Novidea, the creator of a cloud-native, data-driven platform for the entire insurance policy distribution lifecycle, has revealed its configurable Agency Management System (AMS) is seeing high demand from Managing General Agents (MGAs) and Managing General Underwriters (MGUs).
The company pointed to research from Clyde & Co. that showed that the MGA market has seen a significant resurgence in Europe and the US. The report notes that the MGA market “is more popular with carriers than it has ever been – almost half (47%) believe that it provides the best environment in which to grow and develop MGA business.” Further, more than two-thirds (69%) of MGAs surveyed expect partnerships with carriers will increase in 2022, a view shared by one-third (33%) of carriers.
The MGA market has been encumbered by legacy systems that are difficult and expensive to scale and update, with siloed data and limited access to real-time management information, Novidea said. That is changing. Today, forward-looking MGAs are increasingly looking to move to cloud-based solutions that enable them to automate processes, reduce costs, and increase resilience, agility, and competitiveness.
Amongst other benefits, Novidea’s platform allows customers to benefit from pre-built MGA/MGU business processes, automations, and workflows, which can be easily customized to the unique characteristics of their business, as well as the ability to add new lines of business without incurring excessive costs.
Eric Ayala, senior vice president and general manager of Novidea Americas, said, “As insurers increasingly use MGAs as a distribution channel to expand into new territories and niche markets, MGAs must have technology systems that can quickly scale and deliver a great customer experience.
“In the U.S. and Europe, we see a significant spike in requests for our platform from MGAs. They require modern, flexible technology that enhances their customer experience and increases new business and retention.”
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