Xceedance helped the MGA standardize processes across multiple locations and create robust reporting structures to increase productivity and streamline operations.
A rapidly growing MGA with multiple locations energy and marine business operations was witnessing accelerated growth. In the previous six months, the MGA saw its written premium increase by 62 percent. The client desired to better comprehend the operations and functions across disparate geographies. To that end, the MGA required mapping processes across the different divisions and regions and eliminating processes or steps that offered no value addition to overall operations. Further, the client wanted regulatory and underwriting guidelines across various business lines and geographies to be standardized so that legacy systems could effectively incorporate new applications and business operations could be scaled efficiently. Among others, specific requirements included broader visibility for no-quotes that resulted in lost business, financial movement tracking for reinsurance, and greater accuracy when determining the quote-to-bound ratio.
The Xceedance team comprised experts from the finance, underwriting, and reinsurance units to provide adequate coverage of related insurance lifecycle areas. The team worked closely with the client dividing the project into phases based on predetermined business priorities and the client’s standardization objectives. Tools used included policy administration software, aggregation software, and VBA programming applications. The composite solution set was implemented in six weeks resulting in significantly improved productivity, a 60 percent increase in premium, and additional revenue.