MGAs, or Managing General Agents, are in the unique position to act on the behalf of their clients, the insurer. Their specialized expertise is often leveraged by clients in not only a wholesale broker capacity, but also in general underwriting. Due to the competitive nature of the industry, it’s critical to stay ahead of trends in insurtech. Keep reading to see what our experts identified as three observations for 2023:
Observation #1: Refine your MGA business strategy to prioritize critical components
During this process, ensure your subject-matter experts have the experience and top-notch skills to improve the overall risk assessment. This includes resources in risk mitigation expertise, implementation, custom portal development and more. Select a partner with technology solutions to automate and streamline the underwriting process, which is, historically, a manual, tedious and time-consuming process. Examine, at this stage, your current efforts and find areas where you’re burning valuable hours to complete tasks. Our team leverages Insurity to accomplish day-to-day tasks without wasting unnecessary hours.
Lastly, create a seamless distribution transaction. Utilize digital purchasing technologies through a website or application, making access available with the least barrier of entry possible.
Observation #2: Incorporate Application Programming Interfaces (API) into your long-term vision
When planning for the future of your organization, incorporate Application Programming Interfaces (API) into your goals. Use this opportunity to choose a core platform with proven technology. Research the timeline of product updates for your platform, so you can make sure there is consistent commitment to grow and improve the technology you’re investing in. Focus on extensions, and open as many avenues as possible to customize integrations that impact your ability to create, track and pay claims efficiently. Leverage the best available cloud-based solution that gives you flexibility to scale moving forward. That time will be here sooner than you expect!
Observation #3: Select partners and products that offer Minimum Viable Product (MVP) solutions and strong post-implementation support structures
Select a partner with a detailed and proven project delivery methodology. Additionally, be sure that your team has applicable domain knowledge for your business and a technology skillset to enhance your investment. It’s helpful to strongly consider contracting a managed services or assigned resource support team post-implementation to make sure your project is a success. It’s also critical to look for options that provide both on-shore and off-shore models to help with the operational care for applications, power users, and administrators, as well as regulatory reporting, configurations and customizations, interfaces, connectors, business rules, and upgrade readiness validation.
If you have questions about building and implementing your MGA strategy, our team is here to help. Request a consultation today: