How Insillion Pay-as-you-Grow MGA Insurance Software Supports Excess & Surplus MGAs

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. Given the specialized nature of E&S lines, their success depends on adaptability, efficient distribution, and precise underwriting. 

Key Requirements for E&S MGAs 

E&S MGAs must excel in several areas to remain competitive: 

• Agility – Continuous updates to products and regulatory compliance 
• Distribution – Expanding distribution partnerships to grow customer base  
• Underwriting – Leveraging third-party and alternative data for pricing and complex underwriting 

For E&S MGAs to achieve their goal of speed to market, while maintaining their need for agility and custom underwriting, they need the right technology partner to achieve this.  

Low-code insurance product builder

Many MGAs rely on Excel-based rating models. MGAs should be able to convert their actuarial and rater Excels into quote-to-bind portals and APIs, expediting product development while leveraging existing resources. Low code product builders like Insillion enable MGAs to launch rapidly by automatically generating user portals from Excel raters, and accelerate speed to market with rapid integration with partners for distribution channels such as agent portals, brokers.  

Excel-Based Rating

E&S market products are sensitive to frequent changes, instead of waiting on multiple days to implement changes in rules and rates, business and underwriting teams should be able to modify and update products by uploading revised Excel files or using low-code tools, enabling agility and market responsiveness to regulatory compliance.  

Distribution

Brokers operating in the E&S space often prefer working with underwriters or MGAs that provide quick turnaround times. Making it imperative for technology to enable speed in underwriting. To enable faster turnaround time, MGAs must replace manual processes such as rekeying submission data with automated workflows, ensuring that underwriters are focused on risk assessment and are able to provide quick turnaround to brokers.  

Underwriting Solutions

E&S MGAs have complex underwriting requirements and must configure underwriting rules independently to improve risk selection and assessment. Insillion’s underwriting workbench centralizes key functions into a single workspace: 

• Submission automation – AI-powered tools accelerate submission processing. 
• Underwriting workbench – A centralized workbench for evaluating risks and customizing policies. 
• Third-party risk data integration – Integrates external data sources for enhanced risk assessment. 

These features enable MGAs to prioritize preferred applications, enhance decision-making, and strengthen broker relationships by reducing turnaround times. 

Pay-as-you-Grow Pricing for MGAs

Insillion’s Pay-as-you-Grow MGA pricing model takes into account the significant resources required for setting up an MGA, such as regulatory compliance and staffing. To eliminate high upfront costs and make it easier for MGAs to get started, Insillion offers a 180-day no commitment sandbox, allowing MGAs to build their products and experience Insillion’s features before making any commitments.  

Key Partnership for E&S MGAs

Insillion has partnered with Functional Finance a billing system provider to provide an end-to-end Policy Admin System for Excess & Surplus MGAs. This partnership brings together Insillion’s low code features for underwriting and product development with Functional Finance’s API-driven embedded solution to automates money flow and taxation.  

Explore Insillion’s Pay-as-you-Grow MGA Insurance Software and Functional Finance’s Billing Systems for your E&S MGA.