This article was originally published on the Dais website as part of the "Lessons from the Frontlines of Innovation" series. 
 
The MGA Market is rich with creativity, unique data, and relationships. In this dynamic space it is crucial to rapidly launch and test new products. It’s all about getting innovative ideas to market quickly so you scale what works–or pivot to something new. In this fast-paced environment, agility isn’t just an advantage — it’s the lifeblood of successful MGAs. 

This is why no-code platforms have become a game-changer. They’re not just helpful — they’re becoming table stakes. These tools give insurers the flexibility to shift gears as the market evolves, adapting products and processes without getting bogged down in lengthy development cycles. 

MGAs are no stranger to juggling innovative ideas while navigating a complex market. Every day, they are balancing the demands of carriers, the needs of distribution partners, and the ever-evolving expectations of end customers. 

Flexibility isn’t just a nice-to-have — it’s a secret weapon. 

Evolving Product Landscape

An insurance product is like a high-performance sports care that needs constant fine-tuning to continue running at a high level. It’s not not about wholesale changes, but rather about nuanced adjustments to meet shifting market demands. A cyber policy might need tweaks to cover emerging threats, or a professional liability product could require updates to address new regulatory requirements.  

The real challenge lies in making these adjustments swiftly and effectively. For instance, parametric insurance products might need regular recalibration of triggers based on new data sources or changing environmental patterns.   

The key is having the flexibility to adjust without overhauling the entire product or getting bogged down in lengthy development cycles. It’s about being responsive to the market while maintaining the integrity and compliance of the product.  

Dynamic Pricing Strategies

While traditional annual policies are still commonplace, MGAs are increasingly exploring more responsive pricing models. This isn’t about constant price fluctuations, but rather about creating structures that can adapt to changing risk profiles and market conditions.  

Some of our customers are incorporating usage-based elements into their pricing, allowing for adjustments based on actual exposure rather than estimated risk. Other insurers are exploring ways to factor in real-time data for more accurate risk assessment, especially in areas like property or crop insurance.  

Evolving Distribution Landscape

In the MGA space, distribution isn’t about dramatic shifts from one channel to another. Instead, it’s about expanding and optimizing multiple channels simultaneously. The goal is to meet clients and partners where they are, whether that’s through traditional broker relationships, direct digital platforms, or emerging embedded insurance models.  

The real art lies in managing this multi-channel approach effectively. It’s about having the flexibility to tailor products and processes for different distribution channels without creating operational silos. This might mean adjusting underwriting questions for a digital platform while maintaining more comprehensive applications for broker-submitted risks.  

While these concepts may seem theoretical, they’re already shaping the insurance industry. Let’s move from the abstract to the concrete and examine how one leading insurtech is putting these principles into action. Their approach exemplifies both the power of flexibility and also hints at the future direction of the industry.  

A Leading Insurtech’s Vision

A leading insurtech recently approached Dais with a compelling challenge. Their vision: to revolutionize flexibility in the insurance space by empowering product owners with full responsibility for their respective products. They were seeking a solution that would allow these product owners to self-service, making iterations and adjustments without relying on lengthy IT processes.  

This innovative approach aligns perfectly with what Dais offers. The ability to quickly test new ideas, adjust coverage terms, or update pricing models based on real-time market feedback is crucial in today’s rapidly evolving insurtech landscape. For companies embracing this strategy, the potential result is a culture of continuous improvement and innovation, where iteration isn’t just encouraged — it’s expected and we’re excited to help.  

The company’s ambition extends beyond product development. They’ve already mastered the art of multi-channel distribution, seamlessly blending direct-to-consumer approaches with embedded partnerships. This adaptable distribution strategy allows them to meet customers wherever they are. As they continue to push the boundaries of what’s possible in insurance, it’s clear that innovative, flexible platforms will play a pivotal role. Dais is excited about the opportunity to address these cutting-edge needs and contribute to shaping the future of the industry.  

The Bottom Line: Agility Wins in a Dynamic Market   

The insurance landscape isn’t just changing — it’s evolving fast. Successful MGAs and insurtechs recognize flexibility as an asset that turns market shifts into opportunities.  

From product development to pricing strategies and distribution channels, agility is key. Industry leaders are leveraging no-code platforms to empower their teams, streamline operations, and respond swiftly to market demands.  

Take the insurtech company discussed above. Their approach to product ownership and their quest for rapid iteration capabilities highlight where the industry is headed. Adaptability is no longer just an advantage — it’s essential.  

The future of insurance belongs to the adaptable. Are you ready to lead the charge? 
 
To see how Dais speeds up insurance product deployment, contact us.