Managing General Agents (MGAs)
Managing General Agents (MGAs) provide specialized underwriting solutions for customers’ risk exposures using differentiated and precisely-targeted products. Their hard to replicate market expertise, wide distribution networks, and specialized underwriting skills make them an increasingly attractive partner for carriers seeking to diversify income streams, remove fixed costs, and grow profitably in a difficult market.
For these reasons, MGAs need a core solution for efficiently managing business transactions between them and multiple insurers.
Beyontec Suite is an end-to-end core administration solution for MGAs looking to streamline their processes and generate business efficiency while improving the underwriting process. Beyontec Suite offers
Beyontec Suite allows you to keep with shifting business trends with a core solution that is configured with industry-specific products that meet the majority of MGA needs.
Beyontec Suite comes with pre-configured products, making it easy to launch new products and modify existing products as per market needs.
Beyontec Suite provides a comprehensive set of solutions that include pre-configured products, cloud infrastructure, portals, and accelerator tools.
Highly Secure and Scalable
Beyontec Suite enables authorized users to securely access application data and define and manage users, groups, access rights, and authorities while implementing maker-checker compliance.
Beyontec Suite’s robust rating definitions support even the most complex rating algorithms with reusable logic definitions. The rating engine can extend the rating process across all products minimizing the manual rating effort needed.
Beyontec Suite establishes an online presence for the MGA allowing more customers to be served.
Beyontec Suite is a workflow-driven solution with the ability to create and manage business processes and work queues dynamically. Using the workflow engine, MGAs can define service level agreements (SLAs) and measure the turnaround times of each process.
Beyontec Suite’s built-in configuration toolkit is designed to make MGAs independent. MGAs can manage the day-to-day changes to products, workflows, rating, and underwriting rules through user facing, fully integrated tools.
New Product Launch
Beyontec Suite’s product configuration tool, rating engine, and business rule definition enable start-ups to create and launch new products faster.
Beyontec Suite’s self-service mobile application allows MGAs to offer a convenient way for customers to interact and transact business.
Beyontec Suite integrates with data sources like OFAC, address verification services, geographic services, license bureaus, and violation and accident reporting vendors to validate risk profiles and allow informed decisions about risk acceptance and claim settlement.