This is part of Growth Studies, a a series of articles about how BrightWrite improves yield for partners. We analyze the impact of product development and making Covid attach rate increases permanent, how one of the world’s largest retailers replaced a traditional model and increased their warranty book 513% on Day One while another ticketing giant grew theirs 290%, why price optimization has worked for different reasons in the US, Saudi Arabia, Mexico & Russia  and UK & Brazil and the insurance riddle of the Northern Lights.

As we know, the insurance market in the US is largely controlled by filed rates. US insurance prices are generally low but as specialists in add-on sales, we find that the right product at the right time means users are willing to pay more for convenience and relevance. While there’s no easy way to combat this in a rate-filed market, we’ve had a lot of success optimizing yield by bringing new products to market with unique coverages (that sometimes leverage our licenses or authorization to sell – and therefore price, at our own discretion – surplus lines) and introducing bundles of products that are dynamically tailored to suit any user. These world-firsts utilize our BrightWrite data analytics service and, importantly, our insurance framework that’s licensed or authorized in 50 states and 60+ countries.

The chart below shows what we’ve achieved in the last 2 years; US sales (the bubble size) are up 3x on the back of yield increases (vertical movement). Yield is driven by price increases, which are minimal (horizontal movement) and improved attach rates borne of new coverages and BrightWrite’s bundling (attach rates aren’t shown here but are covered elsewhere in this series). .