Managing an MGA is about control. Without controls relationships with capacity providers, regulators and distribution channels are compromised bringing significant risk to an MGA business.
Insurer capacity is a lifeblood for an MGA. Demonstrating responsible operation of delegated arrangements doesn't stop with underwriting decisions. Governance of the risk portfolio, control of inherent and emerging threats and achievement of the underwriting business plan are key deliverables to make your business a first choice for capacity in a competitive marketplace.
So fast and affordable, you can't look away.
The first out of the box, subscription software for MGAs to manage capacity, underwriting plan and distribution risks.
Control is no longer an expensive luxury.
We've killed the challenge of working with outdated software and processes. Spreadsheets, emails and databases are replaced with fit for purpose, on demand subscription software, specially designed for the needs of today's MGA. With no installation costs or delays, no IT department effort and simple subscription pricing, you can be up and running in days.
Corrective action at renewal time is a thing of the past.
Inherent, conduct and live risks need continual management. Use MyMGA to build a target binder portfolio risk profile, addressing any number of target outcomes and then visualise these in rich dashboard based illustrations. Take actions to improve performance against goals, recording inputs and reporting continual progress to capacity providers. You can compare binder risk profiles to agreed targets and compare across your entire portfolio.
Collaboration and communication are key.
We understand the outdated processes and tools that are commonly used by MGAs. With multiple data sources and lots of people involved it's little wonder that driving and reporting progress is such a challenge. That's why MyMGA doesn't charge by user. From Underwriting to Finance, Executive to Governance, your teams can collaborate and communicate using full automation of workflows, task assignment and information sharing on one single, secure permission-based environment. And because MyMGA is a cloud solution, your people can collaborate across multiple facilities and geographies.
It's not what you know.
A key ingredient of a successful binder result is the quality and efficiency of distribution. With most MGAs distributing their products via other insurance businesses, oversight and governance must go far beyond a basic regulatory check. MyMGA is integrated to the REG Network, which provides due diligence, monitoring and alerting on a range of legal, commercial and regulatory compliance points for your agents, brokers and producers. Full profiles are available for 300+ million businesses worldwide enabling you to demonstrate to capacity providers that it's not just what you know...
"My word is my bond."
Today data protection is highly regulated. Legal and regulatory requirements mean the back of an envelope is a thing of the past. Contract documents, endorsements and amendments, along with TOBAs and engagement letters are a key focus for regulators and auditors alike. Data security risks mean that paper trails and email exchanges are no longer acceptable, with version control and document retention bringing further challenges. MyMGA includes a full digital document exchange facility that empowers document offer, negotiation and acceptance to be managed in one secure place. Making sure your contractual arrangements are up to date, secure and auditable has never been easier. Issue thousands of TOBA updates in seconds, to approved and verified recipients, then track responses and completions on a dashboard within MyMGA. No need for a mail merge or a franking machine ever again.
It's good to talk.
An API is a software intermediary that enables two applications to talk to each other. Just as the REG suite of applications is connected through APIs, our data can be integrated into your system too. Imagine empowering your CRM or policy admin software with the latest business due diligence information, continually updated from the REG Network, or prepopulating board reports with key management information in beautiful visual reports. In fact, if you can imagine it, we can make it happen.