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. 

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.

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:

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.

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.