Recently, we have all either been reading or hearing about the “insurgency” of the Insurtech Movement. Anxieties, yes…opportunities, galore! The question that keeps popping-up is, “How are we, the insurance industry and its various components, going to navigate through this invigorating and rapidly growing development?”
Our journey starts with understanding the Insurtech Movement and its objectives. It is an innovative and technological initiative whose objective is to create greater efficiencies and economic savings by developing and cultivating insurance products, services and distribution models which align themselves with the identifiable buying habits and interests of the insurance consumer.
Subsequently, the emergence of start-up technology companies have caught the attention of not only Insurance Carriers and Reinsurers, but insurance Managing General Agents (MGA) and Program Administrators (PA) alike. Insurance Carriers and Reinsurers are scrambling to either partner with these start-ups or to create internal “think-tank” incubators. All have the same objective of quickly bringing to market the type of insurance products, services and distribution channels that suit an evolutionary consumer community.
As adherents to developing, servicing and delivering specific products to niche industries, MGAs and PAs are also embracing the Insurtech Movement with the hope of utilizing innovations within their own operations in order to be responsive to their clients, whether it be the direct consumer or their distribution network of independent agents.
While studying insurtechs entrance into our industry, it became apparent that many insurance services need to be incorporated throughout the life cycle of a successful product launch from concept to implementation. The expertise required in licensing, compliance, distribution, rating, procedures, bordereau reporting, accounting, and many other needs play a fundamental role to properly test the viability of a product/platform. This expertise can be obtained two ways: One, through the arduous task of learning, developing and implanting; or two, finding the right partner that can provide these various integral insurance services.
Insurgent Consulting, using its featured product MGA-In-A-Box™, is designed to be that partner. They are able to identify these needs and provide the solutions to help bring new products to market as quickly as possible. As a spinoff of Norman-Spencer Agency, Inc., Insurgent inherently comes with a full-service MGA infrastructure, along with strong industry relationships. Through MGA-In-A-Box™, Insurgent is able to assist in providing the services needed to launch a product quickly and cost effectively. To utilize a term used within the software industry, MGA-In-A-Box™ has the ability to “Plug and play” its various professional services within all of the stages of new product development beginning with idea generation, during the launch, and through the continued support of the product’s distribution.
Again, each situation will be unique and will evolve to a solution that works best for the success of all parties involved. Insurgent is currently working with multiple pilot programs. The experience and expertise within the team, along with over 80 combined years of experience in the program administration space continues to draw attention.