ParaCode
Cloud-native insurance policy administration and claims management system for insurers, brokers, and MGAs
Overview
ParaCode is a cloud-native policy administration and claims management platform serving insurers, brokers, and Managing General Agents (MGAs) in the UK insurance market. The platform enables insurance businesses to build and manage any insurance product end-to-end without requiring developer involvement.
The system covers the full insurance lifecycle from quote to claims settlement, incorporating a no-code product builder with a rating engine, drag-and-drop form builder, and document generator. Distribution is handled through multiple channels including customer portals, broker portals, and API interfaces. ParaCode also operates a marketplace for publishing and transacting insurance products across FCA-registered UK insurance businesses.
ParaCode raised seed funding in 2021 and has attracted customers including Gem Underwriting, KBIS, Stoneways Marine, and The Underwriting Exchange Ireland. The company targets approximately 1,800 insurance broker firms across the UK and has integrations with Blink Payment, Stripe, and SanctionsSearch.com.
Products & Services
Policy Management
Full-cycle policy administration covering quote to bind, mid-term modifications, cancellations, renewals, and reinstatements. Supports any insurance product type without code changes.
Key Features
- Quote-to-bind workflow
- Mid-term modification and cancellation handling
- Renewal and reinstatement processing
Target Users: Insurers, MGAs, Brokers
Claims Management
End-to-end claims lifecycle management from first notice of loss (FNOL) through assessment, adjustment, and payment processing.
Key Features
- FNOL capture and processing
- Claims assessment and adjustment workflow
- Payment processing integration
Target Users: Insurers, MGAs, Claims handlers
Product Builder
No-code insurance product creation tool enabling rapid time-to-market for new products without developer involvement.
Key Features
- Innovative rating engine
- Drag-and-drop form builder
- Document generator
Target Users: Insurers, MGAs
Underwriting Management
Risk management tools supporting both high-touch and data-driven underwriting approaches with configurable referral and decline criteria.
Key Features
- Configurable referral criteria
- Decline criteria management
- High-touch and data-driven underwriting support
Target Users: Underwriters, MGAs
Omni-Channel Distribution
Multi-channel product distribution via customer portal, broker portal, introducer portal, and API interfaces, supporting embedded insurance.
Key Features
- Customer and broker portals
- Introducer portal
- REST API for integration
Target Users: Insurers, Brokers, MGAs
Marketplace
Platform for publishing, finding, and transacting insurance products, covering all FCA-registered UK insurance businesses with TOBA relationship management.
Key Features
- Insurance product publishing
- TOBA management
- FCA-registered business directory
Target Users: Insurers, Brokers, MGAs
Reporting & Analytics
Generic and custom reporting via data warehouse integration with real-time customizable dashboards.
Key Features
- Generic reporting module
- Data warehouse integration
- Customizable real-time dashboards
Target Users: Operations teams, Management
Accounting
Built-in insurance accounting module covering debtor and creditor management and bank reconciliation.
Key Features
- Debtor/creditor management
- Bank reconciliation
- Insurance-specific accounting workflows
Target Users: Finance teams, Brokers, MGAs
At a Glance
- Founded
- 2018
- Headquarters
- Lambourn, Berkshire, United Kingdom
- Employees
- 1-10
- Funding
- Seed
Category & Focus
- Category
- Core Administration
- Subcategories
- Policy Administration Claims Management No-Code Insurance Platform Product Builder
- Insurance Verticals
- P&C Commercial Specialty/E&S
- Target Customers
- Carriers, Brokers, MGAs/MGUs
Customers
- Gem Underwriting
- KBIS
- Stoneways Marine
- The Underwriting Exchange Ireland
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Last updated: 2026-06-05