Solutions for MGAs

Focus your efforts on business model innovation rather than technology  

Challenge

MGAs often harness specialized expertise to underwrite niche market policies in certain geographies or specialty lines of business such as surplus lines or professional liability. This can be intriguing to reinsurers who may have appetite and capacity in one of these areas but are uncertain of the risks. Thus the core challenge for MGAs is how to harness data and uncover new product and market opportunities while improving operational excellence. To continue to innovate and lead, MGAs must move quickly to underwrite, price, and launch new products while staying nimble in comparison to larger players. MGAs that fail to improve their processes and embrace technology will likely underperform their digital peers. 

 

 

Put your customers at the center of the conversation

Simplifying the end to end policy application process needs to happen from the front lines of the business - by empowering a new age of digital MGAs, those who are closest to their customers needs and consistently put them at the center of the conversation. 

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Solutions

Illustration of the towerIQ form builder

 

 

Analyze and build new products for specialty markets

Gain access to exposure and appetite data to segment the market for new product opportunities and optimized pricing.
Illustration of the towerIQ form builder
Illustration of a prefilled form in towerIQ

 

 

A single source of truth for your data

Streamline communications and validate policies, submissions, and more; connect the data; and reference it in your own underwriting platform. Push data out to your underwriting system, primary insurers or reinsurers, and continue the workflow downstream to CRM, PM tools, and any future systems.

Illustration of a carrier management screen in towerIQ

 

 

Broaden reinsurer connectivity

Connect to a broad network of reinsurers via email, API, and portal, allowing agents to review the commission structure and have the option to sell reinsurers’ products that offer optimal rates. 
Illustration of a carrier management screen in towerIQ
Illustration showing towerIQ features that modernize your experience, such as e-signatures, comments, and notifications

 

 

Modernize the client buying and on-boarding experience

Provide better services to distribution channels and end clients with greater transparency in the buying process including automated quoting, proposal, binding, and payment processes with a consumer-like “checkout” experience.

Features

Pre-fill form data

Populate applications with customer information based on the data in your systems or third party data vendors like Experian, CoreLogic, etc. to reduce errors and omissions.

Import schedules

Import schedules and workbook tracking directly from Excel, transforming them instantly into interactive online workbooks.

Interactive forms

Build your own interactive forms and workflows that mirror your custom processes to create forms, collect data, initiate a new or refine an existing process. 

Electronic signatures

Embed electronic signatures directly into form workflows to eliminate paper-based signing delays.

 

 

Role-based dashboards

Create role-based reports and dashboards to manage all roles, locations, and lines of business within a single environment to reduce time and cost spent operating multiple disparate systems.

Integrate with any system

Integrate your current and future tech stack for straight-through processing, better distribution channel connectivity and enhanced marketing capabilities. 

Client activity alerts and audit

Keep track of client activities with timestamps from team members and get proactive alerts when your clients sign in, submit forms, and more. All activities are tracked in audit logs to improve compliance.

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