Read the updated article on Medium.
In the ever-evolving landscape of developing and managing insurance programs for an MGA or MGU, the journey inevitably traverses a Venn diagram of insurance, marketing, and innovation. A new dynamic approach to securing a program’s success involves going beyond traditional norms by adapting to the needs and preferences of the contemporary individual and how they access services.
The first feature that defines modern MGA insurance software is its extensive out-of-the-box options. These include built-in form editors with validation, price rules, and PDF document generation with e-signatures. Modern insurance platforms should be API-accessible and flexible enough to quickly capture new workflows and publish new APIs to any third party within a few hours.
Today’s Insurance SaaS should enable codeless design, giving marketing teams complete flexibility to change the application’s look and feel. While most systems can display information, few allow an open front-end that can be published on any domain. To maximize the impact on sales producers and partners, QR codes can be used to directly target a captive audience, steering them toward affiliates. This adaptability ensures that your unique message and offer are highly focused and targeted at the right person at the right time, increasing conversion rates.
Innovation within the insurance industry has come a long way but still has relatively shallow impact on most MGAs and their agents. Many insurance companies have entrenched their tried-and-true workflows, but plenty of people still seem to get paid to say “no.” Most recognize that the portal business is dying, so advanced insurance platforms are making information accessible without requiring a login. Through unique links, non-confidential information is allowing agents to access quotes while on the go and use email links to control various bind and renew functions.
Compliance plays a crucial role within Blanket Additional Insured programs, so no platform selling this product should be without a consumer-facing Certificate Generation Dashboard. A reliable system should allow the consumer to log in, view their policy history, download wordings, and create new certificates to be sent to stakeholders immediately. No more waiting days for a broker to email a hand-filled certificate. Modern insurance platforms will also offer flexible HTML-structured policy editing that allows dynamic page building and assembly of published policy Dec Page and Wordings.
A good SaaS platform for an MGA typically includes:
MGA Broker Dashboard
Automated Quotes with Manual Overrides
Online Payments
E-signatures
Policy Management
Renewal Reminders
Most people interested in a SaaS insurance solution will be a Managing General Insurance Agency (MGA), Managing General Underwriter (MGU), or Insurance Carrier, or their broker with binding authority. These stakeholders generally face three main problems that a modern Insurance SaaS platform should solve:
1. My current software is inflexible & clunky.
One of the most significant risks for an insurance program owner is relying on an inadequate technology stack. Good Insurance SaaS addresses this by offering unparalleled opportunities to customize every aspect of the application. If you need a new feature or a change, you should be able to request it easily.
2. My current solution has poor customer support.
Legacy software companies often provide support from staff unfamiliar with all system aspects, leading to frustration and delays. Modern SaaS should ensure that you communicate with insurance experts who understand both code and system operations comprehensively. You should never feel that your service advisor is not up to speed on your current issue.
3. Building a custom solution is expensive.
A frequent frustration is projects starting but failing to materialize. Expectations are unmet, and budgets are exceeded. A modern SaaS platform should allow for nimble testing, deployment, and reaction to project conditions and opportunities. For example, if sales develop an excellent opportunity to embed insurance, it should not require months of planning and tens of thousands in development costs. While security and competitiveness are important, companies with a significant market share should make core functions like submissions, binding, and claim status more transparent and accessible. A good Insurance SaaS company will support and encourage open API standards for the industry.
Overall, to address many of a program’s challenges, we recommend a modern Insurance SaaS Platform like InsureCert. If you seek user-friendly digital portals empowering Program Administrators, it will deliver instant quotes, facilitate payments, process endorsements, and manage automatic renewals effortlessly. You can enjoy a wide range of features, including real-time human tech support. Take control of your operations, embrace the future of modern insurance SaaS, and never look back.
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