(The MFX process converts disparate MGA/TPA data into a format customized for the carrier’s use.)
MFX, a Morristown, N.J.-based provider of hosted IT applications and outsourcing solutions for the property/casualty (P&C) industry, has launched a new standalone solution for onboarding MGAs and TPAs based on tools and processes within the vendor’s Integrated Insurance Platform (IIP). Using MFX’s private cloud, the new professional services offering quickly imports MGA and TPA claim and policy data, validates the data with company-specific rules and exports it into a targeted format used by the company’s operational system.
The solution enables what MFX calls a quick, low-cost, no-risk onboarding of new MGAs and TPAs, while ensuring transactional integrity, and eliminating rekeying errors, according to the vendor. Pricing consists of a one-time setup fee and a charge per upload.
“Virtually every P&C carrier in the industry is faced with ingesting variable data from its TPAs and MGAs into home office administration systems – a time-consuming, iterative process fraught with errors and frustration for both the carrier and its TPA and MGA partners,” comments Raymond A. Roy, chairman and CEO, MFX. “The goal of making it easier to do business with MGAs and TPAs is high on every carrier’s list.”
The new solution utilizes what Roy describes as a “hallmark” capability of MFX’s Integrated Insurance Platform, which is now being offered as what he characterizes a low-cost, risk-free, standalone, turnkey professional service.
“We’re extremely confident of its potential to save time and expense for any insurance carrier, and to that end we can offer companies a zero-cost proof of concept” Roy states. “We will prove our solution by taking a production MGA or TPA and implement it using our offering, to demonstrate our speed and accuracy.”