IS2, the digital distribution platform (DDP) solutions provider, has officially launched its API enabled hosted pricing solution, which enables commercial insurers and MGAs to boost scheme distribution and maximise efficiency, with a powerful solution for multi-channel distribution.

IS2, which recently announced 40% growth for H1 2024, has invested heavily in delivering new ways for insurers to supercharge their distribution capabilities.  API-led hosted pricing facilitates both growth in GWP as well as delivering efficiencies, allowing insurers and MGAs to build their products once and tailor them easily, distribute them across multiple channels, and make pricing and rate adjustments in real time across their schemes and products.

Whilst similar approaches have been in place for a while in the personal lines market, this is a first for mass market provision of API led hosted pricing in the commercial lines schemes market. Simon Pritchard, Managing Director of IS2, commented: “This is a really important solution for commercial lines insurance providers, allowing them to activate multiple distribution channels for new products at speed. They can react fast to market need and opportunities, where they need to satisfy the requirements of new distribution routes and partners.  What is key is having a single point where pricing and data resides. Our insurer and MGA hosted pricing via API allows them to deliver full-cycle digital customer journeys across all channels, and our ‘build once’ approach means they no longer needed multiple instances of scheme pricing, delivering significant cost savings and reducing time to market.”

IS2 has already delivered hosted pricing on commercial schemes for selected insurers as part of ambitious digital roadmaps, with multi-channel distribution and embedded insurance for schemes, via its API hosted scheme capabilities.  With this launch IS2 is making this ‘plug and play’ capability widely available for all insurers and MGAs.