Cobalt Specialty deploys ChainThat BPA platform for surety business
Cobalt Specialty, part of KEWA Financial, has integrated ChainThat's Beyond Policy Administration (BPA) platform to support its Surety business in Canada.
This implementation powers Cobalt's strategy to provide solutions in complex insurance sectors, a press release stated.
The BPA platform has now been deployed for Cobalt's Surety business line in Toronto, after the launch of the alliance in November 2024.
This move aims to enhance Cobalt's ability to enhance specialised lines in the Canadian commercial insurance market.
The BPA platform offers modular, API (application programming interface)-driven functionality that enables underwriters, operations teams and distribution partners to streamline their processes.
This platform is designed to speed up the entire policy life cycle, including billing, binding, product configuration, quoting, rating and reporting.
Cobalt Specialty COO & founding partner Gordon Rider said: 'Partnering with ChainThat has been a great experience. The team worked more like a partner than a vendor, taking the time to understand our business and needs in order to provide a best-in-class scalable offering. ChainThat has delivered a flexible platform that allows us to launch, adapt and scale our offerings efficiently. With BPA, we are now well positioned to support the evolving needs of Canadian industries.'
ChainThat, headquartered in the UK, has been serving the insurance industry since 2015 with software-as-a-service-based platforms. In 2024, the company appointed Vikas Acharya as its new CEO.
Acharya said: 'The successful implementation with Cobalt Specialty is a great example of what our BPA platform is built for – flexibility, speed and the ability to support complex lines of business. We are thrilled to help Cobalt deliver high-impact solutions to the Canadian market and look forward to expanding our partnership to support their growth in other commercial lines.'
"Cobalt Specialty deploys ChainThat BPA platform for surety business " was originally created and published by Life Insurance International, a GlobalData owned brand.
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