4 Reasons Agents Need Fast Access to E&S Carriers

4 Reasons Agents Need Fast Access to E&S Carriers

4 Reasons Agents Need Fast Access to E&S Carriers
Alex Bargmann
Jan 18, 2022
LinkedIn Icon

No one ever said the non-admitted market is easy.

The excess and surplus lines industry can be downright daunting, even for experienced agents. It’s highly specialized, wildly fragmented, and subject to patchworks of differing state regulations.

But at Pathpoint, we’re working to change that by revolutionizing agent access to multiple E&S carriers and products. Our unique proprietary web-based platform allows insurance agents to compare, submit, and bind E&S policies from multiple carriers.

Pathpoint is one-of-a-kind in the E&S industry. Here are four reasons you should consider our platform: 

1. Speedy platform offers access to multiple carriers

Because the E&S market is so decentralized, there’s no single place for agents to get comprehensive access to insurance solutions.

Sometimes, you have to reinvent the wheel for each non-admitted policy. You’re faced with complex apples-to-oranges comparisons from many different sources. Then, there’s lots of scattered paperwork from many different places.

With Pathpoint’s platform, retail agents can survey and compare multiple products and submit their clients’ risk information from a single application, generally with just a handful of questions. Applications can go to several carriers in minutes.

Agents instantly get a bindable quote back. For 95% of submissions with other wholesalers, it takes days or maybe even a couple of weeks for a $1000 or $2000 premium policy to be returned. Not with Pathpoint.

2. Increased efficiency means more business

By their nature, non-admitted policies are often heavily labor-intensive for underwriters, agents, and insureds. In the end, the process can bog down or prevent successful sales.

By eliminating many repetitive tasks, Pathpoint frees insurance agents from having to spend time on costly activities that don’t add value to their services.

“Right now, the E&S market may be the only practical option for placing certain risks. If you’re an agent and you’ve had trouble securing coverage for your clients, this is an area you need to have plenty of markets readily available for market access,” writes David Wilson, vice president of Specialty Markets for Smart Choice, in the Insurance Journal.

3. Access to multiple carriers lowers costs

Instant access to multiple carriers can allow agents to expand their E&S services. Say goodbye to expensive and time-consuming tasks.

On the supply side, surplus lines typically come with higher expense ratios than traditional insurance. The E&S industry is especially eager for new technologies that help to reduce costs by distributing products more efficiently. Lower distribution costs mean more competitively priced products for clients.

4. Prepare for the future of insurance

The future of E&S is streamlined access to multiple carriers and products. Pathpoint’s groundbreaking platform is the first step in building the foundation for a “digital exchange” to support the needs of carriers and agents for more efficient distribution.

Agents can offer significant benefits to their clients right now by providing them with quickly-delivered, better-tailored, and lower-priced policies. But agents will also be getting ahead of the curve by delivering a superior level of service that will soon become the benchmark for all agents who handle E&S lines.

Get access to multiple A-rated markets in just a few minutes. Sign up for Pathpoint today.

More From Our Blog

Explore all posts