Insurance - Dais

How MGAs Leverage Platform Flexibility as a Competitive Advantage

adrianp — Thu, 14 Nov 2024 16:39:24 +0000

How MGAs Leverage Platform Flexibility as a Competitive Advantage adrianp Thu, 11/14/2024 - 09:39

Insurance - Dais

Blog Post

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.

Speed to Market: The New Imperative in Insurance

emily — Tue, 20 Aug 2024 14:48:44 +0000

Speed to Market: The New Imperative in Insurance emily Tue, 08/20/2024 - 08:48

Insurance - Dais

Blog Post

This article was originally published on the Dais website as part of the "Lessons from the Frontlines of Innovation" series.

Speed to market is a must. The race is on as innovative insurers strive to outpace their competitors, recognizing that the first to market often reaps the biggest rewards and delays of just a few months can cost millions in lost revenue.¹

Traditional product launch timelines of 12-18 months are no longer acceptable.² By embracing new no-code platforms like Dais, insurers are bypassing the complexities of legacy systems to become more agile and responsive.

Being quick off the mark means capturing untapped market segments and meeting customer expectations head-on.³ The future of insurance belongs to those who can keep pace with change and deliver products and product changes fast.

In the following case studies, we'll explore how some of our customers have used Dais's cutting-edge no-code platform and flexible conversational API architecture to get to market fast and save millions on implementation costs.

Defying Industry Norms: How One Insurer Launched a Groundbreaking Product in Record Time

When an innovative insurance company set out to introduce a product designed to serve a previously uncovered market, conventional wisdom said it would take 12-18 months. That was simply not an option for this insurer.

Partnering with Dais by selecting our cutting-edge no-code platform, the company bucked industry trends, getting their game-changing new product up and running in under 30 days. A small internal team was able to transform their vision into reality in a fraction of the usual time. No costly consultants or extensive service packages needed.

"This journey has been amazing," said the insurance company's CEO, who spearheaded the project. "Their no-code platform made it easy to turn our idea into a reality quickly and affordably. Dais allowed for rapid iteration with minimal effort."

The results speak for themselves. The insurer was able to achieve an estimated $1.2 million in implementation cost savings, and even more impressively, they got to market 11 months faster than the industry standard.

In an era where speed to market can make or break a business, this insurer has proven that the future belongs to those willing to challenge convention and adopt new strategies.

Highlights:

Deployed in less than 1 month
Used no-code for implementation
Saved an estimated 1.2 million in implementation costs

Embedded and Usage-Based Coverage Isn't as Hard as You Might Think

One of our clients is a tech-based company built around a mobile app that helps with risk mitigation. They wanted to add insurance options to their current offering and had to get their insurance product to market in under 30 business days in order to be ready for a major holiday.

"[The insurer’s] technology is truly impressive," said Jason Kolb, President of Dais. "They exemplify how seamlessly complex insurance solutions can be woven into daily operations, setting new standards for the industry. We're excited to be part of this innovative journey."

This success story serves as a powerful testament to the potential of no-code technology and event-driven API architecture. When forward-thinking companies partner with visionary solution providers, the impossible becomes not just possible, but profoundly impactful.

Highlights:

Embedded and usage-based product
Used no-code for implementation
Leveraged APIs to streamline customer intake and simplify sales
Delivered in under 30 business days

As a custom line that relied on usage data in order to determine premium, the product needed to be sellable through the normal flow that their customers were already using. By using our no-code platform and conversational API architecture, this company was able to meet their deadline and benefit from the influx of holiday customers.

What's Next: AI and Speed-to-Market

A critical decision made early on by the Dais team was to construct a truly future-proof system — one that could seamlessly adapt to the rapidly evolving insurance landscape. At the heart of this vision lies our conversational API architecture and event-based automation framework.

These innovative components don't just enable us to leverage our own AI capabilities. They also empower our customers to integrate a vast array of publicly available AI tools, as well as any proprietary solutions they may develop internally. By embracing an event-based approach, Dais has created a nimble, highly interoperable platform that can streamline insurance processes from end to end.

AI is on the cusp of sparking a true revolution — one that goes beyond simply doing things faster. This transformative technology has the power to redefine the entire insurance lifecycle, from product ideation to customer service.

So what specific AI-driven advancements are we monitoring and working on? Let's take a closer look.

Staying Ahead of New Market Trends

The insurance industry has long leveraged AI tools like machine learning and robotic process automation to streamline operations. However, the emergence of generative AI (GenAI) is taking these capabilities to unprecedented heights.

