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
The Excess & Surplus (E&S) insurance market continues to expand as demand grows for coverage that traditional insurers do not provide. E&S Managing General Agents (MGAs) play a crucial role in offering specialized policies to address complex and hard-to-place risks.
Yet, despite the impressive expansion, MGAs are facing a capacity crunch, with negotiations becoming more demanding and assessments more rigorous. And this has everything to do with the ongoing Hard market phase.
Brokers are indispensable strategic partners for MGAs, providing critical market access and specialized client relationships. By using modern MGA insurance software, MGAs can change these relationships.
Whether you’re an aspiring MGA or a well-established one, it’s easy for tech innovation to take a backseat unless it’s a core offering of yours. However, the right technology choices have a tangible impact across every part of your operations, be it speed, scalability or overall customer experience.
Achieving the ambitious goal of “Insurance for All by 2047” will require collective action to overcome structural barriers, build consumer trust, and position insurance as a key pillar of financial protection.
Despite recent progress, India remains significantly underinsured when compared to its economic potential and demographic size. While insurance penetration has improved marginally, large disparities exist across regions, income groups, and product lines.
MGAs need a Policy Administration System (PAS) tailored to their specific business model. MGA insurance software requires larger features than agency insurance software.
The Excess & Surplus (E&S) insurance market continues to expand as demand grows for coverage that traditional insurers do not provide. E&S Managing General Agents (MGAs) play a crucial role in offering specialized policies to address complex and hard-to-place risks.
MGAs play a crucial role in the P&C insurance system, leveraging their deep industry knowledge and diverse distribution networks to offer specialized products.
Enabling faster product launches,
underwriting, and distribution
connectivity for insurance carriers and
MGAs worldwide.
