Cloud-based digital insurance platform, INSTANDA, has announced the establishment and launch of an MGA start-up service, IMGA.
IMGA is designed to provide all the technical capabilities to both manage and run a new MGA, including product distribution, submission management, policy management, renewals, and first notice of loss (FNOL) processing.
Speed and efficiency are a key component of all InsurTech services, and according to INSTANDA, the IMGA platform takes roughly 10 weeks from initial contact to commencing underwriting.
INSTANDA states that IMGA offers end-to-end distribution, underwriting and operational management; including broker submissions, quote and bind, policy management, and also invoicing and reporting dashboards.
Tim Hardcastle, Chief Executive Officer (CEO) of INSTANDA, said: “We enable insurance organisations to build, launch and manage in real time insurance products without coding. The MGA sector’s relevance and importance to the insurance market continues to grow, so extending our capabilities to this audience is a natural next step.
“IMGA enables fast set up and access to new markets, as well as streamlining operations by digitising processes from front to back; you are in control, changing product structures, adding new features to gain market advantage, all at no additional cost.
“Speed to market, upfront investments in time and cost, and a fear of over promised and under delivered technology solutions are often seen as the main barriers to entry for small underwriting teams. IMGA is a game-changing platform that will allay these fears, underpinned by our track record of global delivery with over 50 clients. We want you to benefit from great value, speed and ease of use to help make your MGA business more successful.”