Vertafore | June 30, 2022
The latest acquisition by the InsurTech industry leader, Vertafore, brings top-tier industry talent and two market-leading MGA solutions into the fold.
Vertafore, the industry standard in cutting-edge insurance technology, announced that it had acquired MGA Systems, the industry's preeminent developer of MGA-specific software.
MGAs need solutions that can keep up with their fast-paced business needs as they seek to diversify into new niche markets and keep their current client. Vertafore's suite will be expanded to include policy administration and rating solutions thanks to MGA Systems' acquisition. This enhances Vertafore's existing MGA offering and gives these critical players in the independent insurance channel a leg up in entering the new markets and rapidly deploying products for their customers.
MGA Systems offers two industry-leading solutions. IMS is a management system with policy administration and back-office functionality, and NetRate is an ISO-based rating platform. These solutions have helped MGA Systems customers accelerate product time to market by integrating industry and technology knowledge. Vertafore is committed to expanding MGA Systems' customization and open architecture, which are key to customer success.
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, 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."
Vertafore's CEO Amy Zupon.
Together, MGA Systems and Vertafore's already-extensive MGA management system (AIM™) form the industry's most robust and feature-rich software suite.
After acquiring AgencyZoom™, Vertafore has taken the next step toward its goal of simplifying and automating its products and services across the entire insurance distribution channel by acquiring MGA Systems.
Insight Risk | June 29, 2022
Insight Risk has successfully deployed Beyond Policy Administration® (BPA), a next-generation policy administration platform, according to ChainThat, an Xceedance company that specializes in software-as-a-service (SaaS) platforms for the global insurance sector.
Insight Risk is a technology-driven, builders' risk-focused managing general agency based in Westport, Connecticut, USA (MGA). The company sought a core platform capable of rapid, full product deployment and policy lifecycle change management to support organizational growth. A flexible, adaptable framework was also required to support the changing priorities of the business, its customers, and fronting partners. BPA from ChainThat was identified by Insight Risk as the most comprehensive fit to meet the company's operational needs and expansion goals.
“Our company set out to use connected devices to drive better underwriting and risk selection, Adopting BPA as our core platform allows us to improve risk evaluation and loss control, streamline engagements with agents and brokers, and provide peace of mind to our fronting carriers. With BPA, we can adapt to market changes quickly, focus on generating new revenue, and provide best-in-class service to our customers and capacity providers, such as Munich Re Group Specialty Insurance Services.”
-Chad Hollingsworth, president of Insight Risk
The BPA platform's advanced and secure technical framework is based on a modern micro-services architecture. BPA provides full API access to all PAS components as well as a modern, drag-and-drop interface for deploying, managing, and updating standard and complex insurance products in near real-time. The system streamlines the policy lifecycle, improves data connectivity, and can be integrated as a self-branded, external broker or customer portal. BPA includes a self-service reporting suite that can be tailored to meet the data analytics requirements of any insurance company.
Policygenius | June 27, 2022
Impact Partnership intends to use Policygenius Pro to enable its member firms to significantly reduce the time spent placing term life insurance while increasing overall profitability.
Policygenius and Impact Partnership are collaborating to bring the term life fulfillment platform Policygenius Pro to Impact's network of financial advisory and broker-dealer partners.
Policygenius Pro is a turnkey partnership platform that assists advisors in accelerating and streamlining life insurance sales. Advisors and agents can use this tool to refer their clients to Policygenius, who will walk them through the entire process, from policy selection to coverage implementation.
The change allows Impact's extensive partner network, including over 200 constituent firms and 2,000 advisors, to save significant time and energy while still providing a superior client experience. The time savings enables Impact to reduce its current costs of placing term life insurance while also capturing additional opportunity that advisors may have missed due to the time-consuming process of assisting clients in obtaining term life insurance. The partnership is one of many innovation partnerships. Impact has formed, furthering its position as a forward-thinking field marketing organization (FMO).
We're thrilled to be able to offer Policygenius Pro to Impact partners, Term life coverage has always been tricky for advisors due to its time-intensiveness, and Policygenius Pro is the leading solution for alleviating that pain point."
Clay Eschrich, Impact SVP of Life and Distribution.
This gives Impact advisors who use Policygenius Pro access to a wide range of insurers, coverage types, and policy options, including accelerated underwriting offerings that are only available on the Policygenius platform. Case management, underwriting, and product support are also provided by an expert staff of 200+ dedicated specialists.