Harnessing technology to transform the insurance industry
11 July 2018
Jason Anthony, Founder and Chief Executive of MGAM
MGAM Ltd is one of the fastest-growing managing general agents in the London insurance market, providing underwriting services to carriers, using the latest insurance technology solutions, to manage and process coverholder and binder business, data and back-office services particularly suited to high-volume, low-cost business.
MGAM has written £13million in GWP from coverholders and clients since it began trading in late 2016, and has been critical in allowing carriers and clients to tap into new markets and establish new distribution channels. Using its specially configured integrated management system, the MGAM solution incorporates a bordereaux data-management solution, coverholder management system, a comprehensive reporting platform, an insurance broking accounts system and an online quote and bind portal.
The key benefits of using MGAM are:
Improved underwriting performance
The comprehensive nature of the systems designed by MGAM means that risks are thoroughly evaluated quickly and accurately. The systems are perfectly designed for low-cost, high-volume business.
Better client service
A complete software solution for bordereaux processing and management, standardising large amounts of bordereaux data, quickly importing and converting multiple data formats to a single template.
Data is cleansed and checked and validated against the binder terms. Enhanced reporting makes processes transparent, rendering risks visible and boosting efficiency and profitability.
Allows coverholder to meet requirements for Solvency II Pillar 3.
Provides a managed solution for workflows and processes of coverholder approval, due diligence and monitoring, as well as audit management and binding authority management.
Offers fast and efficient solution to data analysis and management in real time.
Provides a bespoke IBA system designed to manage distribution costs amongst stakeholders through efficient data collection, collation and reporting and capable of handling high volumes of bordereaux transactions, managing data quickly and accurately.
New income streams for coverholders
Allows for effective targeting of niche SME business streams.
MGAM – The new approach for brokers to maximise profits from writing high volume low margin business