’Our focus is on making effective digitisation accessible to as many as possible, driving growth, increasing efficiency and improving margins,’ says founder and director
Digital agency Pancentric Digital has extended the deadline of its proof of concept initiative to 12 September 2024.
Called ‘Ready Steady Go-Insur’, the initiative aims to help one MGA advance its digital transformation by digitising an existing product from its portfolio by the end of 2024.
Once digitised, the product will then be made available online via brokers. This process will use the Go-Insur platform, which offers quote and bind functionality.
Included in the proof of concept scheme is the free set up and running of Go-Insur for six months – or until the participating MGA records £500,000 of gross written premium through Go-Insur.
This is then followed by a 50% reduction in the platform’s operating costs for the subsequent six months.
Typically, this service for this duration would cost Pancentric Digital’s clients £37,000 when provided at full price.
Simon Fenn, founder and director at digital agency Pancentric Digital, explained that the Go-Insur platform its initiative is utilising aimed to “show that digital solutions are accessible and beneficial”.
He added: “Our focus is on making effective digitisation accessible to as many as possible, driving growth, increasing efficiency and improving margins.”
“Our strapline is ‘digitise, grow, innovate.’ This means we do not jump straight into innovation. First, we aim to establish a solid core platform, achieve commercial returns and then consider further innovation.
“We plan to find a candidate business, go through the implementation and then move to the live environment to achieve the desired results, whether growth or efficiency.”
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MGAs can apply to take part through Pancentric Digital’s website.
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To be applicable for the initiative, MGA candidates must have capacity for their chosen product for 12 months, have been trading as a company for at least 12 months, be able to provide risk rated questions by Q3 2024 and be prepared to go live with their product digitally this year.
The selected firm will also have its digital transformation journey covered by Insurance Times.
Katie Scott, editor of Insurance Times, added: “We are excited to be working with Pancentric Digital on its Ready Steady Go-Insur initiative.
“Following the Covid-19 pandemic in 2020, digitalisation has become increasingly important – this way of operating and trading is now business as usual for many insurance firms.
“Ready Steady Go-Insur is a creative and useful way of helping an MGA kickstart or develop its digital transformation journey and Insurance Times is pleased to be able to liaise on and showcase this type of best practice.”
MGAs can apply for Ready Steady Go-Insur here.
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