This post is part of a series sponsored by expert insurers.
General Agents (MGAs) in the property and casualty (P&C) insurance sector are under increasing pressure to comply with competitiveness. Between manual processes, compliance requirements and producer relationships, the operational load can quickly become overwhelming.
This is where modern agent management systems (AMS) can have a significant impact. Let’s break down the top five challenges of MGA and how the right AMS solution solves them.
- Inefficient operation
MGAs often struggle with slow and manual workflows that affect policy issuance, recognition, renewal and reporting. With submissions still made via email and spreadsheets, errors and delays are common.
Solution: Like experts have insurance AMS automated data input, track submissions and eliminate re-bonding. It can quickly quote stimulus cycles, allowing MGAs to handle more business without adding to their employees.
- Regulatory compliance pressure
P&C is a highly regulated department and the MGA is expected to maintain a clean, auditable record while adapting to the new compliance rules of the states.
Solution: Expert Insurance AMS Quotes:
- Real-time audit log
- License and dating tracking
- E&O Insurance Verification
- Automatic reporting by regulators and carriers
- Manage multi-carrier distribution
Many MGAs act as intermediaries between agents and multiple carriers, each with unique workflows, requirements and systems. Managing these fragmented relationships is time-consuming.
Solution: Powerful AMS enabled:
- Multi-carrier rating and submission
- Merge dashboard for each airline book
- Reports from operators, LOBs or manufacturers
- Customize workflows according to market
- Limited visibility to performance metrics
Without centralized reporting, MGA leaders have difficulty tracking policy performance, commissions, producer productivity or loss ratios.
Solution: Expert Insurance AMS provides real-time dashboard and pellet reports to help MGA:
- Measuring underwriting profitability
- Tracking producer performance
- Analyze the submission ratio
- Forecast growth and commissions
- Scalability and employee entry
As MGA grows, training staff, joining new institutions, and expanding processes become more complex.
Solution: Cloud-based AM ensures:
- Role-based access and permissions
- Training modules and guidance workflows
- Supports scalability for 10 or 100 users
- Protect remote access for distributed teams
Use Cases: Rapid Growth MGA Modernization with Expert Insurance
A California-based MGA manages five operators and 80 agents, transitioning from spreadsheets to experts. result:
- Submission errors dropped by 90%
- Boarding time reduced from 10 days to 2
- Reduced monthly reporting time by 75%
- The total written premium grew by 30% in one year without increasing the number of operators
in conclusion
MGAs face huge headwinds in today’s competitive and regulated markets. However, with the right agent management system, compliance, scalability and operator management challenges can become advantages.
Learn how expert insured helps MGA thrive and thrive with its smarter rather than harder tools.
FAQ
How does AMS help MGA save time?
AMS saves MGAS hours a week by automating workflows such as submission tracking, commissions and document management.
Can AMS support multiple vector integration?
Yes, expert insurers support real-time carrier integration for submissions, ratings and recognition.
What safety features should MGAs look for?
Key features include MFA, audit logs, role-based access, and SOC 2/3 compliant hosting.
Does the experts only work for MGA?
no. It also supports wholesalers and carriers and provides customization for each role.
Facing these MGA challenges? Let expert insurance help.
Book a free walkthrough of our agent management system to see how to improve efficiency, compliance and growth.
Schedule your presentation or contact us at sales@selectsys.com
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