Insly Managing General Agents MGA Software Launched!
Insly has been in a very active dialogue with a number of London MGAs and has come to the realisation that MGAs are no exception to the problem of many other insurance brokers in London and all over the world have – they do not have efficient and user-friendly software for managing distribution and policy administration. Most business processes are done with emails and papers, and even if some kind of software exists, UX designers were certainly not involved in designing it and the functionality fails to properly account for the MGA’s workflow.
Considering that Insly’s standard solution lacked some of the key features that London MGAs needed, including binders, bordereaux, a reliable connection with Lloyd’s etc., we developed a special module for Insly that takes all these requirements into account and simultaneously utilises all the base functionality of Insly. We have to offer a great deal of thanks to our first client, BDB, who helped us navigate through that complexity.
After transforming Insly solution into a fully functional MGA software, it now automates the insurance product distribution, administration and reporting for MGAs, while also considering all of London’s market peculiarities. The MGA software that has been developed, much like Insly itself, is completely cloud-based. This means that it’s possible to distribute products globally with ease and provide access to all distributors that use it. The software’s main benefit is that it simplifies the workflow and processes between the retail broker and the MGA.
Short functionality description of Insly MGA software
Retail broker (distributor) can:
- Insert client and risk information into the system
- Calculate prices online
- Generate documentation (insurance policy, proposal, etc.)
- Send proposal for referral to the coverholder; based on product settings, the system automatically indicates when a referral is needed
- Do all the things that distributors can
- Accept or reject proposals that are sent to referral and make changes to the price as needed
- Manage binders
- Manage the network of distributors
- Renew all policies automatically
- Prepare endorsements
- Produce reports
- Manage rates and customise document templates
The implementation of Insly MGA software has helped decrease the time required for proposal and policy generation from around one day to five minutes. The efficiency has increased by at least 10 times, and also benefits the distributors, who no longer have to wait several hours or days for proposals.
Our average time to launch one product for one MGA ranges from one to four weeks, primarily depending on the complexity of the product and the client’s input. MGA software, like the Insly core system, is also accessible for a monthly subscription fee that includes a license, hosting and support. The only initial investment is the implementation of MGA-specific products, but this is affordable even for very small MGAs.
What has previously been a very standard process for most brokers in many countries when working with local insurers is now possible for interactions with Lloyd’s of London through an MGA.