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
Engaging with distribution partners early, getting their inputs during the product development phase and tweaking products as necessary can go a long way—not only does this make the MGA’s product more market ready, it builds trust, increasing the odds of said agents and brokers being early adopters and advocates for the product when it first launches.
Claim intimation under WICA involves multiple stakeholders: employers, insurers, and the Ministry of Manpower (MOM). Manually verifying policy details and accident coverage is time-consuming, prone to human error, and can lead to rejected claims or delayed communication.
Insillion, a provider of Pay-as-you-Grow policy administration and claims software, today announced that its partnership with Functional Finance,
Today’s customers expect seamless interaction, no matter the channel. Partners want seamless integration that makes insurance feel native to their platforms, while agents expect to engage with MGAs through modern digital channels.
There is no single “best” distribution channel for MGAs- it depends on the nature of the product and level of technology integration needed. The choice of distribution channel completes the MGA’s customer journey, so MGAs may need to use multiple channels
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:
A new insurance product launch is especially challenging for startup MGAs. Most MGAs focus on niche or specialty lines (e.g. excess & surplus, cyber, and flood) that are complex to build
Insurance MGAs: evaluate capacity providers, financial terms, and strategy to achieve sustainable growth and secure long-term capacity fit.
Enabling faster product launches,
underwriting, and distribution
connectivity for insurance carriers and
MGAs worldwide.
