In an era of dueling insurance mascots and large-scale customer acquisition campaigns where insurers promise to proactively protect and prevent losses, the companies without millions to drop on an advertising blitz are behind the proverbial eight ball. Those who will still be around five years from now are innovating and finding technology partners who further the cause.
These days, the proliferation of social and self-publishing platforms ensures that a single misstatement or angry reply can ruin the reputation of any given individual in an instant. This is even more true if one happens to be, even slightly, famous. Fortunately, Boston-based SpottedRisk specializes in “emerging and unique risks,” such as disgrace insurance, which protects companies in the event that a customer suffers some kind of scandal.
SpottedRisk started as a data analytics company and found the analytics to be a valuable asset in underwriting. The experience of Dana Lampert, chief product officer and co-founder helped identify disgrace insurance as a gap in the entertainment and event industries. It led them to recalibrate an old, rarely purchased Lloyd’s Disgrace policy to launch their MGA, SpottedRisk in 2016. However, no one saw a global pandemic coming, and SpottedRisk, like many other insurers, saw products and product need shift dramatically. While still focused primarily on the provision of disgrace insurance, SpottedRisk now also offers Production Buy-Back policies.
A large MGA with a growth plan to acquire additional MGAs in the coming years found itself with a diversity of MGA systems and Excel spreadsheets after its first round of acquisitions. With the acquisition plan becoming more aggressive, the MGA needed to figure out how to get all the data from all acquisitions into one location for reporting and analysis. It also needed to provide a processing system to the MGAs that were leveraging excel spreadsheets.
For this large MGA, the critical need for a processing system is submission tracking and document generation. OWIT Global (OWIT) provides a variety of solutions that can be implemented in stages. Initially, rating would be performed outside the system. OWIT’s components can get the MGA up and running on a single product in a few weeks. Once the MGA is ready to add rating, external verification, and policy transactions, OWIT can extend the solution with those insurance-specific microservices or components.
OWIT’s Bordereaux Management Solution will also solve the need to have a single view of all MGA data. The solution can connect to the MGA databases, ingest the Excel spreadsheets, cleanse the data, and transform it into a normalized database for reporting and analysis, both of which are included with the Bordereaux Management Solution.
A Tier 2 carrier who had a bad experience with an existing vendor including cost overruns, was very cautious in figuring out what to do next: extend a legacy system or replace it. The legacy system requires expensive coding, and the turn-around time is so long that the carrier is losing opportunities in the marketplace.
With the OWIT Global User Experience microservice the carrier will be able to create an agency portal that will provide a single user experience to the agent. The agency portal will also integrate with the existing legacy rating engine to provide the agent with a quote. The agent will be able to manage their book of business, and when ready to bind, the legacy system will take over and process the business. In the future, the carrier will be able to connect additional databases and processing for their agent.
A small but growing carrier with an antiquated legacy system thought it needed an immediate system replacement due to the costs associated with making changes and adding states. OWIT Global’s (OWIT) discussion with the carrier revealed that its immediate need was to replace its rating and document generation components with a tool that would make changes quickly and into production.
OWIT’s Rating microservice and Document microservice can meet the need of this carrier. OWIT’s approach is to take advantage of the existing policy administration solution and connecting to it at the right points. The carrier can add states and manage its rating and documents while taking advantage of its legacy system. For the long run, OWIT can provide the carrier with the option to extend into additional OWIT microservices, including the portal need and full policy administration.
A small MGA with an aggressive plan to extend their products to their distribution is faced with a multitude of reporting requirements for each carrier they sign with.
OWIT Global’s Bordereaux Management Solution can connect to their database to ingest the data elements, apply business rules, and validate the data before transforming it into each carrier report. The output file can be sent in a variety of formats, including Excel, JSN, and XML. By setting up the Bordereaux Management Solution early on, the MGA won’t need to worry about the effort to get data from its systems out to each carrier.
A regional carrier beginning to grow its program business to extend its distribution onboarded an MGA that required its information technology (IT) team to develop software to ingest the MGA data and transform it back to its ODS. The technology solution also needed to support the need to ensure the data was clean, a more complex requirement. This code development took IT almost four months to complete, a model which would not scale as the business began to accelerate its MGA relations.
Leveraging the OWIT Global (OWIT) Bordereaux Management Solution, the carrier was able to set up a no-code solution to support future MGAs going forward. For the initial implementation, the OWIT team worked with the carrier on its first deployment and took less than six weeks to complete. OWIT trained the carrier to onboard additional carriers through working sessions, a process which takes two days to two weeks, depending on the complexity and experience. The solution immediately provided an ROI.
In 2019, executives at a mid-tier, growing insurer saw the purchasing environment becoming increasingly competitive and identified a need to extend its insurance offerings to online buyers. But, with a significant investment in multiple legacy systems, finding a technology solution that could extend these systems and provide a consistent user experience was difficult. The insurer is a property and casualty (P&C) focused division of a global holding company specializing in standard and specialty insurance for personal and commercial customers seeking cover for niche business segments, including vacant properties, bankruptcies, inner-city mercantile, labor organizations, office buildings, renewable energy, and more on an admitted and non-admitted basis. To solve the company’s immediate distribution problem, the insurer’s chief operating officer (COO) sought a solution that would avoid a time consuming, enterprise-wide rip…