Insurance Software Providers Deliver Different Functionalities
As we have previously written, no-code and low-code solutions are making their way in insurance to help Underwriters rapidly launch new insurance products, adapt to changing market conditions, and provide flexibility in connecting to other IT systems.
Since the no-code and low-code approach has not become the industry standard yet, good solutions might be hard to track down for MGAs. Therefore, we’re happy to share some software providers we have come across that fit the bill.
Comparison of No-Code and Low-Code Insurance Software Providers
We prepared a brief comparison of insurance software providers for MGAs based on the most common functionalities:
- quote and bind;
- risk bordereaux;
- premium accounting;
- claims.
|
Provider |
Quote & Bind |
Risk Bordereau |
Premium Accounting |
Claims |
|---|---|---|---|---|
|
– |
– |
– |
Yes |
|
|
Yes |
Yes |
– |
– |
|
|
Yes |
Yes |
Yes |
– |
|
|
Yes |
Yes |
– |
– |
|
|
Insly |
Yes |
Yes |
Yes |
Yes* |
|
Yes |
Yes |
– |
– |
|
|
Yes |
Yes |
– |
Yes* |
|
|
Yes |
– |
Yes |
Yes |
|
|
Yes |
Yes |
– |
– |
|
|
Yes |
– |
– |
Yes |
The table is based on competitor website research only. We do not wish to make arguments which are “true” no-code and which are low-code platforms. For this overview, all selected companies provide rapidly implementable and modular API-driven software.
*FNOL and claim reporting only. Platforms with full cycle claims workflow management are labelled “yes”, “-” stands for no information.
Not all insurance software providers offer the same functionality and may not fully cover your business needs. So, make sure you read our blog post on useful tips to consider when buying software for your MGA.
We want to keep updating this list as insurance software providers bring more exciting solutions to the market. If you know any insurance software provider that should be added to the list, please let us know.
If your company is included, but we have not mentioned a certain functionality category, drop us a line.
