Madrid, Spain – As an MGA, Exsel approached INSTANDA with a largely paper-based book of insurance products in 2016. INSTANDA now sits at the heart of Exsel and has completely transformed their user journey.
Removing barriers to market
To stay competitive and to utilise technology, Exsel sought to remove the intensive manual processes that their brokers had historically struggled with, by distributing these products digitally using INSTANDA’s software.
Introducing new product lines
Exsel built three products independently on INSTANDA, across the following lines; drone insurance, cyber insurance, and second layer liability insurance. They currently source their capacity from several syndicates in the Lloyd’s of London market. Their delegated authority allows them to quote and bind policies on the INSTANDA platform that fit within the syndicate’s criteria.
As an MGA, INSTANDA completed the missing piece of the puzzle. With the underwriting facility in-house, the delegated authority from their carriers, and now the self-service tech platform, Exsel now has all the tools to create and manage insurance products in an agile environment.
A more scalable business
Given the scalability of INSTANDA, Exsel took the strategic decision to move all its existing and pipelined products onto the platform. This expansion has already seen Exsel enter a variety of new markets with new distribution models. One of these is the white-labelled broker platforms that enables each of their brokerages to have UI/UX designed specifically for their users. This allows brokers to upload a statement of facts which auto-fills the quote process on INSTANDA, removing the manual rekeying of work.
“The great thing about INSTANDA is we actually have the platform in our own hands, and the ability to build the products exactly as we require them”