2024 has wrapped, and I wanted to take a moment to reflect on a transformative year for Pathpoint. Together, our team, clients, and partners delivered remarkable proof points for digital Excess & Surplus (E&S).
Continued Growth
Triple Growth Achieved: Pathpoint's team, clients, and partners drove another set of proof points around digital E&S. Together, we more than tripled Gross Written Premium (GWP) placed through Pathpoint. It's our third consecutive year of tripled growth. I think back to how tense we all were setting such an ambitious plan a year ago — to hit it is rewarding. Still, we moved quickly forward and just came off another intense cycle of lining up the next steps for the business.
New Partnerships and Markets: Pathpoint added two new binding authority partners (six total) and a second Lloyd's relationship. We also started piloting mid-market transactional brokerage flows in our digital environment — thank you to the 12 carriers and Managing General Underwriters (MGU) participating in this initiative. Our clients deserve to be able to place business across the various segments of E&S through a single simple and easy model, and we are delivering.
Expanding Reach: We now work with 27,000 agents across 40 partners, with more primed and ready to launch in quarter one of this year.
Leveraged Technology to Drive Efficiency
Engineering Advancements with AI: Artificial Intelligence (AI) is extant in the core front-office and back-office workflows, and our engineering team has dramatically upped the pace as we leverage new technology to speed things up and operate more efficiently for our clients. We also get to work with great vendors, which gives us more leverage here through their own roadmap focus on AI.
Operational Reorganization: We learned and acted- and learned and acted again. We re-orged the company regionally and centralized operations adjacent to our product and engineering teams so there can be no daylight between what we are building and how we deliver our service. This has unlocked incredible gains already and is just getting started.
Transformed Underwriting Models
Empowered Underwriting: Our underwriting model that powers binding authority made a huge leap forward with new underwriting talent, a complete overhaul of our quoting algorithms, and the rollout across the enterprise of our behavioral model. This supplemented the conventional E&S underwriting approach in a way that can only be done within a technology-native wholesale operation.
Greater Tenacity: We pushed ourselves and our teammates harder than ever before and realized pressure is good if we react to it and work together.
What's to Come in 2025
Expanding Vertical Solutions: Our small business verticals are becoming more comprehensive every day, and we continue to extend solutions into the mid-market. Clients can turn to us more often and yield more solutions.
Relentless Focus on Efficiency: Our machine is being tinkered with and iterated on, and we are razor-focused on efficiency.
Reflecting on six years of this journey, I realize I'm just getting started. The E&S market has doubled in that time, and our clients continue to ask for faster, better solutions. We're ready to meet that challenge head-on in 2025 and beyond.