Pyq, Inc., a Y Combinator-backed workflow automation firm, launched ‘Mulligan’, an all-in-one platform for automating industrial insurance coverage brokerage operations. The brand new system is designed to assist companies automate and simplify quoting, coverage evaluation, fee reconciliation, and submission processing right into a single interface.
The platform goals to get rid of back-office inefficiencies which have lengthy affected insurance coverage brokers, who typically handle workflows throughout dozens of fragmented programs and service portals. In keeping with Pyq, the Mulligan platform can automate as much as 80 per cent of repetitive back-office duties, chopping processes that beforehand took hours right down to minutes.
“For many years, brokers have been pressured to handle quoting, submissions, and coverage evaluation throughout dozens of fragmented programs and service portals,” stated Aman Raghuvanshi, chief govt officer and co-founder of Pyq, Inc. “Mulligan takes care of the busywork for you. It reads and compares insurance policies, logs into service portals, and builds proposals multi functional tidy workflow. What beforehand took hours can now occur in minutes, releasing brokers to deal with purchasers, alternatives, and truly rising their enterprise.”
A unified platform for brokerage workflows
Mulligan is designed to deal with the end-to-end industrial insurance coverage workflow, integrating a number of key brokerage features into one system.
For Quoting, the platform centralises industrial strains, automating 70 to 90 per cent of the workflow for insurance policies together with normal legal responsibility, industrial auto, and employees’ compensation. Brokers can add any doc kind, resembling ACORDs or earlier insurance policies, and the platform automates logging into service portals and getting into buyer knowledge to retrieve side-by-side quotes. The system additionally syncs with main company administration programs, together with Utilized, EZLynx, AMS360, and Veruna.
For Coverage Evaluation, Mulligan simplifies the evaluation course of by permitting customers to add a number of insurance policies to match protection language, limits, and endorsements side-by-side in seconds. The corporate experiences that early adopters are saving over eight hours per dealer per week and chopping evaluation errors by 95 per cent.
The platform additionally automates Fee Reconciliation by processing service fee statements. It extracts and codecs all knowledge, even from scanned paperwork, for direct import into company administration programs. This course of, which beforehand took hours, can reportedly be accomplished in underneath two minutes.
Lastly, the Submissions characteristic standardises the creation of submission packages for underwriters. It consolidates kinds and attachments, mechanically populates ACORD fields for numerous industrial strains, and validates the submission in opposition to service necessities, producing an entire bundle in underneath 5 minutes.
Scaling operations for industrial companies
The platform is SOC 2 Kind II compliant, making certain safety and auditability for brokerage operations. By automating probably the most repetitive duties, Mulligan is meant to assist small and huge companies scale their operations and enhance effectivity with out growing workers.
Pyq, Inc., which builds the Mulligan platform, is backed by traders together with WillowTree Ventures, Y Combinator, and distinguished insurance-industry angels. The corporate’s mission is to streamline back-office workflows to permit insurance coverage professionals to deal with client-facing actions and enterprise progress.
