MGAs are known for fast innovation. So why do so many rely on manual processes when working with agents?
Writing a policy often requires agents to talk to clients and send applications back and forth between MGAs and underwriters by email. And every delay brings the risk of clients finding coverage somewhere else.
By using tools that facilitate clear communication and improve speed and clarity in underwriting, MGAs can grow their partnerships with agents, write more business, and help their own speed to market when it’s time to launch a new product.
How MGAs can build better relationships with agents
MGAs can learn from carriers to form good partnerships that turn into repeat business.
Labor is the biggest expense for agencies, and every resubmission or clarifying question costs money. A recent Vertafore study found agents’ biggest challenges in their experiences with carrier partners are issues that slow down the sales process. They struggle when there is a lack of communication and delays in underwriting.
Agents also turn to MGAs in areas where speed to quote is essential. If a contractor needs general liability insurance to take on a project, getting a quote means getting to work. Neither agents nor MGAs want to be the reason for not breaking ground.
MGAs can fulfill their specialized role in the industry and build stronger relationships with agents by providing clarity in communication, increasing visibility between agents and underwriters, and employing tech solutions that help accomplish all of the above.
Clear agent communication helps MGAs write more business
When one person’s sick day can delay the underwriting process, a client’s business depends on every step in the process happening quickly and everyone acting together. Centralized communication tools keep quoting and underwriting moving.
“The biggest thing for an agent is being able to get that quote as quickly as possible,” says Dustin Lorres, VP, product and technology at Vertafore.
By using an MGA management system that integrates with an agent portal and underwriting workbench, MGAs can solve many issues for agents. A modern web application allows agents to submit business and get quotes in real time, just like clients are used to getting with standard home or auto policies.
With an agent portal, a whole team can see where a policy is in the process at any moment, so it’s easy to find the right person to get quotes, make changes, or simply send a nudge to get fast follow-up.
The modern agent portal replaces email-driven processes with instant information and offers quoting that keeps clients engaged with their agent.
Some agents report saving up to two and a half hours on every quote and a 90% faster quoting process. That faster quoting allows MGAs to do even more business.
Insurance API integrations help MGAs do more
Not every problem in the agent experience can be solved with a portal. But MGAs that build a flexible, configurable tech stack can integrate with other InsurTech and data sources tailored to their products, like third-party risk assessment tools for fire or earthquake risk to speed underwriting.
“The benefit of a highly configurable system is that an MGA can look at their own results, get answers very quickly and then decide how they want to react.” says Alex Bautista who co-founded Surefyre with Lorres and is now VP, product and services at Vertafore. “You want technology that plays well with other technology so you can measure your success and iterate upon it.”
One MGA expanded their capabilities by integrating an InsurTech that uses satellite images to get insight about a building’s surroundings to calculate risk and give a more accurate quote.
Bautista says using a configurable platform future-proofs the agent experience. And when underwriters get the insights they need to evaluate risks fast and accurately, they make more informed decisions with fewer delays and faster paths from submission to quote.
Faster MGAs win more business
MGAs that want to compete in today’s market can’t afford to rely on email chains and manual processes. Speed, accuracy, and clear communication build strong agent relationships, which turn into faster growth.
In a competitive insurance landscape, MGAs that move quickly, communicate clearly, and integrate the right tools will be the ones building lasting agent relationships and growing faster because of it.