MINNEAPOLIS, MN, OCTOBER 2021: A new partnership between insurance innovator INSTANDA and fellow industry disruptor Incandesco will empower insurance carriers and MGAs to streamline quoting and underwriting processes. The partnership will integrate FireSwipe, a capability from Incandesco which allows insurers to identify more targeted and relevant risk, into INSTANDA’s cloud-native platform.
Commercial insurance accounts need to improve their accuracy and focus: 40 percent of accounts are declined by underwriters due to agents submitting risks to the wrong underwriter and a lack of correct risk information included in submissions. FireSwipe aims to reduce this threat to productivity, providing a digital insurance marketplace for agents, brokers, and underwriters to connect and collaborate more efficiently. FireSwipe creates a more profitable process for agents and underwriters alike by matching agents and underwriters and providing data from third parties. Now, INSTANDA users will be able to use FireSwipe functionality in conjunction with the INSTANDA platform, empowering them insure the most accurate risk possible.
Debbie Wilson, Chief Operating Officer for North America at INSTANDA, thinks the industry needs a more focused approach. She says: “We look forward to a very fruitful partnership with Incandesco, integrating their innovative features into our own agile platform. INSTANDA believes that intelligent, targeted services are the future of productive insurance practices, and we are glad that Incandesco share these values.”
Wade Wrobel, Co-Founder & President at Incandesco, echoes Wilson’s belief in a targeted approach. “Commercial insurance underwriters do not need larger volumes of submissions to quote, but rather they need a focused submission flow to maximize hit ratios and profitability,” he says. “We are very excited that FireSwipe’s integration will enable INSTANDA customers to find more targeted risks while allowing Incandesco to reach a broader customer base.”
The partnership’s positive implications are also appreciated by Greg Murphy, Executive Vice President for North America at INSTANDA. “What the insurance industry has been missing is speed and dexterity, and developments in software are what will drive this forward,” he says. “Between INSTANDA’s SaaS-based, agile platform and FireSwipe’s targeting abilities, carriers will see a noticeable difference in their experience, an easier underwriting process and an improved bottom-line.”
Greg Rubel, Investor and Board Member at Incandesco, believes in the potential of the collaboration with INSTANDA. “We were impressed with INSTANDA's ability to help clients get to market fast with their agility, ease and speed,” he says. “FireSwipe dovetails with their platform by finding accounts that fit their customers' appetite and by making the rating process even more efficient. Together, it's a powerful combination.”
Insurance is complex, but it does not have to be difficult. INSTANDA offers carriers and MGAs the possibility to break away from traditional ‘systems heavy’ product introductions. By rewriting the narrative on how to build, implement, and service products, INSTANDA’s Software-as-a-Service based digital insurance management platform is empowering insurers to thrive in a new generation of insurance. By putting control in the hands of insurers, creating customized products with speed and ease can now become the norm.
Headquartered in the UK, with offices across North America, Asia Pacific, and Latin America, INSTANDA has helped over 60 clients create over 2,800 insurance products across 13 countries. Join the INSTANDA movement and visit https://instanda.com/us/ for more information.
Incandesco was founded in 2020 by insurance industry veterans who have the singular goal of developing innovative software solutions that push legacy boundaries and create more efficient workflows for all stakeholders in the agency/underwriter sales model.
In a relatively short timeframe, Incandesco has made significant inroads with agencies, carriers, and brokerages across the United States due its focused implementation of a straightforward user interface and ease of marketplace collaboration.
For more information, visit Incandesco at www.incandesco.com