Implementing MGA/MGU platform for an insurance broker

Background

Our client, a leading insurance brokerage firm, specializes in providing advisory on tailored insurance solutions to businesses and individuals. As an established player in the industry, the firm operates as a Managing General Agent (MGA) and Managing General Underwriter (MGU), granting them the authority to underwrite policies, manage claims, and oversee risk assessments on behalf of insurers. Their ability to streamline operations, reduce underwriting inefficiencies, and enhance risk assessment is crucial for maintaining a competitive edge.

 

Problem Statement

 

The client faced significant operational challenges due to outdated legacy systems, fragmented workflows, and manual-intensive processes. Key issues included:

• Inefficiencies in Underwriting and Policy Management: The existing system lacked automation, leading to delayed policy issuance and increased errors. 

• Limited Integration and Scalability: The absence of seamless integration with insurers, reinsurers, and third-party data sources hindered decision-making. 

• Suboptimal Customer Experience: Manual processing led to delays in responding to brokers and policyholders, impacting customer satisfaction. 

• Manual Renewal Process: The renewal process was entirely manual, requiring employees to compile and review renewal accounts individually before sending notifications, resulting in delays and potential errors. 

 

Solution

To address these challenges, an advanced MGA/MGU platform was evaluated and implemented, leveraging cutting-edge technology and process optimization strategies. The key elements of the solution included:

• Cloud-Based Platform: Migration to a cloud-native MGA/MGU solution ensured scalability, security, and seamless integrations. 

• Seamless Integrations: API-driven integrations enabled real-time connectivity with insurers, reinsurers, and data providers for enhanced operational efficiency. 

• Digital Self-Service Capabilities: Implementation of an intuitive self-service portal for brokers and policyholders, improving engagement and reducing operational dependency. 

• Workflow Automation: Intelligent workflow automation tools were integrated to streamline claims processing, policy issuance, and endorsements, minimizing manual interventions. 

• Automated Renewal Process: The renewal process was automated through system-driven notifications and data validation, reducing the manual effort required to prepare and send renewal notices. 

 

Implementation & Outcome

Implementation

Navikenz  supported the deployment in a phased manner: 

Phase 1: Requirement Analysis and System Design 

• Conducted in-depth stakeholder interviews to identify business needs and pain points. 

• Designed an optimized architecture for cloud deployment and API integrations. 

Phase 2: Development and Integration 

• Developed API frameworks for seamless data exchange between brokers, insurers, and reinsurers. 

Phase 3: Implementation of Automated Workflows 

• Integrated process automation tools to enhance underwriting, claims processing, and policy management. 

Phase 4: User Training, Testing, and Deployment 

• Conducted rigorous system testing to ensure reliability and performance. 

• Developed comprehensive user training manuals and conducted hands-on training sessions. 

• Successfully rolled out the platform across all business units with minimal disruption. 

Phase 5: Automated Renewal System Deployment 

• Implemented a rule-based automation process for renewal account preparation and notification. 

• Configured auto-generated renewal reminders and policy reviews, eliminating manual follow-ups. 

 

 

Conclusion

The deployment of the MGA/MGU platform transformed the client’s operations, enabling them to streamline policy issuance, enhance underwriting accuracy, and improve overall efficiency. By leveraging cloud technology, process automation, and seamless integrations, the client significantly improved workflow effectiveness, reduced costs, and elevated customer satisfaction. The success of this initiative also automated the renewal process, reducing manual effort and enhancing policy retention.