Recently, I moderated a panel discussion at the Wholesale & Specialty Insurance Association (WSIA) Insurtech Conference titled "Digital Connectivity Take Center Stage for Retail Agents." During the session, industry experts from Amwins®, Watkins Insurance Group, a national carrier client, and Ivans® discussed the importance of digital connectivity in Excess and Surplus (E&S) lines. We also explored the technology that retail agents prioritize, including automation to support quoting and digital communication for servicing.

A Growing Excess & Surplus Lines Market

The E&S market is growing rapidly and is expected to surpass $100 billion in written premiums in 2024. This highlights the need for more digital agility in specialty lines. As the lines blur between traditional admitted markets and E&S, it is crucial to have robust digital strategies. For example, my colleague Roger Banks emphasized the evolving role of digital platforms in enhancing back-office processes and front-office activities. The shift towards digital is not just a response to growing volumes but a strategic move to streamline operations, improve efficiency, and enrich client experiences. His insights into the transformative power of digital connectivity in making the "connected round trip" available to the industry highlight the forward-thinking approach needed to navigate today’s market dynamics.

Data Connectivity Challenges

The panel also discussed consistency in data connectivity. Jess Montney said as a global specialty insurance distributor, Amwins underwrites diverse lines of business that can be difficult to standardize. While their Access business teams write smaller accounts with standardized data capture programs, large accounts do not fit into a standard data model. This makes it challenging to share data across markets, so they need to work with each market individually. Although there has been a concerted effort over the last decade to create a data model that allows for better information sharing, this only accounts for 50% or less of their market.

She added that several markets lack digital connectivity but are actively working on solutions to address the issue. Getting data isn't always possible, but they're open to writing any business that comes their way. They try hard to bridge the gap between their retailers and markets by capturing data when possible and passing it on to their retailers. Although data exchange is often not reciprocal, they remain hopeful that this will change as the industry evolves. They are committed to providing their retailers with as much data as possible, even if it's not as frequent as they would like. Their ultimate goal is to help their retailers succeed, and they'll continue to work towards that by adapting to changing industry standards.

Adopting Data Standards for Consistency

Amanda Sasser Taylor from Watkins Insurance Group said that if E&S markets adopted a standard data model for subscribed services, we would see immediate improvements in consistency. However, one data field might mean something to one market and something entirely different to another. She believes eDocs is an excellent starting point for carriers to start their digital journey. Instead of struggling to transfer data, sending documents is much easier. Even with data downloads, several steps are involved, such as logging into different websites, downloading documents, and typing in endorsements. This can be labor-intensive and time-consuming, so having a single source is essential. It would be great to have both, but getting a policy download correct can be tricky; that is why starting with eDocs is the easiest and most practical solution.

Overall, it was great to discuss the latest E&S market trends with such knowledgeable insurance professionals, and we’re optimistic about the digital future of insurance. Even though the road ahead may be bumpy, we see it as an opportunity to transform workflows and streamline antiquated processes, especially in specialty lines. Ivans has been privileged to support carriers, MGAs, and E&S markets in delivering digital data to their agents for decades. We look forward to continuing our partnership with the industry to ensure carriers and their agents have the best possible digital experiences.