MGAs
Insurer
Broker
Customer Story: Insly helps Ridge Canada deliver data-powered cyber insurance
When Ridge Canada wanted to enhance decision-making, scale its operations, and better support its brokers and end clients, it chose Insly due to its flexibility, data management capability and specialist insurance expertise. With three products now built on Insly, Ridge can bind its specialist cover in just ten minutes, and the business is growing fast, […]
5 strategies to enhance claims handling for better customer service and efficiency
For MGAs and insurance companies, claims handling is the costliest aspect of the insurance lifecycle, accounting for around 75% of total costs in motor and about 55% in home cover, according to the Financial Conduct Authority. Yet, it has also been one of the slowest areas to digitise and automate. As of last year, only […]
Digital transformation in insurance: 5 ways technology can drive market share
Digitalisation is a well-worn buzzword in the insurance industry. Yet a significant number of insurance companies and MGAs are still transacting a large amount of business manually, or with outdated legacy systems. Changing established systems and processes can be a daunting task, plus, digital transformation is often seen as another cost, which can put many […]
Top five use-cases for machine learning in insurance
The insurance sector is in the midst of a transformation, from being dominated by legacy software and manual processes, to embracing a whole host of emerging technologies. And one technology that is now having an impact on numerous aspects of insurance and insurtech is machine learning. A subset of artificial intelligence (AI), machine learning algorithms […]
Artificial intelligence in insurance underwriting – a revolution is underway
Underwriters are at the heart of any insurance business. Their ability to assess risk accurately based on a wide variety of information is critical to product innovation, effective pricing, and ultimately whether a business can make a profit in an increasingly competitive market. Consequently, insurance companies are always striving to optimise their underwriting processes, in […]
Your Complete MGA Guide to Insurance Accounting and Reporting
In today’s fast-paced insurance industry, Managing General Agents (MGAs) and insurance carriers face increasing financial pressures and challenges. To thrive in this competitive landscape, it is crucial for MGAs to modernise their finance, accounting, and reporting systems. That’s where “Your Complete MGA Guide to Insurance Accounting and Reporting” comes in. This comprehensive eBook is designed […]
How to choose insurance policy software for MGAs?
If you’re looking to digitise some or all your insurance processes, then it can be difficult to know where to start. Insurance policy software has exploded in recent years, as MGAs and insurance companies have aimed to streamline how they work, improve the customer experience, and find operational efficiencies. But understanding your options and deciding […]
Automated Underwriting for MGAs: 5 Reasons Why You Should Invest
Deciding between manual underwriting vs. automated underwriting is a significant challenge for MGAs. But the benefits of introducing an automated underwriting system are now undeniable. An effective underwriting function is critical to success as an MGA. Accurately deciding whether you can write a policy, and for how much, ensures that you won’t face excessive claims […]
Brokers Are Still Indispensable for MGAs
Many have predicted the demise of insurance brokers, as various innovative insurtechs have tried to cut them out of the value chain. For MGAs, digitisation has expanded the distribution landscape, including selling direct, and through embedded insurance solutions. Yet, despite these channels being more accessible, brokers are stronger than ever. The truth is that brokers […]
How MGAs can maximise their data – no more wrestling with spreadsheets
Data analytics are vital for MGAs to compete and get ahead in today’s insurance market. But building and executing a comprehensive data strategy requires the right foundations. MGAs are under increased pressure. Not only are they facing rising competition for customers, but they are also up against a stagnating economy, less capital availability, plus rising […]
