Program insurance continues to grow at more than double the rate of the overall market. And the trend has not gone unnoticed.
NAPERVILLE, Ill. (PRWEB) November 01, 2018
Last week over 800 insurance executives descended on Phoenix for the 18th Annual Target Markets Summit. The event has been a traditional bellwether for the program market. Instec, the market leader in software for commercial program and specialty writers, noted several developing trends.
This year’s conference attracted a host of new attendees from carriers to start-ups to service providers. Program insurance continues to grow at more than double the rate of the overall market. And the trend has not gone unnoticed.
Insuretechs, retail agents, and wholesalers were among the new faces this year. The distributors are “evolving” into programs – consolidating existing risks, identifying markets, and establishing underwriting expertise. Meanwhile, insuretechs came to the show seeking capacity from carriers ready to onboard new books.
Technology norms are shifting, too. MGAs want to own their data – and their systems. While many carriers still want to provide the system, they are beginning to acknowledge this new paradigm. In response, they are trying to be agnostic about how they interact with and share data. At the same time, they struggle to put processes in place to support compliance.
Speed is still a top priority. And technology and operating efficiencies are improving the speed of program launches – and making it easier for program administrators to change markets and for carriers to capture new books.
“Program products are complex, and the pace of change is fast,” said Rob Reed, Instec Vice President of Sales. “Flexibility and expertise are required in this space. Large, multi-year system projects just don’t cut it.”
Finally, “best of breed” is back. Few, if any, carriers are trying to build systems to support programs. If anything, the program units of carriers are seeking a separate system for programs that is responsive, economical and trusted. The era of “one system for everything” appears to have passed.
Instec’s unique approach to systems for the insurance industry enables P&C carriers, MGAs and MGUs to launch programs and specialty offerings from start to first quote in as little as four weeks. With built-in bureau content and reusable business rules, Instec systems provide a platform for innovation with reduced risk. In addition, cloud-based deployment and subscription-based pricing enable insurers to test new programs at a low cost of entry and scale up affordably as the business grows. To learn more, visit instec-corp.com.