International insurance broker Arthur J. Gallagher & Co (Gallagher) has launched a new digital product focusing on key, niche commercial market segments.

A part of Gallagher's plan to accelerate the digitalisation of its agency business, the new Natural Therapies product was added to the insurance broker's Fitness Professionals and IMAR (Tradies) products. It allows customers to easily purchase insurance online and provides self-service capabilities to administer and renew their portfolio.

“The rapid launch of the Natural Therapies product is the next step in building out our range of tailored digital small business insurance solutions,” said Rattana Sysengrath, head of digital & delivery, Agency & Gallagher.

Read more: Gallagher Bassett shines spotlight on surge events and the value of foresight

With the help of SSP's insurance platform, Gallagher utilised a “design-configure-launch-repeat” approach to continually and cost-effectively launch new products in a four- to five-month cycle even with COVID-19 restrictions in Australia.

“The partnership with SSP is delivering on our vision and enabling us to accelerate growth at a great cost-point,” Sysengrath said.

Paul Miller, the general manager for Asia-Pacific at SSP, commented: “We are delivering on our promise to enable insurance customers to get innovative products to market both rapidly and cost-effectively.

“Our SaaS delivered Insurance Platform, no code/low code configuration tooling, and our local delivery team support in achieving this endeavour.  It's great to see the exploitation of this concept in Australia by Gallagher to provide differentiated offerings and customer experience in the highly competitive small business insurance market.”

Following the launch of the IMAR product in 2020, AJG processed a higher volume of IMAR new business and leveraging process automation to reduce manual back-office administration tasks.