IT & Systems: Improving inefficiences and looking at Plan B

With heavy reliance on their IT platform, and hungry for alternative methods of distribution this MGA asked for some ideas for a Plan B.

Overview

A successful MGA sought our assistance to expand their distribution and explore various efficiencies.

Problem

Numerous manual processes were consuming valuable time for their underwriters, and automating these tasks would alleviate time wastage. Furthermore, they were already aware of their dependence on their current platform and had not fully assessed the impact that any outage or downtime would have on them.

SWOT

Despite being highly successful, the volume of inquiries requiring an 'underwriting eye,' along with the extra manual processes, led to inefficiencies in the time spent handling a quotation. Additionally, the dependence on a single platform and the absence of distribution presented an opportunity to consider alternatives.

Solution

With our understanding of the current IT platform, we were able to propose a variety of API integrations and take an active role in implementing and testing these new integrations. A comprehensive evaluation of alternative distribution methods resulted in a recommendation for a complementary e-trade platform for an initial selection of products, along with a complete cost analysis and projected ROI.

Conclusion

Several new underwriting efficiencies were implemented to allow more quotes to be automated through the current platform, facilitated by data enhancements via API. Some of the manual processes could also be optimized, reducing the need to re-enter data into third-party platforms by utilising external API solutions.