Insight Risk, a technology-driven MGA, has deployed a next-generation policy administration platform Beyond Policy Administration (BPA) from software-as-a-service platform ChainThat.
Based in Connecticut, Insight Risk is a technology-driven, builders’ risk focused MGA.
The company was looking for a core platform capable of rapid, full product deployment and policy lifecycle change management. Insight Risk said it identified BPA from ChainThat as “the most comprehensive fit” to meet the company’s operational needs and expansion goals.
David Edwards, ChainThat CEO said that as the insurance MGA market expands and continued to gain momentum, companies in this space need to differentiate themselves. “Insight Risk’s innovative technology deployment approach — to boost underwriting performance, reduce losses, and focus on customer service — is exactly what we had in mind when designing BPA as a SaaS platform that complements and flexes with the business needs and growth of insurers.”
Chad Hollingsworth, president of Insight Risk, said, “Our company set out to use connected devices to drive better underwriting and risk selection. Adopting BPA as our core platform allows us to improve risk evaluation and loss control, streamline engagements with agents and brokers, and provide peace of mind to our fronting carriers.
“With BPA, we can adapt to market changes quickly, focus on generating new revenue, and provide best-in-class service to our customers and capacity providers, such as Munich Re Group Specialty Insurance Services.”
North American insurance technology provider Vertafore recently acquired MGA Systems, a provider of purpose-built software for MGAs.
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