Are you an MGA or wholesaler with a desire to strengthen your distribution channel? Or maybe you are exhausted from doing business the same old way and want to tap into a higher level of success with a better way of doing business. In this article, we will discuss the challenges that MGAs commonly face, the most effective way to expand your distribution channel, and how to transform the time-consuming backend work into frontend results.
Let’s first dive into the challenges many MGAs face within the industry.
The Life and Pain Points of MGAs
It is no question that MGAs are experts in their line of business and deliver the most accurate administration of policies which enable them to be favored by carriers and given permissions not allotted to other industry professionals.
However, MGAs face some issues that carriers, wholesalers, and agents never see. One of the main hurdles for MGAs is trying to conduct business with outdated technology effectively. Not utilizing updated technology can prevent MGAs from receiving incoming submissions and forces them to follow a time-consuming quoting process. Without current technology, MGAs must lean on basic forms, emailed submissions, and a quoting process that relies heavily on Excel spreadsheets opposed to digital and more streamlined processes.
Additionally, distribution with outdated technology is much more than a hurdle or simple pain point for MGAs, but it literally limits their ability to grow and expand their business effectively.
Because MGAs offer specific products and programs which may be unfamiliar to some agencies not only is digital distribution beneficial, but it is essential. The strict volume requirements placed on MGAs from their carriers can put pressure on them to produce results with tools not conducive to productivity.
So, how can this be corrected or changed? Next, we will discuss exactly how to expand distribution and deliver quotes for specific programs that only MGAs have access to distribute.
Expand Distribution – Increase Your Success
Expanding your distribution as an MGA is easier with companies like Appulate. Appulate offers a digital platform which houses an extensive distribution channel and the lines of business that are built around the needs of MGAs. This is the type of technology that creates an ecosystem for industry professionals. Agents are statistically twice as likely to submit to the markets accessible on platforms like Appulate. Therefore, your best distribution opportunity for your products would be found in tech-focused markets like Appulate’s where over 200,000 independent agents are currently active.
Even more, having digital distribution of your API allows you to free yourself from extensive backend work and dedicate more resources to increasing your margins and other relevant aspects of your business. Next, we will outline how to turn the time-consuming backend work that most MGAs are accustomed to, and taking advantage of a more efficient way to do business.
Turn Backend Work into Front end RESULTS!
By aligning yourself with an insurtech company like Appulate, you can digitize forms and underwriting, distribute through your API, and more efficiently complete the tasks which would normally take several hours to accomplish manually. This allows you to conduct more business faster which increases productivity while saving time.
Even more, ACORD data can be bridged from a platform like Appulate’s into backend systems such as raters, policy administrator systems, and others to easily save and store client information. If you have a need for carrier APIs to deliver quotes for programs that you distribute, the proper automation will allow you to do just that.
If you would like to see exactly how to digital distribution can be beneficial to you and your business, schedule a DEMO with the leaders in insurtech and see how to do business digitally with Appulate.
For more information on digital distribution, click here to learn more.