Tackling Insurtech Challenges

Insurtechs are transforming the insurance industry with tech-driven solutions, but they face persistent obstacles that hinder growth and scalability. Based on feedback from over 80 insurtech leaders, 3 key challenges relating to pricing and ratings deployment stand out:

Lack of Agility

Agility is essential for insurtechs to keep up with market demands and quickly improve products. Many struggle to update and deploy pricing models due to limited engineering resources. About 75% of respondents reported delays caused by reliance on developers for new products or pricing updates, pulling technical teams away from other priorities. This dependency prevents insurtechs from staying competitive as they fail to adapt to shifting market needs quickly.

"Every pricing change requires developer input. It’s slowing us down, and we can’t afford a dedicated team just for this." - VP Engineering

Testing Complex Models

Accurate and compliant pricing models are critical, but testing them is often slow and manual. Without automation, insurtechs face delays in launching products and risk introducing errors. Inefficient testing processes make it hard for insurtechs to innovate at the speed required by the market.

"We need better tools to test and iterate pricing models. Automation would let us move faster and ensure we optimize for the right obectives” - CTO

Compliance Complexity

Operating in a regulated industry, insurtechs must ensure pricing decisions are transparent and audit-ready. However, compliance processes are often manual and time-intensive, diverting resources from growth. Streamlining compliance is critical to reduce the workload while meeting regulatory requirements.

"Regulatory reviews require us to compile every quote and pricing change manually. The effort is overwhelming." - Compliance Manager

Solutions to These Challenges

To overcome these obstacles, insurtechs should:

• Empower pricing teams to manage and deploy updates without developer support.
• Automate testing workflows to minimize errors and speed up model validation.
• Implement systems that automatically document pricing decisions and can generate audit trails to simplify compliance.

These steps can help insurtechs operate more efficiently, react faster to market changes, and focus on delivering customer-centric solutions.

How Swallow Can Help

Swallow’s platform addresses these challenges with a low-code interface that lets pricing teams independently build, test, and deploy a ratings engine—turning Excel sheets into APIs or webforms in minutes. This reduces reliance on engineers and speeds up pricing updates, enhancing agility.

By solving these pain points, Swallow helps insurtechs innovate faster, launch products efficiently, and maintain compliance without extra effort. It allows them to shift their focus from operational hurdles to delivering cutting-edge insurance products.

If you're interested to see how Swallow could help your business, reach out at [email protected]