to combine the skills and experience of our people with the power of our technology makes us the best choice for organisations that need a bespoke insurance scheme. 

Why we built our technology platform

When we launched Specialty Risks in 2017, we licensed an off-the shelf application from a well established insurance software provider . Like most new businesses, we did not have the resources or ability to develop our own platform.

Whilst the software was robust and well supported, it soon became clear that it could not cope with the specialised nature of our products. In particular, it could not process policies with variable lengths of cover or process large data files containing new policies.

Our ability to extract data and analyse it was limited to a standard suite of reports and was not designed for an underwriting business such as ours. 

We required a much more flexible solution to meet our technology needs and so we decided to build our own platform, SPECS TM.We therefore adopted a strategy to build our own system and embarked on the development of SPECS. This has been extremely successfully, and now we are considering licencing SPECS to other similar MGAs/Insurers who seek a flexible, cost effective solution with a highly flexible database structur

Our technology, Specialty Computer System (SPECS TM)

SPECS TM is a highly flexible platform consisting of bespoke applications that have been designed specifically to support our insurance business.

Key features:

  • Infinitely scalable through Microsoft Azure hosting
  • Extremely high availability and stability
  • White labelling capability
  • Wholesale policy processing
  • Complex insurance product structure, including multiple organisations in the distribution chain

Our SPECS TM platform has been built in the .NET Framework, using the latest Microsoft tools and technologies. Using our technology, a combination of our own applications and Microsoft’s applications gives us an unrivalled platform for managing insurance schemes.  therefore adopted a strategy to build our own system and embarked on the development of SPECS. This has been extremely successfully, and now we are considering licencing SPECS to other similar MGAs/Insurers who seek a flexible, cost effective solution with a highly flexible database structur eco system of e InifiIniSPECS SPECS Using

Microsoft integrations

Microsoft Power BI provides highly detailed reporting from SPECS TM.

As it is fully integrated with SPECS TM, we provide our distributors with realtime reporting.

We have a comprehensive suite of internal reports that enable us to understand our business performance with a high level of granularity. This reporting enables us to understand sales,  cancellations, renewals, complaints, service level performance, margins and underwriting performance.

Microsoft Power Automate provides a high level of automation for many aspects of the business. We use a combination of automated cloud flows and manually triggered instant cloud flows.

SPECS TM is fully integrated with all Microsoft 365 applications. These include Microsoft Word, Microsoft Excel, Microsoft Outlook and many more. Using our Power Automate capabilities we are able to integrate Microsoft 365 into our system.

SPECS TM is fully integrated with Microsoft Teams. As the majority of our team is home-based, this is critical for ensuring the smooth operation of the business.

Using our Microsoft Power Automate capabilities we integrate Microsoft Teams into our system and instantly circulate information.

The SPECS TM platform is hosted in Microsoft Azure.

Using Microsoft Azure has enabled us to build a range of applications within the SPECS TM platform to sit alongside our core database for convenient and easy integration. Application security is managed from a central point.

We use Microsoft Visual Studio to maintain our bespoke applications and build new applications.

Microsoft Visual Studio includes compilers, code completion tools, graphical designers and many other tools which are used to enhance the software development process.

Microsoft Azure Data Factory provides the ability to integrate all of our data and operate at scale.

Microsoft Azure Data Factory enriches our bespoke applications and enables us to deliver data-driven user experiences. 

Bespoke applications

Bespoke applications are the core of the SPECS TM platform. Each of our applications has been developed, tested and refined over a number of years. 

Claims App

The Claims Application gives claims handlers complete visibility of all claims and drives the service for policyholders.

The integration of the event-driven claims management system with a powerful PowerBI workflow management tool means claims handlers have clearly defined workflows every day a nd realtime feedback as to how they’re are performing

Our claims management team have their own super-user dashboards to ensure the delivery of the claims service agreed with the distributor.

Policy App

The Policy Application gives complete visibility of all customers and policies and ensures customers receive the level of service promised to them.

Using the integrated event-driven policy management system with a bespoke PowerBI user interface, users have full visibility of their workflow and the priorities.

Finance App

The Finance Application has been developed to process high volumes of transactions simultaneously. Thousands of new business records can be created in seconds.

Our unique two stage cash allocation capability means that cash is never unallocated. Cash can be allocated to a distributor’s  account and then further allocated to individual policy records. The applications allows individual or multiple transactions to be performed at the same time.

The Finance Application can be used to process individual transactions although its real strength is processing thousands of records simultaneously.

Combined with PowerBI, the Finance App enables a realtime view of aged debtors and automated alerts if distributors fall outside of payment terms.

Communicator App

Our Communicator TM Application is fully integrated with third party software provided by SendGrid and can be integrated with a range of third party applications.

Using an API, policy fulfilment is automated and sent in realtime.

The Communicator TM Application provides data on how many documents are due to be sent and provides a full date and time stamped event history every time an email is opened.

Data Loading App

Our Data Loading Application is critical to the cost effective management of wholesale insurance schemes.

The Data Loading Application has the ability to process data files containing high volumes of policy records  simultaneously. Its ability to accept any file format, means policies can be accepted from any distributor who can produce a data export file.

The latest version of the Data Loading Application includes the capability to receive new policy records via an API, removing the need to process data files altogether.

Sanctions App

Our bespoke Sanctions Application ensures that insurance policies and claims are not processed for individuals and organisations who appear on sanctions lists published by HM Treasury, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the EU’s restrictive measures.

Our Sanctions Application is highly flexible. Sanctions checks can be carried out on an event basis (policy inception, premium collection, renewal invite etc) or on a time basis (daily, weekly, monthly or any other time period required).

Can our technology help your insurance customers?

Contact us and find out more about how we can help you