IS2 launches new distribution platform for commercial and niche lines products

Digital trading platform provider IS2 has announced the launch of a new distribution platform, Rapid.

The Rapid platform will support the placement of commercial and niche lines products and has an architecture that allows products to be accessed, distributed and configured via an application programming interface (API).

IS2 said this technology will allow firms to “create a product once and deploy it anywhere, from software houses and embedded partners to affinity and digital platforms”, resulting in “faster speed to market, wider reach, lower operating cost and full control over how and where products are distributed”.

The platform will also allow dynamic configuration, meaning product-specific variations – such as pricing tweaks or coverage options – can be achieved without the creation of a new product.

Underserved markets

Joe Sultana, commercial director at IS2, said: “Commercial and niche markets have been digitally underserved and represent a massive market opportunity for insurers, but they have forever grappled with questions on how they connect commercial products to more platforms without duplicating time, cost and effort – how they can maximise MGA distribution but still retain control and how to reduce the cost and complexity of digital distribution at scale in the commercial space.

“Rapid solves these issues and more than that, it finally levels the playing field. Until now, multichannel distribution at speed was only a consideration for the largest carriers.

“With Rapid, insurers of all sizes can integrate quickly and cheaply and unlock the huge distribution potential in commercial and niche markets that has previously been out of reach.”