The insurance industry is set to gain valuable insights into the growth potential of the Excess & Surplus (E&S) insurance market at the upcoming InsureTech Connect (ITC) conference in Las Vegas. Novidea, a provider of cloud-based insurance management platforms, and Pathpoint, a modern E&S insurance wholesaler, will jointly present a live Q&A session focused on powering E&S growth through strategic technology investments.
The presentation, scheduled for October 15, 2024, at the Mandalay Bay Convention Center, will feature Jeff Heine, Chief Revenue Officer of Novidea, and Alexander Bargmann, CEO and Co-founder of Pathpoint. This collaboration brings together two companies at the forefront of insurance technology innovation, offering attendees a unique opportunity to learn from their experiences and successes.
The E&S insurance segment has been experiencing remarkable growth, outpacing the overall commercial lines market for four consecutive years with double-digit year-over-year increases. This trend is expected to continue, making it crucial for industry players to adapt and prepare for the anticipated surge in demand. The session at ITC Vegas aims to address this need by showcasing how technology can be leveraged to capitalize on this growth opportunity.
Pathpoint's success story serves as a compelling case study for the potential impact of technological innovation in the E&S sector. Since implementing Novidea's insurance management platform, Pathpoint has achieved a 20 percent policy submission growth rate and doubled its sales and underwriting operations. This expansion has allowed the company to strengthen its presence across the United States, demonstrating the tangible benefits of strategic tech investments.
The implementation of Novidea's technology enabled Pathpoint to integrate data and applications across various departments, eliminating data silos and facilitating data-driven decision-making. This improved access to customer and operational data provided Pathpoint with deeper insights into business performance and uncovered new opportunities for product launches in key geographic regions.
Alexander Bargmann emphasized the importance of these technological advancements, stating, "The strategic technology investments we've made over the last few years and the ecosystem we've built have been instrumental in our growth strategy." This sentiment underscores the critical role that modern, scalable technology plays in supporting the unprecedented growth in the E&S segment.
Jeff Heine of Novidea highlighted research indicating that 49% of insurance business decision-makers prioritize growth enablement when selecting new technology. He stressed the importance of agile, cloud-native technologies that can deliver enhanced digital experiences while streamlining processes at scale. Heine noted that E&S and intermediary market players lacking modern technology systems risk missing out on the sector's massive growth potential.
The presentation at ITC Vegas promises to delve into the specifics of how speed, accuracy, efficiency, and scale are key success factors for E&S players. Attendees can expect to gain insights into eliminating manual data entry, improving form processing, and creating a more seamless digital experience for agents and customers alike.
This event comes at a critical time for the insurance industry, as the E&S market continues to expand rapidly. The insights shared by Novidea and Pathpoint are likely to be valuable not only for E&S specialists but also for the broader insurance community looking to understand and capitalize on emerging market trends.
The collaboration between Novidea and Pathpoint at ITC Vegas represents a significant opportunity for insurance professionals to learn about cutting-edge technologies and strategies driving growth in the E&S sector. As the industry continues to evolve, events like this play a crucial role in disseminating knowledge and fostering innovation, ultimately contributing to the advancement of the entire insurance ecosystem.
