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MGA Agility Suite


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MGA Agility Suite

Archipelago Risk Services launches a next-generation platform for selling and servicing personal lines coverages and package policies

Xceedance designs and delivers bespoke policy and pricing platform to help the MGA enhance cross selling and boost top-line growth.

THE CLIENT

Archipelago Risk Services is a London-based managing general agent (MGA) started in May 2018. The MGA launched its offerings in March 2019. Archipelago leadership knew it had to re-examine and modernize every aspect of the general insurance business, including product, pricing, distribution, regulation, service to partners, and the policyholder journey. To realize its vision, Archipelago looked to combine state-of-the art technology and primary data sources with flexible insurance coverages and dynamic pricing.

THE CHALLENGE

Archipelago offers personal lines insurance and it required a single platform with which its clients — via intermediaries — could quickly purchase motor, home,

investment property, travel, and pet insurance. The policy and pricing platform needed to include quote/bind capabilities and necessitated the development of a bespoke rating engine, as well as the integration of nine separate data sets, three third-party administrators (TPAs), two data receivers, a direct debit specialist, and a document generation engine. The solution needed to be fully compliant with regulators, capacity providers, and prevailing business practices and legislation such as the European Union’s GDPR data protection standards. The platform had to be cloud-based, providing a very fast quote response time and allowing for straight through processing of transactions. Finally, it needed to generate reports, including bordereau, to the capacity providers.

THE SOLUTION

The Xceedance development team worked closely with the Archipelago founders in London to gather business requirements, conduct workflow and design workshops, and construct a comprehensive platform and services blueprint.

Xceedance leveraged its MGA Agility Suite — an out-of-the-box combination of policy administration technology,services and strategic operations support for MGA and MGU operations — to deliver a holistic, future-ready solution-set for the requirements of Archipelago. Specific to this client, the system is hosted on Amazon Web Services (AWS) and features expertise from five principal insurance capabilities of Xceedance: technology and core systems; actuarial services; insurance data sciences; catastrophe and exposure management; and business intelligence and reporting.

THE XCEEDANCE ADVANTAGE

The MGA Agility Suite boosts underwriting efficiency by analysing historical data around referrals; and it deploys machine learning to enhance straight-through processing. The policy platform contains built-in management information system (MIS) capabilities to bolster business intelligence and reporting. All the required data sets — for property, travel, motor, payment, compliance, and reporting — were integrated with the platform, which also incorporates document generation capabilities to automatically issue policies.

Archipelago anticipates the Xceedance MGA Agility Suite will ultimately manage 50-60,000 policies per year, covering 250,000 individual risks. With the Xceedance MGA Agility Suite as a backbone of technology and services, the entire Archipelago operation is administered by a compact team of 12 insurance professionals, of whom just two are underwriters.

VOICE OF THE CUSTOMER

By typical industry standards, one insurance professional can manage approximately 1,000 individual risk policies annually. But with the Xceedance MGA Agility Suite, each Archipelago team member can manage 5,000 policies containing 25,000 individual risks per year. Moreover, it’s a significant advantage that the application allows us to manage five homes, 20 cars, 20 investment properties, plus travel, and pet insurance, under a single policy. Xceedance MGA Agility Suite empowers us with highly-automated workflows and a streamlined policy lifecycle, boosting organizational efficiency, enhancing policy buying experience, and lowering operating costs for us and our intermediary partners.

Richard Coleman, Managing Director, Archipelago Risk Services

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