Ategrity
Infusing Digital Attributes into Property and Casualty Insurance

According to a recent report by Fitch Ratings, the U.S. Excess and Surplus (E&S) lines market registered double-digit growth in direct written premiums (DWP) for the second consecutive year, and the trend is expected to continue as rates and exposure exhibited a significant increase in the first half of 2020. However, as commercial insureds' buying habits are changing rapidly in the Property and Casualty Insurance segment, having only the requisite underwriting acumen is no longer sufficient for insurance carriers’ strong digital capability that offers a streamlined agent and user experience while enabling process efficiencies will reduce transaction costs.

Ategrity, headquartered in Scottsdale, Arizona, is one such digitally-enabled insurance carrier that has combined its expertise in excess and surplus lines insurance and knowledge of the entire distribution value chain with advanced digital technologies to offer a unique value proposition to its customers. "While starting the company, we understood that to break into the marketplace, we would need the kind of technology platforms that would be second to none. We knew that building those platforms would give us an advantage with the goal of being quick, efficient, effective, and at the same time bring down the cost of transaction," says Mike Miller, CEO, Ategrity.

As a digital insurance carrier, Ategrity has built digital platforms that provide highly engaging customer experiences. This has created a competitive advantage for the company by allowing it to deliver digital experiences through flexible and agile platforms which can quickly tap into the market opportunities. "We have developed future proof digital insurance platforms with intuitive design and state of the art technologies. We want to be the seamless, fast and simple company for insurance buying and service experience in the industry," opines Joe Griffith, CIO of the company.

One of the major challenges for distribution in the E&S market is existing legacy systems which are silo’d and do not provide flexibility and speed to quickly respond to changing market conditions. With the market being driven by consolidation, integration of legacy systems is a herculean task for agent producers to improve their underwriters' efficiency and productivity. Also, as they have to work with multiple carriers and markets, it exacerbates their predicament by using different proprietary systems for each of them. Using an entirely cloud-based model, Ategrity has built an ecosystem of insurance capabilities across the whole value chain that quickly delivers new capabilities to distribution partners and improves their operational efficiencies. This approach reduces integration complexities considerably while enhancing agency partner effectiveness.

When it comes to workflow and productivity, many agent producers want the carrier to plug into their inhouse platform to enhance their underwriters' efficiency. Ategrity solves this issue by providing technology that is API powered wherein with just an API key and a few lines of code an agency partner can start rating and quoting based on Ategrity's system.

We have developed future proof digital insurance platforms with intuitive design and state of the art technologies. We want to be a seamless, fast, and simple company for insurance buying and service experience in the industry

Moreover, by enabling API integration, Ategrity is taking the friction out of the flow of data between the different entities in the value chain, which eventually reduces the cost of the transaction for both the agent producer and the carrier. Thus, by being more efficient, flexible, and operating at higher velocity, Ategrity can drive higher productivity levels, both for the carrier and for the agency partners.

With a clear vision for being a market leader as a digital insurer, Ategrity is moving forward with a roadmap of advanced technologies and capabilities. These technological advancements will be leveraging advanced analytics, embedded learning and intelligence to deliver market-leading capabilities. It has built a data architecture that systematically collects an array of data throughout the process, which is then fed back into underwriting and business decisions. What is more, the easy to use user interface is analytical and data-driven, responding and reacting to what the user is doing. Additionally, with location intelligence, Ategrity has been able to provide street level imagery of the risk that the underwriter is looking at. The company envisages making similar advancements in the future to meet the changing customer expectations.