Automated systems are paying off in the MGA sector, here’s the word from Vertafore;
Vertafore®, the leader in modern insurance technology, congratulates DUAL Group for its recognition by Celent as a winner of a 2024 Model Insurer award for legacy and ecosystem transformation. Celent is a global research and advisory firm for the financial services industry.
Celent recognized DUAL’s increased productivity and revenue following their implementation of MGA Systems™, a flexible and modern MGA management system powered by Vertafore. Using the solutions’ customizable features and open API architecture, DUAL successfully migrated their legacy data and policies to the new system while helping their brokers and underwriters streamline tasks, make informed decisions and close business faster.
Since 2020, DUAL’s brokers in Australia and New Zealand have significantly decreased the amount of quotes and renewals that require manual work by an underwriter. In addition, brokers can quote new business for up to 1,000 different occupations across eight different liability products in just minutes. In response to the success in Australia and New Zealand, DUAL plans to expand its use of MGA Systems to more offices around the globe.
“We’re honored to be recognized by Celent as a Model Insurer and to give other MGAs a roadmap to the efficiency and growth we’ve experienced,” said Steven Cota, DUAL International CIO for Technology Transformation. “With MGA Systems, our brokers have the right tools to handle their business in less time, equipping them to quote as much as 10 times the amount of business in the same time period.”
Acquired by Vertafore in 2022, MGA Systems provides the flexibility customers need to complete highly specialized work in the niche MGA space. MGA Systems supports various core processes including policy management, financial activities, claims, quoting, binding and rating.
“Customer success is at the heart of everything we do,” said Kelly Maheu, vice president of industry relations at Vertafore. “DUAL Group embodies the essence of a modern MGA. We are proud to partner with them as they demonstrate the power that comes from joining a clear vision with the right technology.”
Celent’s annual Model Insurer Awards recognize the best practices of technology usage in different areas critical to success in insurance. The initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.
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