White labeling has emerged as a pivotal strategy for insurers to bolster brand presence while catering to the preferences of brokers and clients. In this interview with AAIS Partner, ValueMomentum, you’ll learn what makes white labeling effective, the benefits of utilizing the strategy, and the tools and principles that make it successful in the insurance industry. Part one of our two-part series features Bob Ridinger, Vice President of Sales and Business Development at OwlSurance Technologies, a business unit of ValueMomentum.
Why White Labeling Matters
White labeling is a growing trend in the insurance industry, according to Ridinger. It enables carriers to provide products and services to their broker partners, while simultaneously leveraging the broker’s brand. “Carriers, MGAs, and distributors want to enhance their brand and attract markets by tailoring the look and feel of their products to discerning buyers and brokers,” he explained. “It's a competitive necessity in today's market.” Ridinger shared examples of white labeling for quoting, which included using unique product coverages and features that are unique to the broker and carrier specifications.
Overall, the use of white-label applications is increasing to meet unique market and client needs by providing clear brand differentiation from competitors. “The goal is to present products and programs with coverages and related terms that can extend beyond standard DOI (Department of Insurance) filings and can address unique market requirements and enable pricing flexibility,” Ridinger shared. “At the same time, white labeling improves the brand recognition of the program and broker partners. That extra tailoring combined with modern digital delivery creates a compelling product with clear market differentiation for broker partners and retail agents.”
Benefits of Using White Labeling
However you define white labeling, it is designed to fulfill broker and client needs, enhance market products, and provide a compelling brand experience. “This can complement DOI products [by] enhancing those market-tested products, using coverage extensions, and providing deviations and special features, often coupled with greater flexibility on pricing adjustments,” Ridinger explained. “These can be built within an architecture that enables speed to market and fast updates, quickly responding to changing market needs.”
Tools and Principles for Effective White Labeling
Ridinger believes there are certain technologies and principles that are a necessity for effective white labeling. Using low or no-code applications is one of them. “You can't wait nine months in a classic IT development cycle, and they have to be affordable,” he said. “This isn't meant to be a huge IT investment, so consider cloud-based apps that are fast to create and launch.” The apps should also be simple to maintain and change and support multiple user experiences, such as the underwriter persona and the agent view.
In addition, Ridinger suggests considering out-of-the-box integration with third-party data prefill via standard APIs, as well as connectivity to policy systems. “This streamlines the whole process flow and enhances the user experience,” he explained. “You want to take advantage of existing data sources and systems.” It is also important to embrace improvement tied to evolving market needs and changing competitive environments. “When you implement a solution, you're freezing it at that moment in time unless you plan for continual improvement,” he said. “That's why low code and integrations matter so much. Your white label front end needs to evolve with the marketplace, your company, and your partners.”
To view the full interview with Bob Ridinger, click on the video above.
Part two of this series will cover cost-conscious strategies for thriving in today’s construction market featuring Anand Rajaraman, Vice President of Product Management at OwlSurance Technologies.
