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Insurance Underwriting Automation: How INSLY and MGA Encompass set up a Broker Portal for BIBA in Two Weeks

MGA Encompass – Specialist MGA for Property Damage and Liability Cover

MGA Encompass was founded in 2015 and provides all-in-one cover for SMEs that need Property Damage and Liability insurance. The organisation offers coverage options for various industries, including contractors, warehousing, retailers, manufacturers, office, and property owners. So it must be able to create insurance cover products to fit each SME’s needs.

The Challenge: Create a Digital Insurance Underwriting System from Scratch

Building an insurance underwriting system is no small feat — especially when it needs to be adaptable to varying customer needs. But MGA Encompass exhibited at this year's BIBA Conference in Manchester on 11th - 12th of May with that challenge in mind. INSLY helped introduce the system to brokers. 

MGA Encompass had never traded their products on an online platform before. At the event, the company showcased its new all-in-one Property Owner’s product solution built with INSLY’s low-code tools. 

Previously, MGA Encompass had used email to communicate with the brokers, Excel to calculate insurance premiums, and Excel and Word to create policy documents. But with insurance underwriting automation, they could reduce manual admin, boost workload potential, and increase productivity. 

MGA Encompass needed an online underwriting engine that could streamline all processes, moving the business away from excel to a cloud-based digital underwriting platform with a broker portal extension. 

MGA Encompass sought a solution from INSLY, but gave a short time frame –– the demo build had to be completed in just two weeks. 


Partnering with INSLY to Build a Tailored Solution to Automated Insurance Underwriting Systems

Today, automating the underwriting of insurance applications is essential. But, building an insurance product has always required technical expertise, long timelines and a big setup budget. Until recently. 

Low-code platforms like INLSY have now made it easy for non-technical MGAs and insurers to build bespoke insurance software products quickly –– for a fraction of the former cost. 

In just two weeks, INSLY helped MGA Encompass create an integrated automated insurance underwriting system that streamlines the broker's essential question set by ensuring the UI UX was intuitive. 

The resulting software offered the following features: 

  • A straightforward online quote form, which lets brokers get an accurate quote from MGA Encompass quickly and easily. This form aims to overcome the typically long and complex processes for quote production to increase efficiency
  • A rating engine to calculate premiums, including an automated referral system that can highlight cases that need further review and approval. This engine can streamline work for MGA’s, sending suitable-risk cases through automatically and flagging more complex cases to the underwriter. Overall, it eases the quote turnaround and response speed, increasing the efficiency of brokers' business processes. 
  • Automated document templates setup, eliminating the need to make manual excel and word documents. INSLY tools can create documents from client templates in various formats. It also connects to OneDrive, which allows MGA’s to store and collaborate on documents. Brokers can more easily track and edit them when needed. Meanwhile, the files remain safe and secure via the cloud. 
  • Simplified insurance underwriting automation workflow so brokers can easily get quotes from Encompass. The streamlined low-code/no-code software is flexible and easy to manage, allowing people to build products and quotes quickly. An efficient automated workflow and easy customisation help MGA’s do more and waste less time on manual admin.

Highlights from BIBA 2022 – MGA Encompass and INSLY 

During the BIBA Conference on the 11 - 12 May, MGA Encompass met many existing brokers and potential new broker partners at the conference. The Quote and Bind broker portal was very easy to demonstrate on the spot, and broker reception was positive: they commented on the slick look and feel of the system and the streamlined way they can put in the information and get a quote out quickly.

INSLY’s insurance product building software is easy to use. You don’t need to be an expert in coding to customise an insurance or MGA portal to suit your unique business needs. As well as speeding up new product launch speeds, INSLY also helps brands update legacy systems and move their non-digital workflows onto the cloud.

INSLY’s experts have over 20 years of experience in the insurance industry and are happy to help customers have the smoothest onboarding experience possible. So, if you are an MGA or Insurer looking for the best automated underwriting technology solution, get in touch to book a demo now.

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