PIONEER NEW POSSIBILITIES WITH PROGRAM BUSINESS
Driven by outside investment, InsurTech, big data, and an interest in untapped markets, the program business space has experienced record growth over the last several years. Target Markets(TMPAA) estimates that program business represents $40.5 billion in annual premium, and is outpacing the direct commercial market. With the hard market in full swing, increasingly more retailers are going to the E&S market to place hard-hit coverage lines and industries. Additionally, carriers are also looking to leverage untouched segments and partner with program administrators equipped to handle complicated and complex products.
3XY is well positioned to provide you with the services needed to create and implement an insurance program – whether it’s for an existing niche market or business line or to address an emerging risk. In addition to providing market research along with other key services to determine the viability of a new program and its success, we’ll help identify and negotiate with top-tier carriers whose risk appetite and resources are aligned with your offering. Our experience in InsurTech can help you harness various technologies for efficiencies in program business. We are able to help you apply insurance technology to various business processes such as underwriting, data collection, and policy delivery.
OUR PROGRAM CREATION/DEVELOPMENT SERVICES
Leverage the power of 3XY’s experience to create your next program.
- Research and development
- Gather data
- Create carrier submission
- Identify carrier partners
- Draft and implement underwriting guidelines, policies and procedures
- Create policy forms
- Negotiate contractual terms
- Technology support and development
- Marketing material – assistance with messaging to retailers and PR
From the time an idea is born to its execution and launch, 3XY will help you design a product to take a bigger piece of the program business pie.
Whether it’s doing the heavy lifting or collaborating with your team, our services can help
you grow your insurance business and improve its profitability.