Integrating a new feature, for example to provide dynamic quoting and pricing, usually takes months. Hyperautomation, such as low-code, provides robust solutions faster.
I hope the next wave of insurtech players will have more robust insurance fundamentals and will not pretend that insurance ignorance is a competitive advantage.
An announcement by a prominent venture firm suggests we have reached peak Silicon Valley and, more broadly, are headed toward a more decentralized model for innovation.
MGAs and E&S carriers are thriving, and they have lots of runway in front of them. They can continue to exploit their deep understanding of market niches, can drive efficiencies in the often-cumbersome underwriting process and can increasingly fit into insurers' processes by being at the forefront of APIs.