DA-X launches to remedy ‘broken’ Delegated Authority process
A digital Delegated Authority Exchange (DA-X), described by its creators as “a first-of-its-kind global end-to-end digital solution for DA”, has launched in the UK.
The innovators behind the launch are consulting and tech company Synpulse, which is a shareholder and technology provider for DA-X, and Clare Knight, a former lawyer with a career that cuts across the entire delegated value chain and tech development.
As the hardening/hard insurance market means insurers are rethinking their underwriting strategies and focusing on profitable product lines, the traditional model for DA is “expensive and disjointed”, the exchange founders said. This means profitability for insurers is marginal, they added.
In response to this issue, Synpulse and Knight said DA-X, built on a hub and spoke model, integrates seamlessly with market tools, while also providing robust workflow and advanced analytics capabilities to help insurance companies “maximise profitability across lines”. The idea is that the digital exchange will give insurers a solid foundation for scalable and sustainable growth in their DA business.
DA-X “successfully brings the entire delegated authority (DA) value chain under one roof – from pre-binder collaboration on new propositions to ongoing oversight and control with real-time portfolio insight”, said Synpulse.
Knight, CEO and co-founder of DA-X, said: “Delegated Authority is a $4 trillion global economy that is currently crippled by its expense ratio. At DA-X we have taken today’s broken and archaic processes and re-shaped them into a purely digital world that focuses on the stakeholders (carriers, managing general agents, third party administrators and brokers), the partnerships they want to build, and, crucially, the benefit to the customer.”
Konrad Niggli (pictured), managing partner and CEO at Synpulse and fellow co-founder of DA-X, added: “The insurance industry is undergoing a paradigm shift, which requires it to become fully integrated into other digital ecosystems. DA-X will be a gamechanger for our customers who want to get ahead of the curve and make sure they remain competitive.”
Over the next six to 12 months Synpulse’s team will continue to support the building of additional features to enhance the product. The founders also have plans to grow rapidly into other geographies across US, Europe and globally.
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