Why profitability and your core MGA system go hand-in-hand

March 27, 2018 /

Carriers and agencies alike rely on MGAs and MGUs for their expertise in niche markets and specialized coverage. To maintain that trusted status, they have to keep on top of new trends and stay in front of demand—a goal which can’t be achieved without modern, integrated tools.

The days of running your MGA with a hodgepodge of different software are over. It’s not efficient for your staff and it can make the experience of doing business with you difficult. Streamlining operations is frequently at the top of mind when it comes to insurance technology, and it is almost always guided by the philosophy of bringing value to the customer.                       

So how exactly can a dedicated underwriting and accounting tool make you more profitable while bringing value? Here are some features to look for as you build a foundation for your future:

One system for everything

Centralize all key accounting, underwriting, and claims functions in one place, which saves you money and makes your staff more efficient in the long run.

Document management

Document management and workflow solutions automate front-end tasks and reduce duplicate data entry, which saves time and reduces E&O risk.

Claims tracking

Track the entire claims workflow in a single tool while monitoring for irregularities and fraud.

Full-featured accounting

Track producer commissions, individual agency commissions, fees, and more—all while adhering to strict insurance industry data stewardship regulations.

Robust, flexible reporting

With the click of a button, do you know how your staff and business are performing right now? Information is power. So make strategic, informed decisions about the future.

Surplus lines tax reports

Calculate and report surplus lines taxes, eliminating guesswork and errors. These reports help you stay in compliance and avoid penalties, interest, and late fees.

Automated bordereau reporting

Easily manage, verify, and analyze data including aggregate exposures, earned/unearned premium, loss ratios, and more.

Simple, customizable email templates

Retain and attract customers with a wide range of professional, customizable email templates that can be easily generated by your busy staff.

Online account history

Every note, image, claim, document, communication, and change related to a customer’s account can be quickly accessed, which improves the customer experience and saves you time.

Submission clearance and tracking

A unified system that uses automation to streamline the submission clearance process without sacrificing accuracy. Simplifying the intake and clearance process can help you scale your business without adding headcount.

Increase speed to market

A submission-based management system that supports quoting, binding, invoicing, and issuance while reducing data entry.

With a single, comprehensive management system in place, MGAs and MGUs like you can realize greater efficiency and profitability.

 

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