PriyaPatel
TLDR:
- 71% of insurance industry decision-makers dissatisfied with level of effort to get updated insurance programs off the ground and launched digitally
- Legacy rate service organizations (RSOs) are causing pain points in the insurance industry
In Sure’s 2024 State of Digital Insurance Report, it was found that many insurance industry decision-makers are facing challenges with legacy rate service organizations (RSOs) when trying to launch digital insurance programs. These RSOs are essential in providing rate, rule, and form filings for insurance programs, but 71% of respondents feel that they require a massive amount of effort and are expensive to work with.
Moreover, the research revealed that companies are spending at least $1 million annually, with some spending $10 million or more, on launching and maintaining insurance programs with legacy RSOs. Despite the significant investment, only 12% of respondents are very satisfied with the services provided by RSOs.
Sure’s new solution, Anywhere Insurance, aims to revolutionize the insurance industry by offering a more streamlined approach to launching digital insurance programs. By combining modern technology with pre-configured insurance product filings, Anywhere Insurance promises faster time to market, reduced costs, and an improved customer experience.
The full 2024 State of Digital Insurance Report by Sure can be accessed here. The research was conducted in partnership with NewtonX, a leading B2B market research company, and involved over 200 participants, including director-level positions or above within the insurance industry.
