No one ever said the non-admitted market is easy.
Highly-specialized, wildly-fragmented, and subject to patchworks of differing state regulations, the excess and surplus lines industry can be downright daunting, even for experienced agents.
But Pathpoint, the first-ever digital E&S distributor, is working to change that by revolutionizing agent access to multiple carriers and products.
Through its unique proprietary web-based platform, Pathpoint allows agents to compare, submit and bind E&S policies from multiple carriers instantly.
The platform is a first for E&S industry, which, unlike many other segments of the insurance industry, lacked this kind of tool until now.
Here are four reasons why:
#1. A speedy platform that offers access to multiple carriers is a game-changer for agents
Because the E&S market is so decentralized, there’s no single place for agents to get comprehensive access to insurance solutions. Sometimes, they find themselves in the position of reinventing the wheel for each non-admitted policy, often faced with complex apples-to-oranges comparisons from many different sources, all with lots of scattered paperwork going to and 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 get a bindable quote back instantly. For 95 percent 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.
#2: Increased speed and efficiency mean agents can book more business – and be better agents
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 altogether.
By eliminating many repetitive tasks, Pathpoint frees agents from having to spend time on activities that don’t add value to their services.
#3: Access to offerings from multiple carriers lowers costs – for everyone
Instant access to multiple carriers can allow agents to work in E&S areas that previously might have been too difficult, time-consuming or expensive.
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. And lower distribution costs mean more competitively priced products for clients.
#4: You’ll be prepared for the future
Streamlined access to multiple carriers and products is clearly the future of E&S – and 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.