Everybody is talking about the softening insurance market, as excess capacity brings increased competition and downward pressure on rates. For MGAs, this means working harder to win business and partnerships with brokers, carriers, and end customers, as price becomes less of a differentiator. In the current market, it isn’t the lowest cost that wins the day; it is who can deliver the right price, fastest.
In the world of AI and intelligent chatbots, customers have become accustomed to getting exactly what they need, when they need it, with minimum friction. This is putting pressure on brokers and carriers who need MGAs to turn quotes around and innovate their offering as quickly as possible, while delivering speedy reporting for maximum market responsiveness.
So, how can MGAs keep pace?
Faster submissions
The demand for speed means brokers are moving away from a relationship and appetite-driven approach to sourcing quotes and instead bulk-sending submissions to underwriters. For MGAs, this means sifting through increasing volumes of broker submissions, often in the wrong format for their systems, or with incomplete information.
“In 2026, the submission wars will begin, as brokers realise the best results come from sending their requirements to 20 or more MGAs,” comments Risto Rossar, Founder and CEO of Insly. “Tough competition means price alone won’t differentiate providers. In fact, those MGAs that deploy AI tools to speed this process up are immediately at an advantage and can charge a premium as a result.”
The only way for MGAs to stay ahead of the submission deluge is to deploy technology to do the job for them. AI tools – such as Insly’s Nora – can now automatically extract data from broker submissions, request additional information from brokers, and prioritise submissions based on appetite and preferences. AI underwriting tools can even provide automatic quotes in simple cases, meaning brokers receive what they need in super quick time.
Faster product launches
Not only do brokers and customers expect faster quotes, they also expect MGAs and insurers to respond quickly to the evolving risk landscape. Product innovation is key, not only to cover new risks, but also new ways to price insurance, whether that’s short-term policies or those linked to telematics or other connected devices.
Research by Accenture found that 62% of insurance executives rank faster product launches as their top priority. Yet at the same time, 71% of insurers say time-to-market is their number one IT challenge. MGAs are a vital way for carriers to respond to customer and broker demands, but doing this quickly requires the right technology.
Comprehensive, organised, and joined-up data is critical, so MGAs and insurers can read the market, connect customer behaviour to new ideas, and see opportunities to innovate. That needs to be combined with an intuitive, low-code product builder, enabling internal teams to build and test prototypes in a matter of days or weeks, rather than months.
Faster reporting
A softer market means insurers are keeping a closer eye on the finances to ensure costs don’t get out of control and margins remain sustainable. For MGAs, this means a greater need for rapid and comprehensive reporting so carrier partners can see in real-time how products are performing and provide a chance to adjust and optimise those products as required.
Relying on legacy and Excel systems for reporting no longer cuts it. MGAs need reporting systems that collect, store and analyse huge volumes of data, generate tailored, real-time reports, with seamless APIs connecting to insurer systems. So, MGAs and their partners have the information they need to inform strategies and decision-making in real time.
Independent Lloyds broker, London Marine, says implementing Insly’s finance and accounting system has transformed its capacity relationships.
“Our capacity partners are over the moon because any reports they want, we can generate for them,” says Alex Brown, Director of Growth and Compliance at London Marine. “The fact that it’s all there and we’ve got an almost bespoke system, they’re really happy.”
Faster technology updates
The need for speed is also impacting insurance software providers, who are seeing firsthand how MGAs are moving faster. As technology has advanced, rapid execution has not only become more possible, but also cheaper, driving MGAs to experiment and optimise their systems on an ongoing basis.
“Back in the old days, exploring a new opportunity was a big investment,” explains Jody Brooks, Managing Director at Socrates Systems. “But now we’re finding that if firms can have a similar opportunity with a smaller spend and do it quickly, they’re more likely to take a punt.”
As a result, software providers are seeing increased demand for faster rollouts of new systems, innovations, and products. To keep up, flexible and scalable tech is non-negotiable, plus partners who have the agility and relationship-driven approach to move quickly in collaboration with the client.
“Having a modern platform that’s built around quick deliveries is a big win,” says Brooks. “But agile working and close relationships with clients are also essential to identify quick wins, and enable changes within days – not weeks or months.”
Speed is only possible with the right software partner
The need for speed is only going to increase, as AI makes waiting a thing of the past. The tools already exist to remove significant bottlenecks from the insurance lifecycle, from submissions right through to claims. Using them effectively will increasingly separate the winners from those who get left behind, in maximising broker channels, capacity relationships, and sales. It is time to take the plunge – and see how fast you can swim.
