Dark Matter InsurTech

Dark Matter InsurTech drives digital transformation in the excess and surplus lines (E&S) industry by automating processes, providing the right data, eliminating keystrokes, and creating hyper-efficient production teams. The company was founded by E&S industry experts who have donned the roles of MGAs and wholesalers. They have witnessed first-hand how freedom of rate and form preempts the creation of data standards and consistent applications across different carriers driving intermediaries to rekey data on various specialty carrier portals to get multiple quotes.

Dark Matter InsurTech tackles this cumbersome process with its game-changing ESaaS, or E&S-as-a-Service, product, dmConnect. The platform is designed to operate as a digital highway that seamlessly connects disparate portals and systems, including agency management system (AMS). It helps clients navigate the intricacies of E&S while bringing value to every participant, including underwriters and insurance producers.

“We don’t aim to offer another portal to an industry already inundated by many of them. We provide a single system that operates behind the curtains, and seamlessly moves data from A to B without using RPA, PDF, OCR/screen scraping or any encoded solutions,” says Mike Roy, CEO of Dark Matter InsurTech.

dmConnect facilitates data exchange and distribution between an AMS and different specialty carriers’ portals running as an interface engine and connectivity platform. This streamlines the entire process of rating, quoting, and buying insurance. The solution enables interaction with multiple data sources and tethers them to the associated risk in the client’s line of business system, allowing scalability of those digital interactions while accelerating responsiveness for customers.

“Our dmConnect facilitates data exchange between the MGA, wholesaler, MGU, and program administrator and their carrier partners, data vendors, or portal providers to create an efficient digital workflow,” says Skyler Severns, CTO of Dark Matter InsurTech.

Dark Matter InsurTech has architected dmConnect from the ground up to take data from underwriters’ and producers’ workflows and get the bindable quote. Clients can download it directly into their AMS for quoting and analyzing wins/losses. This is how the need to repetitively rekey data is eliminated. The enriched quotes can be shared with the retailer for their final say and then incorporated into the client’s AMS. It can also be bound and invoiced as a financial component in transactions, reducing operation time and eliminating errors.

“Users can readily use dmConnect without any specialized training. Due to this ease of use, our solution can accommodate 60 to 70 percent of the premiums in the E&S industry,” says Roy.

In an instance, a client could not address all their requirements with the existing rating and submission platform as the underwriters were dependent on the platform to get quotes. They, however, had to key in information and rekey the submission data into the AMS. There was also a need to add a letter on top of it to equip customers with an actual quote number. dmConnect enabled the underwriters to pull in retailer submissions with units at risk, premiums, and an indication of rates in a single click. It was a big win for their IT department and underwriters as they were able to increase submission intake and quote output significantly with the same number of staff.

Dark Matter InsurTech attributes all its success to its internal team with a combined industry experience of more than 150 years. They are always on their toes to enhance the platform’s capability to serve clients better.