U.K. MGA Archipelago Risk Services adopts the next-generation offering to sell and service its personal lines coverages and package policies
CaribPR Wire, BOSTON, May 06, 2019: Xceedance, a global provider of insurance consulting, managed services, technology, data sciences, and blockchain solutions, today announced the availability and client implementation of a new software and services offering, the MGA Agility Suite.
The Xceedance MGA Agility Suite enables 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 — a key competitive differentiator in managing diverse insurance products, especially lower-margin classes of business.
Additionally, Xceedance announced a successful implementation of the MGA Agility Suite for Archipelago Risk Services (Archipelago), helping the London-based MGA to boost underwriting efficiency and augment the policyholder experience.
“The Xceedance MGA Agility Suite provides software and associated services to support MGAs in insurance markets worldwide,” said Travis MacMillian, chief business officer at 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.”
Through advanced software development and integration with a diverse set of technologies that support operational efficiency, the MGA Agility Suite gives MGAs and their retail agents proficient 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. 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 platform can be hosted on the cloud for superior performance in managing diverse insurance products and core MGA/MGU operations.
“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,” said 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.”
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. In implementing the bespoke platform, Archipelago leveraged operational expertise from five principal insurance capabilities at Xceedance: 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,” said Richard Coleman, managing director at Archipelago Risk Services.
Xceedance is a global provider of strategic consulting and managed services, technology, data sciences, and blockchain to insurance organizations. Domiciled in Bermuda, with offices in the United States, United Kingdom, Germany, Poland, India, and Australia, Xceedance helps insurers launch new products, drive operations, implement intelligent technology and blockchain solutions, deploy advanced analytic capabilities, and achieve business process optimization. The experienced insurance professionals at Xceedance enable re/insurers, brokers, and program administrators worldwide to enhance policyholder service, enter new markets, boost workflow productivity, and improve profitability. For more information, please visit www.xceedance.com.