Believe it or not, there used to be a time where “standard” insurance never existed. In the early years, and according to today’s criteria, every risk would have been classified as Excess and Surplus (E&S). Today, E&S lines continue to play an important role in the insurance market.
E&S insurance has boasted record growth in the last couple of years, setting a new record of $55 billion in written premium. Needless to say, the E&S market is booming, and much can be attributed to the flexible nature of the E&S market.
For some in the industry, E&S lines are considered a dumping ground for risks that admitted carriers do not want or cannot write. However, for most, E&S represents a testing ground and launch pad for new, emerging, and unexpected long-term risks. It is the latter that is attributing to this surge in the E&S market.
This uptick in the market is great; however, it also creates challenges for E&S insurers that are similar with standard lines, and that is technology.
As demand increases for more E&S coverage, insurers need technology solutions that provide the same level of efficiencies as standard lines. As a result, many insurers in the industry turn to ClarionDoor’s Digital Distribution Suite for rating, quoting, and policy issuance. As a matter of fact, several of the top 25 E&S carriers are leveraging ClarionDoor solutions today.
Entertainment Risk, a program administrator and industry market leader in the hospitality and nightlife industry, are leveraging ClarionDoor’s API-first, cloud-native product distribution software to handle their rating, quoting, and policy issuance for their product portfolio.
“ClarionDoor’s modern, cloud-based solutions have made us more efficient and enabled us to focus more on the business and our customers.”
Ted Nolan, CEO at Entertainment Risk
Hallmark Financial Services, a diversified specialty property/casualty insurer, are leveraging ClarionDoor’s modern rating and quoting technologies to support their general liability, commercial property, and inland marine lines for Hallmark’s E&S contract binding operating unit.
“The platform allows Hallmark to have more control over the rating, underwriting, and reporting process for our commercial lines products.”
Executive at Hallmark Financial Services
ClarionDoor’s experience in the E&S market is unmatched supporting some of the top E&S carriers in the industry. With implementation times that far exceed the industry standard, ClarionDoor is able to get clients live in weeks, liberating them to focus on innovation rather than implementation. Back by a proven track record of zero failed projects, always delivering on time and on budget, and 100% referenceable clients, ClarionDoor is the goto choice for E&S carriers.
To learn more about how you can launch your E&S program or any other products, contact us at [email protected].
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