November 04, 2021
Tech innovation
Touchless, bindable quotes are now a reality
What: Berkley Re is launching a new digital workplace violence product powered by Dais. This partnership enables Berkley Re to offer a fully digital and touchless product, from quote to bind.
Quote: “With Dais’ simple quote to issue platform, agents enjoy an excellent user experience and take advantage of rich API (application programming interface) functionality through the product lifecycle. The ease of use is excellent where binding a policy takes very few steps and billing and policy documents are just a few clicks away. Agents want this program for their insureds and because of Dais’ expert digital guidance, we were able to deliver. We’re delighted to work with Ansay & Associates to launch this important coverage” says Greg Douglas, president of Berkley Program Specialists and Berkley Re Solutions.
Why it matters: Touchless quoting and binding introduces a substantial opportunity to eliminate costs and enable digital growth for insurers. This is a massive step in making it easier to create, sell, and distribute insurance.
Read: Berkley Re Partners with Dais to Build Innovative Platform for Unique Agent Experience
Understanding APIs
Insurance as an API
What: “There are moments that transform industries. Inflection points in which the future is less certain, yet everything feels newer. Insurers are in an industry that is undergoing one of these shifts right now. As technology invades a historically slow-moving industry, new possibilities are opening up and new opportunities are being presented. I believe that insurance is going through an ‘AWS Moment’ as insurance products themselves become API-enabled.”
Why it matters: APIs are key to the future of insurance. To build a better understanding of APIs we recommend this short video.
Industry Challenge
Consumer trends show the need for digital insurance products
What: Accenture’s 2021 consumer insurance report stresses the importance of taking steps now to prepare for the changing customer expectations. Companies that are exploring new business models, capitalizing on tech innovations, and adjusting to changing generational demographics will have a leg up on their competition.
Why it matters: There was already a longer term trend toward preferring to buy online, and the pandemic accelerated it by a decade. This is driving the urgent need for APIs in insurance.
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