DA-X, a first-of-its-kind global end-to-end digital solution for delegated authority, has been launched in the UK with plans to grow rapidly into other geographies across US, Europe and globally. It 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.
The new DA-X platform is jointly founded by two insurance innovators – Synpulse, the global professional services consulting and tech company, and Clare Knight, a former lawyer with a diverse career cutting across the entire delegated value chain and tech development. Synpulse is a shareholder, consulting partner, and technology provider for the solution.
The hardening insurance market requires insurers to rethink their underwriting strategies and focus on profitable product lines. The traditional model for delegated authority is both expensive and disjointed, resulting in only marginal profitability for insurers. The DA-X solution, 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 their profitability across lines. This will further enable them to form a solid foundation for scalable and sustainable growth in their delegated authority business.
Clare Knight, CEO & Co-founder, 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, MGAs, TPAs & Brokers), the partnerships they want to build, and, crucially, the benefit to the customer.”
Konrad Niggli, Managing Partner & CEO, Synpulse and Co-Founder, 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.”
DA-X massively reduces the burden of binders, endorsements, reports, and barriers to doing business. It enables insurers to create better products together, faster, with full oversight and control over their relationships.
Synpulse’s support in launching DA-X represents the latest step in its strategy to empower high-potential technologies and entrepreneurs; DA-X was named UK country finalist of Zurich’s Innovation Championship in January 2022. Collaborating with start-ups like DA-X enables Synpulse to offer the best partnership opportunities to its client portfolio. In May 2022, Synpulse invested the equivalent of 1% of its revenue in fintech incubator F10, to drive the development of new fintech and insurtech solutions.
Following the launch of the solution, over the next 6-12 months Synpulse’s technology and consulting teams will continue to support the building of additional features to enhance the product and ensure that the platform is driving the best possible value for its customers.
Be the first to comment