Accelerating Speed to Market with MGA Insurance Software

MGAs play a crucial role in the P&C insurance system, leveraging their deep industry knowledge and diverse distribution networks to offer specialized products. Because they are so close to the customers and risks they underwrite, they must respond instantly to market changes to stay competitive. This agility is essential for balancing customer needs with carrier loss-ratio requirements. The right technology partner, enables MGAs to stay ahead of competitors and critical business opportunities when regulatory or market conditions shift.  

Why Speed to Market Matters for MGAs:  

1. First-mover advantage 
2. Enhancing competitive edge through rapid product launch 
3. Capitalizing on niche opportunities 
4. Keeping up with Regulatory and Market Changes 

MGA Policy Admin 

MGAs need the agility to make rapid product changes, and a flexible Policy Administration System (PAS) is the key. By eliminating lengthy development cycles, a modern PAS lets MGAs launch products faster using their existing actuarial models. While building proprietary technology can be time-consuming, an out-of-the-box solution significantly shortens implementation. Modern MGA insurance software is highly configurable and built on low-code or no-code frameworks, allowing teams to quickly adapt to market changes, and refine offerings with ease and minimal IT effort. 

Automation and Straight-Through Processing (STP) streamline the entire policy lifecycle, reducing manual tasks and speeding up time-to-market. Cloud-based PAS solutions are scalable, making it easier for MGAs to expand into new markets or handle growing business volumes. Some MGA policy admin systems, like Insillion, come with a  180-day no commitment sandbox and a pay-as-you-grow MGA pricing model to launch products without upfront costs. 

Distribution APIs 

There’s no one-size-fits-all approach to insurance distribution, and APIs have become essential for MGAs aiming to accelerate speed to market. Insurance distribution software have APIs that enable integration between an MGA PAS and external systems like broker portals, aggregator sites, and B2B2C partners. This not only streamlines interactions with agents and brokers but also allows MGAs to expand into new distribution channels rapidly. 

With MGA insurance software like Insillion, uploading an Excel rater generates producer portals and 300+ out-of-the-box APIs. Agents and brokers can instantly access real-time quotes, pre-fill business data, and work alongside underwriters. APIs also accelerate the onboarding of new distribution partners, making them essential to any MGA’s speed-to-market strategy.

Seamless Integration 

An MGA operates at the center of a complex network, connecting carriers, agents, brokers, and policyholders. Seamless integration means the MGA’s core systems can communicate with partner platforms in real-time, enabled by APIs, where information can be exchanged in real-time.  

This includes a pre-built library of ready-to-use integrations with billing systems, third-party risk data, accounting platforms, claims systems, and externalized rating engines for new-age products. APIs open up new distribution channels like embedded insurance. This includes adding travel coverage during ticket booking, offering warranties at checkout, or integrating pre-policy inspection services. Platforms like Insillion provide ready-to-use APIs that help MGAs quickly connect with their distribution and data partners. This seamless integration is what ultimately accelerates an MGA's speed to market. 

Identifying Insurance Software for Modern MGAs 

Choosing the right technology is essential for an MGA's go-to-market strategy. The decision involves balancing time-to-market and flexible configuration with implementation costs. For MGAs who need to launch products fast, Insillion provides a Policy Administration System that removes the challenge of upfront investment and offers flexible pricing to support rapid MGA growth. 

See how Insillion's low-code MGA platform can help capture market opportunities.