Rating Systems Designed for MGA Use
A Managing General Agency (MGA) has specific needs that are not met by rating systems designed for a single insurance carrier. If you represent a MGA that is looking to upgrade or replace its rating system, it is best to turn to a company offering specialized rating systems for MGAs. Here are some additional factors that will help you determine if a rating system is right for your business.
The top quality you should search for is flexibility. Ideally, you want your rating platform to be fully customizable in all its aspects. Attention to detail, even the smallest ones, is key. For example, the user interface may seem relatively unimportant compared to such factors as accurate data and the quality of its output; however, a user interface that is difficult, redundant or confusing will ultimately result in poor outcomes. When all parts of your system are customizable to your specifications, you will achieve optimally accurate output.
Quality platforms will also include the ability to generate customized printouts and forms, accurate data and the ability to integrate with policy administration systems. Data sharing between modules will increase efficiency by cutting out redundant data entry at each point.
Look for a system provider that is experienced and knowledgeable about all aspects of providing rating systems for MGAs, including familiarity with specialty markets and with the needs of your business partners. This is the best way to ensure maximum efficiency and accurate results.