Supplementing an MGA’s growth with technology
IBC spoke recently with MSI president Anthony Passarelli in a new edition of IBTV to learn the MGA’s secret to success. When asked what makes a 5-Star MGA, Passarelli noted that the question has been answered by MSI’s broker partners, who have seen the merit of working with the MGA but added that there is more to the equation.
Watch now: How can brokers deal with hard-to-place risks?
“I think the simple answer to the question, from my perspective internally, [is that] I try to surround myself with strong staff. Primarily,” the president said.
Passarelli said that having the talent is just one half of the solution, and the other half relies on having the latest technologies – specifically the kind that allows MSI to provide the service its clients expect.
When asked how MSI is using technology to improve its offering, Passarelli dropped some hints about the company’s plans for the near future.
“Our existing operating platform does an adequate job for the purposes of policies services, issuing documents, and ensuring we have policy data to service customers and brokers,” he said. “However, from a strategic perspective, we’re moving to a more advanced platform later this year, which is going to allow us the opportunity to have more capabilities, for our own strategic reasons.”
According to Passarelli, the capabilities of an advanced platform would enable MSI to expand its product offerings, retain more policy and customer data, and enhance services to brokers and customers.
“We’ve already been recognized for our service to brokers for the past two consecutive years, but our new platform is going to take us to a new level of enhanced service, and make it easier for brokers to do business with us – which we know brokers are pleased with.”
Passarelli also mentioned that advanced technology would put even an MGA like MSI on near-equal footing as major insurance carriers.
“At the same time, we’ll be able to better manage the profitability of business, at the policy, product, program, and broker level. In essence, we gain similar capabilities to major insurers in this regard.”
It can be easy to dismiss the adoption of technology in insurance as a ploy to remain relevant to younger customers, but from the perspective of an MGA, Passarelli believes that adopting and integrating technology is “part of [the company’s] response to growing [its] business strategically and profitably without compromising service.
Watch now: How can brokers deal with hard-to-place risks?
