Commercial insurance underwriting is drowning in paperwork. Underwriters spend more time on manual tasks than on evaluating risks. The solution lies in automated underwriting systems that shift focus from administration to risk assessment.
Entering an MGA–capacity partnership involves more than just financial discussions. Here are several key aspects that Chris and Somil advise MGAs to clarify early on:
Entering an MGA–capacity partnership involves more than just financial discussions. Here are several key aspects that Chris and Somil advise MGAs to clarify early on:
Managing General Agents (MGAs) and Program Administrators form a critical part of the insurance distribution ecosystem, collectively handling nearly 25% of the world’s specialty premium volume.
Parametric insurance covers the probability of a loss-causing event, paying out when a pre-defined threshold is met.
Technological advancements have been reshaping the insurance industry, leading to significant transformations. One such technology is Generative Artificial Intelligence (AI)
Many MGAs assume that pitching or explaining their product is enough to get agents and brokers on board. In reality, they’d need a lot more information—
MGAs, like carriers, aim to disrupt the market by innovating and introducing new insurance products through technology. What sets MGAs apart is their deep local specialization.
MGAs have been at the forefront of specialty and excess and surplus lines growth with premiums growing by 14.5% to $89.9 billion in 2024. Their ability to underwrite hard-to-place risks and remain lean has made them a favorable distribution channel and investment for carriers and reinsurers alike.
Launching new products is crucial for insurers looking to seize new business opportunities. But while market demands and customer expectations evolve rapidly, many carriers still rely on legacy systems built on technologies
Enabling faster product launches,
underwriting, and distribution
connectivity for insurance carriers and
MGAs worldwide.
