MGAs Leverage Tech, Data to Lead in Competitive Insurance Market
In the competitive personal lines insurance market, pricing agility, richer data, and digital trading capabilities are emerging as key advantages for managing general agents (MGAs). With pricing becoming a central battleground in today’s fast-paced environment, these elements are critical for MGAs aiming to stay ahead.
This case study shows the transformative potential of technology in routine processes. The broker, a leading financial services provider serving public sector policyholders, faced operational strain from a manual payment allocation process. By adopting AutoRek’s platform, the organization leveraged the technology to transform insurance payment matching and allocation.
The advent of generative AI has lowered barriers to insurance fraud, making it cheaper and easier to execute. A connected claims ledger makes it easier for insurers to detect fraud. While AI hasn’t created fraud, it has made producing convincing fake evidence more accessible. A connected claims ledger acts as a countermeasure, enabling insurers to detect anomalies and patterns that may indicate fraud, thereby safeguarding their operations and financial health.
When investing in technology, brokers should avoid three common pitfalls that often result in expensive mistakes. Insurance technology expert Tobias Bergmann reflects on the importance of technology that endures. Bergmann, with over 18 years of experience building core insurance platforms for brokers, MGAs, and insurers, shares insights on what makes technology hold up over the long term and where AI fits in.
