Pay-as-you-Grow Model: A New Approach to Software for MGAs

The Essential Role of MGAs in Insurance

Managing general agents (MGAs) are vital players in the insurance industry, carving out niches that traditional carriers find challenging to enter. Their agility and specialization give them a competitive edge, allowing them to build strong relationships with agents and customers. However, this unique position also comes with its own set of challenges, particularly in the realm of technology. The demand for coverage for hard-to-place risks is growing, and MGAs are poised to meet it. Operating within their niches, MGAs are able to stay lean and react quickly to market changes. But this need for agility can also be a double-edged sword, as they must constantly evolve to meet customer requirements.

For MGAs, finding a technology platform that understands these needs can make all the difference and can enable them to be market leaders. Choosing a tech partner is no easy feat either, there are a multitude of factors to consider. So, what’s the catch here?

That’s where Insillion comes in. We’ve developed ‘Insillion Pay-as-you-Grow’ platform specifically for MGAs, MGUs and Program Administrators with an understanding of their unique challenges in insurance space. For MGAs that are starting out, we have identified three key challenges, which are a perfect fit for the Insillion platform to solve and enable MGAs to succeed.

High Upfront Costs & Investment:

Launching an MGA requires significant resources for regulatory licenses and staffing, leaving little room for investing upfront in a PAS system. Although these PAS systems include critical components such as underwriting, claims, and accounting, the initial costs may not be feasible for MGAs.

With the objective of eliminating high upfront costs and making it easier for MGAs to get started, Insillion has a 180-day sandbox without any charges, so that MGAs can build their products and experience the platform’s features before making any commitments.

Speed & Time to Market:

Time is of the essence for MGAs, especially in niche markets where first-mover advantage is crucial. Delays in implementing PAS systems and getting products to market can result in missed opportunities. With Insillion, all you need is a Rater-Excel to start building your products, additionally the platform also generates the APIs and portals for distribution out-of-the-box. It's quick, user-friendly, and designed to get your insurance product to market fast.

Complexity:

Traditional systems often come with technical complexities that make managing operations challenging. MGAs with their lean operations, need systems that they can manage without relying heavily on IT resources. Ideally, MGAs must be able to make rate changes, update masters, and configure workflows independently.

Insillion simplifies this by utilizing industry-standard tools like Excel, which are familiar to underwriters and business users. Whether you prefer Excel or UI-driven configuration, Insillion gives you the flexibility to manage your configurations easily and independently.

A Different Approach to MGA Technology

Now, you might be thinking, “I've heard all this before. Every solution provider promises the same thing.”

So, why choose Insillion? Because we believe in our platform's capabilities, and we want you to experience them firsthand. That's why we offer a 180-day sandbox—no strings attached. Dive in, explore, and see if Insillion is the right fit for you.

The best way to know if Insillion can meet your requirements is to try it out yourself.

Why do we offer the sandbox?

Because the proof is in the pudding. We could make multiple presentations and demos talking about Insillion and its features, but what’s a better way to understand Insillion and its functionality than by diving in and trying it yourself? Got a Rater-Excel? Perfect! You can get started building your product right away.

Even if you are an MGA waiting to obtain your license, during this waiting period you would still need an environment to build and test your products. With Insillion, you can set up your products and rating engine while waiting for your license. That’s what makes the 180-day sandbox perfect. As soon as your license is approved, you can take your products live immediately, ensuring you don’t miss any business opportunities.

Get Started with Insillion

If you are an MGA, MGU, or Program Administrator looking for a technology solution, you have come to the right place. Getting started with Insillion is simple. Why not give it a try and see what our platform can do for you?

Still have questions about Insillion Pay-as-You-Grow MGA software? Drop us an email at support@insillion.com, and we will be happy to answer your questions!

Frequently Asked Questions

1. If an MGA needs insurance software for a digital MGA that's fast, how quickly can they actually launch a new product? You can move from concept to a live product in weeks, not months. The platform uses your existing Rater-Excels to generate the product, APIs, and portals. This approach is designed for speed and allows you to capture market opportunities as they arise.
2. For MGAs looking to transform their startup into a Digital MGA, how does the 180-day sandbox help them test the platform before committing? The sandbox is a full, no-commitment version of our platform available for 180 days. It is designed to help new MGAs build, test, and refine their insurance products without any upfront investment. It's the ideal environment to experiment with your business model and find your product-market fit.
3. If an MGA already has an MGA core platform, how does Insillion integrate without requiring a full system replacement? Insillion is built to be flexible. You can use our platform to launch new products without disrupting your current core systems. We can also create an API layer for your existing rating logic, allowing you to connect with new distribution partners without a disruptive and costly system overhaul.
4. How does the low code MGA platform handle complex rating models without forcing an MGA's business teams to write code? Our platform's strength is its Excel-based rating engine. Your underwriting and business teams can build complex logic, rate modifiers, and directly in the spreadsheets they already use. The platform then converts that logic into a robust rating engine, giving your non-technical users full control while maintaining IT oversight. 
5. How does Insillion Pay-as-you-Grow Pricing align with MGA’s growth? Insillion offers flexible and transparent pricing plans tailored to an MGA’s GWP. Start-up MGAs writing between 0–1 million can choose the start-up plans, while more established MGAs writing between 1–5 million have access to pro-level plans. Pricing scales with business growth, ensuring MGAs only pay based on the volume they underwrite.