Shortening the Underwriting Chain & Building Distribution Partnerships
The cost of doing business is an existential threat facing our market. It’s now or never, and we as a market must find ways to optimize our distribution chains, streamline our processes where possible, and shorten the chain between ourselves and the ultimate insured.
Building a digital distribution framework to reduce turn around times, provide instant policy signing and issuance, and diversifying your product offerings is just the start. Connect Marketplace like many capable cloud based underwriting systems, can quote and bind thousands of times at virtually no cost enabling our underwriters to focus on more complex business.
On shortening the acquisition chain, and whilst every market has their own distribution strategy, my belief is we must also pick our business partners carefully and avoid the scatter gun approach that drives pricing into the ground. A successful distribution partnership requires planning, research, strategic marketing management, and people resources at both ends to succeed.
In order for our market to thrive, we need to evolve from capacity providers where in many instances we are two or three steps removed from the ultimate insured, to active partners in product creation and distribution through reliable business partners in the global wholesale broking community that ultimately creates economies of scale, reduces acquisition costs, and strengthens pricing transparency especially in emerging markets.