According to a recent report by S&P Global, the excess and surplus (E&S) premiums have grown by at least double digits for the last five years.
If you’re taking advantage of the rapidly growing market and partnering with MGAs or retail brokers to help price and place your E&S business, when was the last time you audited the workflows between your organization and your distribution partners?
Outdated and inefficient workflows, paired with manual data exchanges can result in costly errors and frustration for you, your partners, and your customers throughout the entire insurance lifecycle. Plus, a single missed rule, misunderstood risk or forgotten authority guideline could cost you, your distribution partner or a customer thousands of dollars in uncovered losses.
Modern insurance organizations are investing in distribution technology that creates better workflows between their organization and their distribution partners. They aren’t relying on outdated, legacy technology to communicate risk appetites, rules and data to their distribution partners. Instead, they’re looking to solutions that limit exposure to uncovered losses and help you distribution partners more effectively manage rules and authority guidelines.
It’s time for you to join their ranks. Find out how in Powering the Modern Insurance Lifecycle. Get your copy today.
