BLOG
How does Insillion Pay-as-you-Grow MGA Platform fit into the MGA landscape?
BLOG
Managing general agents (MGAs) are vital players in the insurance industry, carving out niches that traditional carriers find challenging to enter. Their agility and specialization give them a competitive edge, allowing them to build strong relationships with agents and customers. However, this unique position also comes with its own set of challenges, particularly in the realm of technology.
The demand for coverage for hard-to-place risks is growing, and MGAs are poised to meet it. Operating within their niches, MGAs are able to stay lean and react quickly to market changes. But this need for agility can also be a double-edged sword, as they must constantly evolve to meet customer requirements.
For MGAs, finding a technology platform that understands these needs can make all the difference. However, choosing the right tech partner can be overwhelming due to various factors. That's where Insillion steps in.
We’ve developed ‘Insillion Pay-as-you-Grow’ platform specifically for MGAs, MGUs and Program Administrators with an understanding of their unique challenges in the insurance space. For MGAs that are starting out and those who are already established, we have identified three key challenges that the Insillion platform is perfectly designed to solve.
Launching an MGA requires significant resources for regulatory licenses and staffing, leaving little room for investing upfront in a PAS system. Although these PAS systems include critical components such as underwriting, claims, and accounting, the initial costs may not be feasible for MGAs.
To eliminate high upfront costs and make it easier for MGAs to get started, Insillion offers a 180-day sandbox at no charge, allowing MGAs to build their products and experience the platform’s features before making any commitments. Even after those 180 days, Insillion has tailored plans for Start-Up and Established MGAs.
Time is of the essence for MGAs, especially in niche markets where first-mover advantage is crucial. Delays in implementing or upgrading PAS systems and getting products to market can result in missed opportunities.
Similarly, MGAs who have built homegrown systems or invested in other core systems over the years may have spent time and resources maintaining their systems, but these systems may not be equipped to meet current market requirements of APIs for distribution or speed to market for new products.
With Insillion, all you need is a Rater-Excel to start building your products, additionally the platform generates the APIs and portals for distribution from your Excels. It's quick, user- friendly, and designed to get your product to market fast.
Traditional systems often come with technical complexities that make managing operations challenging. MGAs with their lean operations, need systems that they can manage without relying heavily on external IT resources. Ideally, MGAs must be able to make rate changes, update masters, and configure workflows independently.
Insillion simplifies this by utilizing industry-standard tools like Excel, which are familiar to underwriters and business users. Whether you prefer Excel or UI-driven configuration, Insillion gives you the flexibility to manage your configurations easily and independently.
Now, you might be thinking, “I've heard all this before. Every solution provider promises the same thing.” So, why choose Insillion? Because we believe in our platform's capabilities, and we want you to experience it firsthand. That's why we offer a 180-day sandbox – no strings attached. Dive in, explore, and see if Insillion is the right fit for you.
The best way to know if Insillion can meet your requirements is to try it out yourself.
Because the proof is in the pudding. We could make multiple presentations and demos talking about Insillion and its features, but what’s a better way to understand Insillion and its functionality than by diving in and trying it yourself?
Got a Rater-Excel? Perfect! You're ready to start building your product in Insillion. Even if you're waiting on licenses or regulatory approvals, our sandbox allows you to test and refine your products. Once your license is approved, you can launch your products immediately, ensuring you don't miss any business opportunities.
If you're an MGA, MGU or Program Administrator looking for a solution provider or just curious about what your Rater-Excel can do, you've come to the right place. Getting started with Insillion is as easy as uploading an Excel file, so why not try it out and see how Insillion can benefit you?
Still have questions about Insillion Pay-as-You-Grow MGA platform? Drop us an email at support@insillion.com, and we will be happy to answer your questions!