Technology Will Improve Jencap’s Underwriting Profitability and Broker Response Time
NEW YORK, NY (January 11, 2022) – Two Sigma Insurance Quantified (TSIQ), an insurance technology company for commercial property and casualty underwriting, announced today that Jencap Group LLC (Jencap), one of the largest managing general agencies (MGAs) in the U.S., has implemented SubmissionIQ.
SubmissionIQ, TSIQ’s first SaaS product, enables underwriters and underwriting leadership within MGAs and carriers to automate and access their submission and third party data to optimize and accelerate risk decisions. The product was developed in response to the property and casualty industry’s desire to invest in data and technology within underwriting and supports various lines of business, allowing it to be used on an enterprise basis.
John F. Jennings, Chief Executive Officer of Jencap, stated, “We are committed to employing innovative enterprise-wide technology solutions that support our underwriters to make more timely and effective risk decisions. With SubmissionIQ, we are equipping our underwriters with the data they need to make smart and strategic risk assessments. We are excited this new tool will further empower our decision-making and support us in implementing best-in-class business processes.”
Jencap is part of Galway Holdings LP (Galway), a diversified brokerage distribution and underwriting platform. John Hahn, Executive Chairman of Galway, commented, “This initiative enhances our value as a trusted partner across the insurance value chain and places Galway in a leadership position at the forefront of technological innovation.”
“SubmissionIQ will help empower Jencap’s underwriters by providing software and analytics that eliminate cumbersome manual work and put data insights at their fingertips,” said Brian Modesitt, Chief Executive Officer of TSIQ. “We believe this symbiotic partnership will catalyze Jencap’s efforts to enhance their customer experience and better serve their mission of
providing risk protection to those that need it.”
Mike Wood, Chief Revenue Officer and Head of Customer Development of TSIQ, added “We look forward to partnering with Jencap and providing them with data-driven tools to enhance the underwriting and risk selection process. We have invested heavily to support end user adoption of our technology and work closely with the senior leadership of our clients to create long term strategic relationships.”
About Two Sigma Insurance Quantified
TSIQ is an insurance technology company delivering SaaS solutions for commercial property and casualty underwriting. SubmissionIQ, the company’s first product, enables leading MGAs and carriers to access their underwriting data, including loss runs, submission, and third party data to make faster, higher quality, data driven decisions so they can better respond to the market, evaluate and manage risk and drive growth in their organizations. TSIQ offers a high level of strategic and end-user support associated with the adoption of transformative technology. TSIQ is an affiliated company of Two Sigma Investments, LLC. For more information, visit: www.twosigmaiq.com.
Jencap is one of the largest wholesalers in the U.S. with notable industry-leading expertise in wholesale brokerage, binding authority, and program management. Its specialized divisions and affiliate organizations provide niche underwriting prowess, broad market access, and nationwide influence. Headquartered in New York, Jencap leverages its collective power to exceed the expectations of more than 15,000 independent agency partners. For more information, visit: JencapGroup.com.
Managing Director of Marketing
Two Sigma Insurance Quantified