Customer Story: Accelerate Underwriting Ltd™ and Insly Launched an MGA Trading Platform for Complex Non-Standard Insurance
Accelerate Underwriting - a Specialist MGA
Founded in 2015 and based in London, Accelerate Underwriting Ltd™ is a specialist Managing General Agent (MGA) offering bespoke niche insurance products, mainly focused on property and casualty business, covering a multitude of trades.
Partnering with Insly
Transacting non-standard insurance is complex, but through the use of data and customer insights, Accelerate have built products which meet the needs of both their brokers and customers. With such a diverse portfolio, this specialist MGA required an e-trading platform which had a simple and efficient customer journey, could cater for complex non-standard risks, and would allow them to rapidly bring innovative insurance products to market.
With a long list of requirements relevant to an MGA, including a full cycle B2B platform, reporting tools (bordereaux), accounts reconciliation, etc., Accelerate spoke to a number of IT providers and identified Insly as best placed to deliver on these complex needs.
The trading platform is named AcceleRATER® and is used by Accelerate's network of insurance brokers to place and manage their business.
The AcceleRATER platform is packed with more features than the industry standard for MGAs. Therefore, it gives brokers more control and fulfils a big part of Accelerate’s strategy:
- it caters for non-standard, specialist, and niche commercial business;
- it has modular design (core and optional covers);
- it has a dynamic question set (only questions relevant to covers selected are displayed).
Next Steps for Accelerate and Insly
Since launch, new insurance products have been added to the AcceleRATER platform and functionality has been improved to enhance the customer journey and help Accelerate target the right business and distribution.
Exciting times are ahead with Accelerate looking to move to a new version of the Insly platform – the No-Code/Low-Code product builder. This will allow them to amend and update products in-house as well as reduce the build time and costs for new propositions.
If you have similar challenges as Accelerate or you are an MGA looking for a flexible insurance trading platform, get in touch!