MGAs are experiencing a growth spurt in recent years. Their flexibility, niche market potential, and lean business structure has helped them succeed at an impressive rate. As with any growth, however, challenges are emerging and threatening this success. New technologies are entering the market, forcing MGAs to adapt in order to stay competitive.
Amidst these challenges, the need for a positive, simplified, and efficient retail agent experience has become a tipping point for driving new business. MGAs wanting to capitalize on their momentum, or maintain their status of growth, are looking at ways to refine how their technology infrastructure affects retail agents.
All for one: Agent portals enable better business
A smoother experience for agents improves client relationships, not just from MGA to agent, but from agent to insured. Plus, the systems and tools that MGAs choose to invest in for their agency partners to utilize can significantly increase speed to market and sales volume.
Agent portals are quickly becoming a feature for top MGAs, as they illustrate a level of commitment to enhanced connectivity and collaboration. The ability to better serve clients and communicate effectively are strong factors for retail agents when selecting potential business partners. The diverse functionality of modern portals adds to their appeal as well; many now offer new agent onboarding, insurance application submissions, and automated workflows to help streamline processes.
The benefits of an agent portal are clear, but the complexity that their infrastructure entails is another hurdle for MGAs to maneuver. It raises the classic question when considering new technology—to build or to buy?
Agent portals: To build or to buy?
Similar to the role of MGAs in the insurance industry, pre-built agent portals offer a unique, niche platform backed by specific market expertise. They are often packaged with additional tools and integrated with other solutions, such as a comprehensive MGA management system. As a result, their benefits are compounded; investing in an agent portal means investing in your own infrastructure as well.
This immediate, mutually beneficial aspect of ready-made solutions makes the possibility of building an agent portal from scratch more difficult. Not only does internal development take time and resources away from the core of the business, but it also jeopardizes potential future opportunities. What if the deciding factor for agency partners over the next three months—while your technology was still being built—was a functioning agent portal?
On the other hand, integrating existing technology offers a simpler experience at a lower, albeit continuous, cost. MGAs get the structure and tailored service they need to empower their agency partners, and in certain cases additional tools and integrated systems to enhance their own operations. Top of the line solutions also offer flexibility in the IT department, with cloud native infrastructure and no-code platforms, as well as customization options to create unique user experiences.
Comprehensive solutions for agents and MGAs
Initially, it could seem beneficial to build an in-house agent portal. The cost and time necessary to develop the system could be offset by having a custom-made, proprietary solution that you aren’t essentially renting from another company. However, development can incur significant challenges and delays, increasing costs and threatening growth potential. Plus, ongoing maintenance and future updates require additional labor and financial investment. Ultimately, choosing to adopt an existing agent portal can ensure smoother, supported infrastructure for all, and put less strain on internal resources.
Surefyre, recently acquired by Vertafore, is an industry-leading submission and underwriting workbench platform built specifically for MGAs. The fully configurable retail agent portal supports the complete policy lifecycle and offers easy collaboration between agents and underwriters. The workbench enables MGAs to rate and quote business seamlessly, driving efficiency and prioritizing profitable opportunities. Plus, the AI-powered solution streamlines submissions and risk selection while automating agent portal configuration to accelerate speed to market.
Learn more about Surefyre and all the ways Vertafore can help power your possible as an MGA.