4 Ways Insurtech Solutions Make It Easier for Wholesalers To Reach New and Emerging Markets
Today’s insurtech solutions are transforming traditional insurance industry practices, leading to a new digital automation and innovation era. One way these solutions are helping wholesalers, carriers, and managing general agents (MGAs) stay ahead of the competition is by enabling them to tap into new and emerging markets while enjoying unprecedented ease.
From accessing and leveraging critical data to using digital platforms that make it easier to integrate and distribute new products and services for greater market reach, let’s explore how these advancements are creating exciting opportunities across the insurance industry in four key areas – yielding a more connected, efficient, and inclusive insurance ecosystem.
1. Greater Market Reach
Advanced digital capabilities are helping wholesalers who specialize in unique, emerging, or hard-to-insure risks to enhance their access to specialty markets and surplus lines carriers. Having instant access to these specialized marketplaces on a single platform makes it easier to offer unique coverages and negotiate terms with carriers – which in turn helps facilitate the placement of business on behalf of their retail broker clients.
2. Expanded Coverage & Customer-Centric Products
Most new and emerging markets are exposed to certain risks and require more than a one-size-fits-all policy. In addition, the insurance needs of emerging markets are frequently changing. The flexibility of today’s digital platforms provided by modern insurtech solutions makes it easy for wholesalers to seamlessly expand, integrate, and distribute new coverages based on the evolving needs (and wants) of these unique markets.
3. Improved Data-Driven Decisions
Digital platforms in the insurance industry contain significant amounts of high-quality data that wholesalers can use to make more informed decisions about their products and services to their broker clients. Modern insurtech solutions provide wholesalers with easy access to this data. They can also pull analytics and insights from that information to better understand market trends, risk factors, and customer behaviors. This data-driven approach enables wholesalers to strategize more effectively when considering emerging markets.
4. Reduced Costs
From applications to underwriting, renewals, and new business submissions, automation technologies have streamlined many vital insurance processes and improvedx x . This efficiency makes it more cost-effective for wholesale insurance companies to move forward with initiatives for entering new markets where the cost might otherwise be prohibitive.
Next Steps to Secure Reliable Insurtech Solutions
These are just a few of the insurtech solutions providing insurance wholesalers, carriers, and MGAs with the tools they need to reach emerging markets effectively and efficiently. To be successful, you need to find an insurtech provider with a deep understanding of these solutions and the ability to adapt business models and processes according to the business’s needs.
About Surefyre
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our easy-to-implement process can integrate with almost any platform – from legacy systems to top-of-the-line programs. Our low-code and no-code integration platform makes your life easier by automating the submission, rating, quoting, and binding process for all P&C insurance products.
To learn more, contact Blake Wallace, Account Executive, at bwallace@surefyre.co or 239-405-4337.
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