London-based MGA launches a next-generation platform for selling and servicing personal lines coverages and package policies
Through the MGA Agility Suite, Xceedance empowered a leading MGA to increase organizational efficiency, augment the policy buying experience, and reduce operating costs, thereby streamlining the entire policy lifecycle.
A London-based MGA needed a single cloud-based platform fully compliant with the prevailing regulatory framework, such as the European Union’s GDPR statutory requirements, enabling its clients to purchase a home, motor, investment property, travel, and pet insurance. Besides other requirements, the pricing and policy platform necessitated bind/quote capabilities and devised a customized rating engine. The platform was also required to generate reports to capacity providers, quick quote response times, and straight-through processing of several transactions. The development team at Xceedance collaborated with the founders to understand business requirements, organize design and workflow workshops, and devise a blueprint for a comprehensive platform.
The MGA Agility Suite is an innovative set of solutions comprising policy administration services, technology, and strategic operational support for MGU and MGA operations. It analyses historical data related to referrals and employs machine learning to improve straight-through processing and enhance underwriting efficiency. The Agility Suite possesses inherent management information system competencies to boost business intelligence and reporting capabilities. The Xceedance team leveraged the MGA Agility Suite to deploy an innovative set of solutions for the MGA, which anticipates that the solution set will enable the management of about fifty to sixty thousand policies annually, covering about 250,000 risks.