How Insly helps MGAs manage their data
At Insly, we have a combined 100+ years of insurance experience. We know that running the necessary reports, extracting the right data from those reports and using that data to your advantage are the cornerstones of any MGA or Coverholder business.
Data management and reporting are complex topics in insurance. Information requirements change over time as new regulation is introduced, which for anyone in the industry means that in 99% of cases your life gets harder as staying compliant becomes increasingly complex. Whatever solution you use for information storing, this eventually puts a strain on the underlying database logic. With a constantly shifting and growing database, including increasingly intricate relationships with other data sets, it can be a challenging task to extract what you need in order to make critical business decisions.
Insly solves that issue for our customers thanks to an atomic data model which saves all insurance policy and product information in a smart way, allowing any parameter to be easily accessed for reporting purposes.
Any compliance related changes to data capture can easily be met as Insly allows the MGA to change their product themselves and updating bordereaux report templates is as simple as adding or changing columns through a user-friendly template editor.
The Insly package comes equipped with a BI tool with most common MGA reports like Risk and premium Bordereaux and Broker Statement already preconfigured, but the possibilities go further than simply producing statements and bordereaux and can really give a boost to both your accounts department and your BI. Some examples:
- Set up and run Trial Balance and P&L reports to make your CFO happy
- Create a dashboard of top performing retail brokers in your network
- Compare premiums earned against losses incurred
- Property risk underwriters can set up a map view of where their risks are based
- Analyze your policy and GWP count by client profile: company sector, size, # of employees etc
If you would like to see how easy it is to manage your products and set up reports on Insly, schedule a demo with us today!