IS2, a leading provider of digital distribution platform (DDP) solutions, has launched its latest API-enabled hosted pricing solution, aimed at transforming distribution for commercial insurers and Managing General Agents (MGAs).
The offering has been developed in response to the growing need for insurers and MGAs to streamline their multi-channel distribution processes and improve overall operational efficiency, according to InsurTech Insights.
By offering a centralised platform for pricing and rate adjustments, the solution aims to reduce time to market and operational costs, allowing companies to respond quickly to market demands.
The newly launched hosted pricing platform allows insurers and MGAs to manage their products across various channels seamlessly.
The API-driven solution facilitates real-time pricing and adjustments, enabling businesses to create products once and tailor them for different distribution routes.
This functionality helps companies reduce costs and accelerate the deployment of products to market.
This solution marks a significant development in the commercial insurance schemes market, where API-driven hosted pricing has not been widely implemented until now. While similar technologies have been commonplace in personal lines, IS2 is making this advanced pricing system available to commercial insurers and MGAs on a broad scale.
Founded in 1996, IS2 is an independent, cloud-native company that has been offering innovative digital solutions to insurers, InsurTechs, MGAs, and brokers for nearly 30 years.
IS2 has a long-standing history of providing digital solutions tailored to the insurance industry.
The company is known for its continuous investment in research and development, making it one of the few platforms to offer hosted pricing for niche schemes. This latest launch solidifies its role as a leader in digital transformation within the insurance sector.
Simon Pritchard, Managing Director of IS2, said, “This solution is critical for commercial lines insurance providers. It allows them to activate multiple distribution channels quickly, adapt to market demands, and streamline their processes. With a centralised point for pricing and data, insurers can offer full-cycle digital customer journeys across all channels, eliminating the need for multiple pricing instances.”
The move follows a reported 40% growth in H1 2024, driven by heavy investment in enhancing digital distribution capabilities for the insurance sector.
Having successfully implemented hosted pricing for selected commercial schemes, IS2 is now making its “plug and play” solution widely accessible.
Copyright © 2024 InsurTech Analyst
