Video: How Velocity Reinvented Submission Intake with Federato

Velocity Risk is a commercial excess and surplus property insurer, a hybrid MGA/Carrier founded by a team of industry veterans. By merging advanced technology capabilities, cutting-edge catastrophe modeling, and proprietary data insights, the company set out to deliver competitive quotes significantly faster than the rest of the market.

Velocity’s speed-centric strategy drove success for years, establishing it as a go-to partner for brokers due to its efficient process. However, by 2023, Velocity's submission volume had become challenging to manage, receiving over 50,000 submissions per year. While much of this risk was in-appetite, Velocity previously used a “first in, first out” system to process submissions, which meant underwriters spent considerable time screening submissions that were not advantageous to the portfolio, and manually working on time-intensive quotes with lower binding potential.

In this video, we hear directly from Velocity’s leadership and underwriting team about how Federato RiskOps provided a platform for Velocity to reinvent their submission intake,  simultaneously improving speed and volume. 

Within just two months, the average time from a submission being modeling-complete to issuance of a quote dropped from 21 days and 11 hours to 2 days and 8 hours—an 89% reduction. The percentage of quoted policies deemed high appetite and the percentage of bound policies categorized as high appetite increased threefold.

Ready to try it for yourself? Request a demo today.