Novarica profiles ten core system solutions suitable for MGAs
Boston, MA (Oct. 22, 2019) – Insurers turn to managing general agencies (MGAs) to help grow business, expand into new products and geographical areas, or fill gaps in underwriting expertise. MGAs are exploring emerging technologies and InsureTechs to improve customer experience, grow their books of business, manage risk, and gain operational efficiencies. In its latest report, MGA Core Systems: Overview and Prominent Providers, research and advisory firm Novarica provides an overview of the MGA market, technology strategy implications, and profiles of ten core system solutions suitable for MGAs.
“MGAs used to purchase their own core system technology; then, when the introduction of web-based systems made it easier for MGAs to access insurer systems directly, insurers started providing the technology to conduct business with MGAs. Now, the pendulum is swinging back toward MGAs owning their core system technology,” said Chuck Gomez, Vice President of Research and Consulting and co-author of Novarica’s new report. “Key drivers of this change include the need to compete with other technologically advanced MGAs, the increased value of data, and greater private equity and venture capital investments in MGAs.”
A preview of the report is available online.
Insurers turn to managing general agencies (MGAs) to help grow business, expand into new products and geographical areas, or fill gaps in underwriting expertise. While some MGAs rely on underwriting and policy issuance platforms provided by insurers, many MGAs, especially those owned by insurers, are deploying their own platforms.
This report covers ten core system solutions suitable for MGAs, including Beyontec Suite, BriteCore, Epic-Premier ConceptOne, Instec Policy, Insurity Bridge, Insurity Workers’ CompXpress, Majesco P&C Core Suite, MGA Systems IMS, Owsy BindHQ and Xceedance MGA Agility Suite.
Click here for the table of contents or to access the report.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: NovaricaTags: core systems, emerging technologies, InsurTech, Majesco, MGA, Novarica