(Image source: MGA Systems homepage.)
Vertafore says that the acquisition of MGA Systems gives its customers access to policy administration and rating solutions that will be integrated into Vertafore’s suite, strengthening what the vendor characterizes as its already robust offering for MGAs and empowering them to expand into new territories and deploy products for their clients faster.
MGA Systems provides two prominent solutions for MGAs. IMS is a management system with a full suite of policy administration and back-office functionality customizable to specific client needs, and NetRate is an ISO-based rating platform. “These solutions have allowed customers of MGA Systems to experience accelerated product time to market, with support and expertise that integrates deep knowledge of the industry and the underlying technology,” according to a Vertafore statement. The company says that it remains dedicated to expanding the customization and open architecture strategy that have made MGA Systems’ software critical to the success of its customers.
“As the MGA market continues to grow, it is more important than ever for MGAs to have integrated technology solutions that strengthen their ability to make informed risk and pricing decisions,” comments Amy Zupon, CEO, Vertafore. “MGA Systems has been at the forefront of the industry’s work in this area. I am very pleased to welcome the MGA Systems team into the Vertafore family, along with the wealth of talent, passion, and expertise they bring.”
“On behalf of our customers and employees, I am thrilled that MGA Systems has found a home in Vertafore,” says John Bennis, president, MGA Systems. “Our community of MGAs is extremely important to us, and I am proud of the tools that we have been able to deliver on their behalf. Vertafore shares our passion for modern insurance solutions, and this acquisition will allow additional investment in our existing products and further enhance them through integration into the Vertafore ecosystem.”
Most Comprehensive Suite of MGA Technology
By combining MGA Systems with Vertafore’s existing management system for MGAs (AIM), Vertafore asserts that it now offers the most comprehensive suite of technology for MGAs in the market.
“This acquisition is another milestone in our commitment to drive transformation and create an integrated ecosystem of products,” comments James Thom, chief product officer, Vertafore. “I’m excited that Vertafore will be integrating the power of NetRate into AIM while continuing to drive more value for MGAs and program administrators within IMS. I look forward to our teams working together as we invest in our solutions.”
Noting that the current acquisition closely follows the acquisition of AgencyZoom, Vertafore describes the addition of MGA Systems as the next step in fulfilling its vision to simplify and automate its products and services across the entire insurance distribution channel.