’It’s not about eliminating spreadsheets but rather working with familiar tools to facilitate ease of use,’ says founder and director
Completely “ripping [out] and replacing” a digital policy management system should no longer be the primary approach for those firms looking to digitalise their operations. Instead, a more productive approach would be to utilise technology that is able to work alongside existing systems.
That was according to Simon Fenn, founder and director at digital agency Pancentric Digital, who told Insurance Times that the firm has identified spreadsheets as a tool that can integrate seamlessly with its concurrent technology approach, which forms the basis of its proof of concept initiative ‘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.
Fenn explained: “People can upload underwriting rules or download data into spreadsheets and work from there. It’s not about eliminating spreadsheets, but rather working with familiar tools to facilitate ease of use.
“There are situations where our tool is used alongside a separate invoicing system, or where digital sales channels are employed but still require data to be manually entered into CRM systems. This necessitates building more connections between systems to minimise manual errors.
“Spreadsheets are more prone to manual errors and are less real-time, lacking the enhancements that come from other data sources.
”In contrast, digital tools validate data as you go, rather than relying on human memory or judgement.”
The aim
Fenn explained that the Go-Insur platform its initiative is utilising aimed to “show that digital solutions are accessible and beneficial”.
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For the participating MGA, the proof of concept scheme includes a 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 will 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.
Fenn 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.”
Pancentric Digital’s initative will be documented and reported on by Insurance Times to provide transparency around the benefits of the tool for the sector.
- MGAs can apply for Ready Steady Go-Insur initiative here before 31 July 2024. The full terms and conditions can be viewed here.
Brokers click here to take part! Not only will you influence your MGA partners and receive the 2023 MGA Executive Report but you will also be entered into a prize draw to win £250 John Lewis vouchers!
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