How to Choose a Software Platform for your MGA

To offer instant quotes you will need a rating engine and dashboard features to manage customer accounts. Consider the level of automation you will offer. If customers or agents can make mid-term changes or purchase endorsements online, you will need software with that functionality. The Draftrs platform offers full automation tools, from issuance and binding through mid-term endorsements and renewals. 

Embedded insurance is an extremely efficient distribution tool. To embed quote tools into third-party sites requires API functionality or the ability to customize and white-label portals for third-parties. The Draftrs platform offers the latest API tools and can be used to create white-labeled portals for agents or third-parties. 

Distributing through agents is a great way to get specialist distribution quickly. To allow agents to reach insureds efficiently, they need dashboard tools to retrieve and send quotes to the insureds, request payment, and track insured activity. The Draftrs platform offers a range of dashboard tools that allow agents to work with insureds instantly and efficiently, without any need for underwriters. 

Direct to consumer insurance isn’t just about quote to bind. Ensure that your software has tools for payment, e-signature, customer portal, online endorsements and online renewals. The Draftrs platform has fine-tuned tools for the full insurance lifecycle. 

Consider what level of underwriting tools you need. Do you need to have fine-tuned control over underwriter authorities? Do you need to have flexible endorsement functionality or make frequent changes to policy documents? Or are you looking for streamlined online distribution with relatively standardized products? The Draftrs platform is designed to give the flexibility if necessary, and automate and streamline for high volume distribution. 

As an MGA, at a minimum you will need policy management tools for issuance, binding and administering policy documents. You will also need reporting tools to connect with your carrier. If you are expected to manage claims, you will also need claims administration tools. The Draftrs platform was designed to be a streamlined solution for MGAs that want to get up and running quickly. 

As an MGA startup, you can’t afford the cost or time required for lengthy customizations. Many legacy vendors offer software that is based on old policy management software with complex integrations built on top for each new client. The Draftrs platform was designed to be used quickly, out-of-box, with few customizations. Enter your intake questions, policy forms and rating requirements, and you’re ready to go with instant quotes and online distribution.  

As a new MGA, you may not be a large legacy vendor’s top priority. Ensure the vendor you select is appropriate for new MGAs and will be around if you need a solution. Also explore the platform’s no-code tools to ensure that your product team can change intake questions and policy forms. 

As a new MGA, renewals might be the last thing on your mind. But renewal tools are critical to saving time and money. Choose a software solution that allows for customizable automation of renewal notices, question updates, and payment links, all integrated into a dashboard. The renewal process can be fully automated with the right software. 

Will you have online intake forms or rely on PDF applications? If you want the flexibility and efficiency of an online intake form, ensure that your software solution offers intake forms that can generate instant quotes and, if applicable, PDFs that agents can send to other markets. The Draftrs platform was designed for efficient intake that does not involve underwriters. 

Many software solutions marketed to MGAs were originally designed for agencies. These solutions are oriented more like CRM software with tools that help agents track submissions to carriers. Over time, software companies have added
policy generation to these platforms so they can be used by MGAs. To get the most efficient solution, focus on finding a platform that was designed for MGAs from the start. 

It can be difficult to manage an MGA when the underwriting portal, consumer portal or agent portal are different. Ensure that your software solution has one platform for all users, with appropriate views and customizations for each group. Similarly, having to connect to a third-party rating engine adds unnecessary complexity. Ensure that you understand any required third-party integrations. 

How do you store your policy forms and rating files? Ensure that the solution you choose works with common files like Word and Excel. What is the process for uploading the rater from Excel into the engine? Make sure you have a clear understanding of how this process is going to work.