Wielding Greater MGA Efficiency to Enhance the Insurance Business

The human reach is more expansive than anyone has ever managed to figure out, and yet we still haven’t done anything more significant than just simply improving at a consistent pace. This progressive streak, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which guided us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has become increasingly evident in recent times, and assuming one new insurtech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Xceedance, a global leader in providing strategic operations support, technology, and data services to the insurance sector, has officially announced the launch of a new MGA Agility Suite, which is designed to help administrators, managing general agents (MGAs), and managing general underwriters (MGUs) in their day-to-day work. Focused on bringing to the fore enhanced market presence, underwriting processes, and operational efficiencies, the stated suite begins its value proposition with an easier platform integration. Owing to this, users can mark a relatively quicker entry into the market and achieve the scalability they seek, while simultaneously enjoying the facility to conceive continuous innovation and minimize ownership costs. Next up, we must talk about the suite’s promise of delivering the most top-notch tech infrastructure, an infrastructure where you can expect digitized and dramatically strengthened workflows. Ensuring complete security through end-to-end procedures, the idea here is to aid the user’s core operation, and therefore, help them achieve a more sustainable brand of growth. Moving on, another detail worth a mention in the context of this suite is its licensed MGA shell. You see, there is available a nationally licensed MGA for admitted and non-admitted markets, something which can go a long distance when the agenda is especially to enable a cost-effective market entry point. In case the cost efficiency isn’t that big of a sell for you, then you must know that the given entry will also be supported by fully integrated policy and claims management platforms. There is also on the offer a process of data integration to transform your datasets into actionable insights. Such a transformation will be realized, in practice, through high-quality data migration, enrichment, and governance. Rounding up these highlights for us is a set of value-driven operations services. These services will bear the responsibility to deliver necessary support across the entire insurance lifecycle, including underwriting, policy administration, claims management, and more.

“The MGA Agility Suite represents a pivotal advancement in how MGAs can leverage technology to enhance operational capabilities and market responsiveness. Our suite is not just a set of tools; it’s a comprehensive ecosystem designed to support MGAs in their quest for efficiency, scalability, and competitive advantage. With decades of experience in the insurance sector, I’ve witnessed the transformative power of technology and am excited to lead the deployment of this innovative solution that addresses the nuanced needs of MGAs and MGUs,” said Michael Parcelli as senior vice president and head of the MGA business at Xceedance.

Founded in 2013, Xceedance’s rise stems from its industry-leading ability to help insurers launch products, implement intelligent technology, deploy advanced analytics, and achieve business process optimization at scale. More specifically speaking, the company’s product line-up, at the moment, packs together focal points like underwriting, CAT Modeling, actuarial services, policy service, technology and core systems, data Sciences and analytics, reporting and business intelligence, claims, finance and accounting, and more. The company’s excellence in what it does can also be understood once you take into account how it has achieved a sizeable 63% reduction in cost of claims. This is a big reason why Xceedance, at present, has more than 150 clients throughout the global P&C insurance industry, with well over 700 industry professionals using it at some point during their insurance lifecycle. Making the company’s case even stronger is its recognition as the winner of the Insurance Business (IB) 5-Star Technology Awards for 2022.

“Under Michael Parcelli’s seasoned leadership, this suite is set to redefine industry standards, providing MGAs with an unparalleled platform that integrates cutting-edge technology and data-driven insights. Our focus remains steadfast on enabling our clients to surpass their operational goals while maintaining agility in the dynamic insurance landscape,” said Travis MacMillian, president of Americas at Xceedance.