(City of London, home of Archipelago Risk Services. Photo credit: Colin Hansen.)
Xceedance, a London-based global provider of insurance consulting, managed services, technology, data sciences, and blockchain solutions, has announced the availability and client implementation of a new software and services offering, the MGA Agility Suite.
The Xceedance MGA Agility Suite is designed to enable established and startup program administrators, managing general agents (MGAs), and managing general underwriters (MGUs) worldwide to swiftly deploy a tailored, advisor-driven sales and service engine to capture profitable market segments, which Xceedence says will give them the a key competitive differentiator in managing diverse insurance products, especially lower-margin classes of business. The solution can be hosted in the cloud.
Accompanying Xceedance’s MGA Agility Suite announcement was news of implementation of the suite for Archipelago Risk Services (Archipelago) aimed at helping the London-based MGA boost underwriting efficiency and augment policyholder experience.
“The Xceedance MGA Agility Suite provides software and associated services to support MGAs in insurance markets worldwide,” comments Travis MacMillian, chief business officer, Xceedance. “MGA operations typically rely on software or platforms intended for primary insurers. In contrast, the dedicated MGA Agility Suite comprises an Insurtech platform, coupled with lifecycle services for program administrators, MGAs, and MGUs.”
Xceedence describes the MGA Agility Suite as built with advanced software development and integration with a diverse set of technologies that support operational efficiency, and thus giving MGAs and their retail agents automation for personalized, intermediated policyholder services. The MGA Agility Suite combines policy-administration capabilities, an underwriting platform, distribution and communication tools, and the business intelligence (BI)/reporting functionality MGAs need to write more business efficiently and profitably, according to the vendor. Exceedence adds that the MGA Agility Suite facilitates regulatory compliance and partnerships with organizations such as actuaries and third-party administrators (TPAs); and it enables robust integration with insurance data providers, payment gateways, general ledger applications, and document generation services.
“The MGA Agility Suite elevates our personalized service delivery to program administrators, especially with an innovative broker and underwriter portal, and a configurable rating/pricing engine,” adds MacMillian. “The automated workflows and streamlined policy lifecycle processes built into the MGA Agility Suite create transactional efficiencies, while enhancing user experience and customer-centricity for MGAs and MGUs.”
Deployment at Archipelago
Archipelago recently deployed the MGA Agility Suite, providing the company with a single platform for clients—via intermediaries—to purchase motor (auto), home, investment property, travel, and pet insurance, quickly and efficiently, Xceedence reports. In implementing the platform, Xceedence says Archipelago leveraged operational expertise from five principal insurance capabilities of the vendor: technology and core systems; actuarial services; insurance data sciences; catastrophe and exposure management; and BI and reporting.
“The Xceedance MGA Agility Suite empowers us with highly-automated workflows and a streamlined policy lifecycle — boosting organizational efficiency, enhancing the policy buying experience, and lowering operating costs,” comments Richard Coleman, managing director, Archipelago Risk Services.