GenAI is revolutionizing how insurers analyze and respond to market dynamics. By combining data analysis with content creation, it's providing a more nuanced understanding of emerging risks and opportunities. For example, in the aftermath of events like the Baltimore bridge collapse, GenAI can quickly assess the market to determine if there's a need for new products to address specific risks, such as protecting ships in high-risk areas.

Perhaps most significantly, GenAI is empowering insurers to be proactive, rather than reactive, in the market. By incorporating AI into their modeling processes, insurers can uncover untapped markets and develop innovative products ahead of their competitors. This capability is crucial in an industry where being first to market can provide a significant competitive advantage. As such, GenAI is not just enhancing existing processes; it's fundamentally changing how insurance products are conceived, developed, and brought to market.

Expediting Product Launches

Expediting product launches is crucial for insurers in today's competitive insurance landscape. With market share being a primary focus, the race to offer new coverage before competitors can make or break an insurer's success. However, the traditional process of setting up a new product in a policy administration system has been a significant bottleneck, often requiring substantial time and resources.

We are currently evaluating ways to use GenAI to streamline the entire product launch cycle, from conception to implementation. It starts with understanding policy documents and creating content for system configuration, a task that previously required extensive manual effort. GenAI can quickly analyze existing policies, extract key information, and generate the necessary documentation for new products.

AI for Rating Factors and Question Selection

Another interesting application is using AI to streamline the intake process by intelligently selecting rating factors and question selection. By analyzing vast amounts of data, AI can identify the most relevant factors for accurately pricing risks and determine the most crucial questions to ask during the application process.

What You Can Do Now

Many tools promise to get your product to market, but they often come with high implementation costs and lengthy timelines. These tools are often inflexible, unable to adapt to the evolving needs of today's insurance landscape. Success requires a system that delivers speed and cost-efficiency, built for where insurance is going, not just where it is now. With Dais’s no-code, event-based platform, you can easily integrate AI innovations and stay ahead of the curve, ensuring you are always ready for what's next.

Watch our webinar to see how no-code platforms and API integrations are transforming insurance.

Insurance (All)

Solution Showcase | Streamlining Your Customer Experience with Portals and Document Management

emily — Wed, 05 Jun 2024 15:39:01 +0000

Solution Showcase | Streamlining Your Customer Experience with Portals and Document Management emily Wed, 06/05/2024 - 09:39

On-Demand Webinar

Discover how to enhance your customer experience and operational efficiency with policyholder portals and streamlined document management.

Two things on the minds of every insurer and MGA today are enhancing customer experience and operational efficiency.

Join our 15-minute webinar to discover how you can revolutionize your insurance operations with policyholder portals and streamlined document management systems. Learn how our no-code, API-driven technology ensures quick, seamless integrations, eliminating the need for extensive IT support.

In this 12-minute solution showcase, you’ll learn about:

How our policyholder portal enhances customer access and satisfaction
How our document management system boosts operational efficiency and productivity
How our no-code, API-driven platform simplifies integrations and connectivity

Interested in learning how to leverage this solution for your organization? Reach out to your account manager or, if you’re new to Origami and Dais, contact us.

Watch Now

Insurance - Dais

Javascript Code

Webinar | Why Some MGAs Thrive: Lessons from the Frontlines of Innovation

emily — Wed, 05 Jun 2024 14:41:16 +0000

Webinar | Why Some MGAs Thrive: Lessons from the Frontlines of Innovation emily Wed, 06/05/2024 - 08:41

On-Demand Webinar

Watch our webinar that delves into the transformative power of no-code platforms and API integration in the insurance sector. As we explore the journey from early adoption to mainstream integration, this session will provide a comprehensive overview of technologies that have successfully crossed "The Chasm," marking their transition into mainstream adoption. Discover how Managing General Agents (MGAs) and established carriers are utilizing these advancements to accelerate their pace, reduce costs, and innovate within the insurance market.

What you will learn:

Understand the Chasm Theory and its implications for technology adoption in the insurance industry.
Discover how early adopters in insurance are using technology to gain a competitive edge.

Who should watch:

Insurance professionals seeking to innovate and streamline operations
MGAs looking for scalable growth strategies
Established carriers interested in integrating new lines with minimal disruption
Insurtech innovators and early adopters aiming to stay ahead of market trends

Watch Now

Insurance (all)

Insurance - Claims Admin

Insurance - Dais

Insurance - Policy Admin

Javascript Code

Solution showcase | Dais

emily — Tue, 31 Oct 2023 17:15:14 +0000

Solution showcase | Dais emily Tue, 10/31/2023 - 11:15

On-Demand Webinar

What if you could create a new insurance product that works with your existing systems in weeks instead of years?

