Insurance Rating Software: How MGAs Manage Rates and Serve Niche Markets
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.
Managing General Agents: Landscape, Trends & Technology
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.
Building a Winning P&C Distribution Strategy for Your MGA
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.
Transform WICA claim process with Insurance Workflow Automation Software
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 and Functional Finance Announce Full Availability of Integrated MGA Billing + Policy Admin Solution
Insillion, a provider of Pay-as-you-Grow policy administration and claims software, today announced that its partnership with Functional Finance,
Insurance Distribution 101: How MGAs in P&C Can Get Started
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
Evaluating Capacity Partner Fit: Guide for Aspiring MGAs
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:
How Insurance MGAs Can Secure Long-Term Capacity
Insurance MGAs: evaluate capacity providers, financial terms, and strategy to achieve sustainable growth and secure long-term capacity fit.
Understanding Hard vs. Soft Insurance Market Phases
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.
Strengthening MGA-Broker Relationships Via Insurance Distribution Software
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.
