The insurtech scene is thriving, as an increasing number of investors are recognising the benefits of digitising insurance admin processes. To demonstrate, UK insurtech investment reached £262 million last year, a 60% uptick from 2019 figures. Meanwhile, European insurtech funding hit €2.5 billion in 2021 – an all-time high. As a result, software for MGAs is developing at an exponential rate and technical and financial barriers are falling away.
From an MGA and insurer’s perspective, it has never been easier to start re-inventing insurance software and tailoring it to meet your company’s evolving needs.
In this article, we spoke to Insly CEO, Risto Rossar about the platform’s capabilities in helping MGAs and insurers create and launch new insurance products. Risto has over 20 years experience in the insurance industry and founded Insly in 2014, taking the software skills he learned in his previous role and providing low-code/no-code tools for streamlining the entire insurance back-office workload.
In this interview, we delve into some of the challenges and opportunities on the horizon for businesses looking to expand their operations in the years to come.
No–code tools remove technological barriers
To create an innovative insurance product, you need two things: insurance industry expertise and technology to bring your product to life. Very few people are proficient enough in both areas to bring an insurance product to market at speed.
But for MGAs who have spotted a gap in the market, low-code/no-code SaaS solutions offer a low cost option to create a protection product.
Risto explains that in his experience, many MGAs will have a plan of what they want to achieve, but they are just looking for the right technical support:
“Technology has evolved so much that it’s not the case of waiting months or years to develop new products and software for MGAs. You can use low-code tools like Insly and see results really fast, within days.”
Insly’s platform has an easy-to-use interface that allows insurance experts to create their ideal-fit underwriting software solution. The software for MGAs is designed to help firms automate even the most complex risk cases from initial form submission to quote and binding processes.
For instance, you can set up a pre-selected list of sales questions to personalise the quotation process. You can also tailor workflows to send specific referral notices that signal when underwriters should take a closer look at a case.
Automation enhances the MGAs’ role by reducing their workload
Insly allows MGAs to convert legacy systems into fully-automated workflows.
For example, the platform incorporates automated lookup features, rating engines and verification software etc., saving underwriters time when deciding whether or not to insure and under what conditions. Underwriters can also incorporate as many enriched data sources (such as flood risk data) as they wish to underwrite complex risk cases.
Risto expands on Insly’s ability to exceed broker and customer expectations:
“You can give MGAs a clear overview of customer submission data and give them really transparent reporting capabilities in their sales transactions. These tools make the broker’s life as easy as possible and therefore motivates brokers to go above and beyond in their customer service.”
With manual admin tasks eliminated, MGAs and insurance firms have time and resources to expand their operations and build loyalty with their existing customers.
Flexible distribution channels provide secure access from anywhere
Insly’s platform can support multiple workflows and distribution channels. Its modular set up can also integrate with existing partnership software. With Insly, you can give your partners direct access to your Policy Administration System (PAS) and manage individual broker access securely.
Furthermore, all critical insurance documents and information is stored in the cloud, ensuring that critical business data remains safe and accessible from anywhere.
“One of the biggest threats that MGAs have –– they need to keep their capacity providers happy. Technologies are a good way to keep these companies satisfied with MGA partners. You can convince your capacity provider that you are controlling your business if you have a really transparent process. Such as, if you have a really good audit trail, you are able to report online to the insurance companies based on risks. You can change your company’s direction in an agile way when you know certain areas of business have become less profitable.”
To see an example of Insly’s tools in action when it comes to meeting capacity demands, read this case study from First Insurance. First Insurance approached Insly looking to develop digitised systems capable of integrating with their wide range of Fintech service partners.
Insly’s software for MGAs solution inspires insurance innovation
The last few years have been an exciting time in the Insurtech space. Although the industry is risk-averse by nature, studies show that 85% of insurance CEOs worry that the speed of technological development could threaten their company’s growth potential. Subsequently, investment in Insurtech surpassed $3 billion worldwide last year, as brands compete to provide faster, cheaper and better insurance services.
Make sure your brand is equipped with the best in low-code software for MGAs so you can stay competitive and innovative. With low-code/no-code insurance automation platforms like Insly, you can stay ahead of the curve.
To find out more, take a look at some of our case studies, or book a demo with us now.
