What Wholesalers & MGAs Want From Today’s Insurance Policy Administration Systems
A market report released last year shows that one-third of Managing General Agencies (MGAs) plan to onboard new insurtech partners by the end of 2025 – that’s a 38% increase since 2022.
These statistics tell us there is a significant and growing interest in leveraging specific policy administrations systems to improve processes. In fact, if you were to ask any insurance wholesaler or MGA what goals they strive to achieve during the course of their everyday operations, responses would likely be similar across the board.
These insurance businesses all aspire to provide high-quality products and services that meet the coverage needs of clients, while at the same time improving operational efficiencies and productivity within the agency.
It’s clear that advancements in insurance agency technology are shaping the future of wholesalers and MGAs, making this an exciting time for all stakeholders in the space. But when it comes to today’s insurance agency software, companies are looking for specific key priorities.
Policy Admin System Priorities
- Streamlined processes. This includes reducing paperwork and manual processes by automating the entire life cycle of a policy – from marketing and quotes to policy issuance.
- The ability to track and analyze customer data. Policy administration software provides agencies with a centralized platform to store client information, facilitate communications, and track policy details.
- Greater personalization. Companies are always looking at how they can better enhance customer service. Modern policy administration systems give companies a holistic view of their clients’ preferences so they can provide more personalized services and products.
- Expanded market access. To stay competitive, companies want management software that makes it easy to add multiple carriers, expanding their appetite and market reach.
- Access to specialized products. As intermediaries between retail agents and specialty markets, wholesale agencies need to be a resource to provide their clients with easy access to specialized programs that may not be available through more traditional channels.
- Additional risk management services. Underwriting expertise and risk management are two vital services that wholesalers and MGAs provide to their retail brokers. Systems need to provide these companies with a more streamlined way to better serve their agents with access to innovative risk management and underwriting services.
The Future of Policy Admin Systems
The evolving landscape of the insurance industry has led to a shift in the expectations of insurance wholesalers and MGAs from their older software solutions. Now, they are seeking platforms that are not only robust and reliable but also intuitive, flexible, and capable of securely storing and processing customer data.
As the industry continues to evolve further, the insurance agency software that supports it must keep pace – offering solutions that streamline operations, enhance customer service, and drive growth.
About Surefyre
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our easy-to-implement process can integrate with almost any platform from outdated legacy systems to top-of-the-line programs. Our codeless integration platform makes your life easier by automating the submission, rating, quoting, and binding process for all P&C insurance products.
To learn more, contact Shawn Gonzales, adviser and account executive, at sgonzales@surefyre.co or 415-480-9283.
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