Bermudian-based reinsurance technology start-up Foundation Platform Technologies has announced enhancements to its software platform, Foundation, that it says will provide greater value to clients in the ILS, reinsurance and brokerage sectors.

Launched in March last year, Foundation provides web-based solutions to help re/insurance and ILS businesses underwrite natural catastrophe covers worldwide.

The company said the platform serves to make customers more profitable and productive by simplifying and automating the process of pricing reinsurance deals.

Dmitry Mnushkin is the president of the software development house Treefrog Consulting Ltd, which developed Foundation and marketed it under the Foundation Platform Technologies brand.

Treefrog continues to offer day-to-day support to Foundation customers and administers the software.

Mr Mnushkin said: “Since developing the Foundation platform, we have been in constant communication with our customers to make sure it continues to evolve in a way that helps them keep their competitive edge and stay productive.

“We are excited to announce some new enhancements to the software with better support for cat bonds, enhanced geographic granularity and portfolio analysis at event-level in real time.

“These are just a few of the latest improvements to Foundation that have been highly anticipated by our clients and made our platform an even more attractive option for local and international businesses.”

In addition to faster pricing and analysis, the company said, the platform also provides advanced loss modification support, import of loss files in excess of 2GB in size, support for custom add-ins written in C# or Python, the ability to define deal groupings, plus much more.

The winner of an International Innovation Award at the 2019 Tech Awards, Foundation was originally designed to service the ILS industry by delivering superior deal pricing and portfolio roll-up support.

Mr Mnushkin said: “Our first clients were deeply focused in the ILS space and we made sure our technology could support them.

“With our latest enhancements, we are thrilled to have welcomed innovative and progressive reinsurance clients and brokers to our platform, and for the first time since our inception we now have clients in all three industry segments, including ILS, reinsurance and brokerage, represented on the platform.

“This clearly demonstrates the maturity of the software and its ability to fully serve multiple use cases.”

Mr Mnushkin has vast experience in architecting, project managing, developing and delivering applications and systems of every description.

He has dedicated the past 21 years of his career to the re/insurance industry.

During his career, the company said, he has worked on many custom risk analytics, pricing and portfolio roll-up systems for technological leaders in this space.

Mr Mnushkin launched Treefrog Consulting in 2013, primarily focusing on the development of custom risk-management software solutions and underwriting platforms for insurance, reinsurance and ILS companies worldwide.

The company continues to design, deliver and maintain software for its long-term clients.

Mr Mnushkin said he is getting ready to launch several pilot programmes that will further disrupt the traditional model of bespoke, internal software builds.