Ryan Bosworth, CSO, and Lani Cathey, CEO, discuss our evolving industry and how the lines are blurring between the market segments. The Nexsure Insurance Platform is a single, sophisticated insurance platform that can serve all the players.
Ryan Bosworth, CSO, XDimensional Technologies
This concept of a hybrid insurance world really came from listening to our customers talk about what types of organizations they are and how they view the insurance distribution channel. The lines have really blurred between a retail agent, a wholesaler, a program administrator, and a carrier, and what we’ve found is that there’s an opportunity in the market for them to increase channels of distribution.
So, with recent market conditions and the market hardening, we’re seeing a lot of retail agencies that are really interested in opening up wholesale arms. We’re seeing wholesalers that are driving enough premium through a specialty line, a niche, or a combination of products where they’ve actually been given complete underwriting authority by some of the carriers they work with to rate, quote, and underwrite that policy. And then on the other side of the spectrum, we’re seeing carriers and MGAs that are really interested in expanding their reach downstream, so whether that’s launching an in-house retail agency, whether that’s putting their product in front of another industry in an embedded format, it’s really this unique concept where constituents of the distribution chain are thinking about new ways to distribute their products.
What that means for us as a vendor is that we need to ensure we have a platform that’s flexible and scalable so that our customers can take advantage of the opportunity that’s in front of them.
Lani Cathey, CEO, XDimensional Technologies
We feel very strongly that the Nexsure Insurance Platform is different in the marketplace because of its heritage and its ability to support the multiple segments within the market. There’s been a definite blurring of the lines of the roles that our customers are playing in the marketplace, and with one single code base, the Nexsure Insurance Platform can support that evolving business for our customers. The investments that we’ve made in making a workflow make it easy to use and sustainable through growth. We feel our customers, as they evolve their business, do not have to go back out into the marketplace for separate vendors to support their growing business.