Two things on the minds of every insurer and MGA today are customer experience and speed to value. Dais empowers users to quickly and easily bring new products to market using no-code insurance technology. Integrations are painless using the built-in developer tools, API logs, API keys, documentation, and more.

In this 12-minute solution showcase, you’ll learn about:

How data prefill and RaaS can elevate your customer experience,
How a no-code solution makes product updates easy, and
How our API-driven solution simplifies integrations and connectivity.

Interested in learning how to leverage this solution for your organization? Reach out to your account manager or, if you’re new to Origami and Dais, contact us.

Thank you!

Insurance - Dais

Watch Now

Javascript Code

P&C Insurance Solution Suite

asims — Wed, 26 May 2021 20:04:14 +0000

P&C Insurance Solution Suite asims Wed, 05/26/2021 - 14:04

Solution Sheet

P&C Insurance Solution Suite

With Origami, you can streamline policy, billing, and claims administration from one secure, unified SaaS application that enables digital transformation.

Click on the button to the right for more information.

Get the solution sheet

P&C Insurance Solution Suite

Insurance (all)

Insurance - Billing

Insurance - Claims Admin

Insurance - Dais

Insurance - Policy Admin

Insurance (Commercial Lines)

Insurance (Personal Lines)

View sheet

P&C Insurance Solution Suite

asims — Wed, 26 May 2021 20:04:14 +0000

P&C Insurance Solution Suite asims Wed, 05/26/2021 - 14:04

Solution Sheet

P&C Insurance Solution Suite

With Origami, you can streamline policy, billing, and claims administration from one secure, unified SaaS application that enables digital transformation.

Click on the button to the right for more information.

Get the solution sheet

P&C Insurance Solution Suite

Insurance (all)

Insurance - Billing

Insurance - Claims Admin

Insurance - Dais

Insurance - Policy Admin

Insurance (Commercial Lines)

Insurance (Personal Lines)

View sheet

Insurance - Dais

How MGAs Leverage Platform Flexibility as a Competitive Advantage

Evolving Product Landscape

Dynamic Pricing Strategies

Evolving Distribution Landscape

A Leading Insurtech’s Vision

The Bottom Line: Agility Wins in a Dynamic Market

Speed to Market: The New Imperative in Insurance

Webinar | Why Some MGAs Thrive: Lessons from the Frontlines of Innovation

Solution Showcase | Streamlining Your Customer Experience with Portals and Document Management

Speed to Market: The New Imperative in Insurance

Defying Industry Norms: How One Insurer Launched a Groundbreaking Product in Record Time

Embedded and Usage-Based Coverage Isn't as Hard as You Might Think

What's Next: AI and Speed-to-Market

Staying Ahead of New Market Trends

Expediting Product Launches

AI for Rating Factors and Question Selection

What You Can Do Now

Solution Showcase | Streamlining Your Customer Experience with Portals and Document Management

Webinar | Why Some MGAs Thrive: Lessons from the Frontlines of Innovation

Solution showcase | Dais

CLARA x Origami Risk AI Solutions

2024 State of Risk Report | Origami Risk

Get Your House in Order for… AI

P&C Insurance Solution Suite

P&C Insurance Solution Suite

Insurance - Dais

How MGAs Leverage Platform Flexibility as a Competitive Advantage

Evolving Product Landscape

Dynamic Pricing Strategies

Evolving Distribution Landscape

A Leading Insurtech’s Vision

The Bottom Line: Agility Wins in a Dynamic Market

Featured Content

Speed to Market: The New Imperative in Insurance

Webinar | Why Some MGAs Thrive: Lessons from the Frontlines of Innovation

Solution Showcase | Streamlining Your Customer Experience with Portals and Document Management

Speed to Market: The New Imperative in Insurance

Defying Industry Norms: How One Insurer Launched a Groundbreaking Product in Record Time

Embedded and Usage-Based Coverage Isn't as Hard as You Might Think

What's Next: AI and Speed-to-Market

Staying Ahead of New Market Trends

Expediting Product Launches

AI for Rating Factors and Question Selection

What You Can Do Now

Solution Showcase | Streamlining Your Customer Experience with Portals and Document Management

Webinar | Why Some MGAs Thrive: Lessons from the Frontlines of Innovation

Solution showcase | Dais

Related Resources

CLARA x Origami Risk AI Solutions

2024 State of Risk Report | Origami Risk

Get Your House in Order for… AI

P&C Insurance Solution Suite

P&C Insurance Solution Suite