Kofi Annan, former United Nations Secretary-General said, “It has been said that arguing against globalization is like arguing against the laws of gravity.” The program business marketplace is experiencing a period of growth, even outpacing the normal direct commercial market, according to the 2019 biannual Target Markets Program Administrators Association (TMPAA) State of Program Business study. Meanwhile, MGAs, carriers, and program administrators are using technology to streamline efficiencies, capture new products, and bring them to market faster.
This combination of global business growth and technology means MGAs are primed for international growth.
MGA Systems—helping to spread insurance solutions beyond borders
Whether your MGA is looking to develop and diversify a book of business or continue to write your company's specialized risks, you need to leverage technology to be successful in the global market.
Vertafore's MGA Systems is designed to support global business with web services and a customizable platform made to accommodate regional data, governance, and processes.
Current MGA Systems customer DUAL Commercial established a division to write business in Australia and New Zealand, with more international expansion on deck. To help manage this wider reach, DUAL relies on the inherent flexibility of MGA Systems. Powerful web services and platform integration points allow DUAL to configure the solution to address the company's unique needs for international business. For example, MGA Systems supports multi-currency, Goods and Services Tax (GST) implementation, as well as the specific document requirements of each country.
DUAL's international offices also required their system to have an integrated claims module in the program administration system. MGA Systems provides such a module and the ability to easily import historical claims data for accurate reporting and future underwriting. DUAL uses MGA Systems to pay claims in different currencies, with an API to access exchange rate services before generating claims payments.
“If MGA Systems weren’t so flexible as a system, we couldn’t leverage the technology to exactly what we need it to do. We’ve been able to extend MGA Systems with our custom front-end portal applications to assist in managing our international business needs.”
Steve Cota, CIO of DUAL Commercial
A solution to manage international business
RSG Underwriting Managers (a division of Ryan Specialty Group) is another MGA Systems customer operating internationally that has a specialty delegated authority underwriting group of about 20 underwriting management teams. Every team uses MGA Systems to manage international business in locations such as London, Sweden, Denmark, and Spain. They looked abroad to grow and diversify their portfolio, secure in knowing that MGA Systems could accommodate any customizations. For example, RSG Underwriting Managers have foreign currency booking with MGA Systems. They also produce invoices for non-native English-speaking business units and handle the international date format of yyyy-mm-dd.
David Mathes, Vice President, Underwriting Systems and Training of RSG Underwriting Managers predicts the future of international business in two words: “buckle up.” He elaborated that the MGA space is fluid and companies need to adapt at a moment’s notice.
“MGA Systems a workhorse. Speed to market is important, and this solution helps us get there.”
David Mathes
If you would like to know more about MGA Systems, visit our MGA ecosystem or contact Vertafore at 303-869-2800.