Positive Rating by AM Best for Delegated Underwriting Authority Market

As a leading provider of insurance technology and solutions, VIPR Solutions (VIPR) is uniquely positioned to comment on these findings, which reveal a robust and progressive approach.

AM Best's Positive Outlook on DUAE - AM Best maintains a ‘Positive’ outlook for the global DUAE segment, highlighting sustained growth and performance, the ability to address underserved and emerging risks, with technology and talent in driving change and advnacing innovation. This optimistic perspective resonates with VIPRs' mission and commitment to centering technology and automation around growth and efficiency in the insurance sector.

Growth and Performance Globally - The AM Best report notes the burgeoning opportunities within the DUAE segment, underscored by an expansion in premium share and the rise of new entrants. At VIPR, we recognise this trend, seeing it as a testament to the increasing need for innovative technological solutions to manage growth effectively, efficiently for brokers, MGAs and carriers to be in a position to scale as and when required.

Addressing Underserved and Emerging Risks - DUAEs have been pivotal in managing evolving risks, particularly in the context of severe US weather events. “We understand the importance of agility and specialised data analytics in tackling these challenges”, said Sebastian Prosser, Head of Account Management at VIPR. “We have hundreds of thousands of data sets running throw our bordereaux management solution - Intrali every year capturing the insights needed to better manage the risk for our customers.”

Technology and Talent key drivers for innovation - The emphasis on technology and talent in the DUAE sector mirrors VIPR' ethos. It was also mentioned at the 2023 TMPAA Annual Conference the need for sophisticated data analysis and the attraction of top-tier tech talent is of uptmost importance to stay ahead in a competitive market.

Capacity Constraints and Economic Challenges Despite the positive outlook, DUAEs face capacity constraints and economic challenges. These obstacles can be viewed as opportunities to innovate and provide DUAEs with solutions that help navigate these complex conditions efficiently.

Our perspective - Reflecting on the recent AM Best report, we see a future full of opportunities for DUAEs, bolstered by AI technological advancements and strategic partnerships. As a technology provider, we have been committed to the market since 2009, offering solutions that align with these market requirements, ensuring that DUAEs remain agile, efficient, and competitive. The AM Best report paints an optimistic future for the DUAE market, a view that VIPR Solutions shares and is prepared to support with its cutting-edge technology and services. As the market evolves, VIPR stands ready to assist Delegated Underwriting Authority sector, seizing the opportunities now and what lies ahead into 2024 and beyond.