- Author(s):
- Deborah M. Smallwood, Senior Partner
- Mark A. Breading, Partner
- Karen Furtado, Partner
- Publication Date:
- November 17, 2021
- Number of Pages:
- 16
- Price:
- $2,495.00 USD
Managing General Agents (MGAs) and Managing General Underwriters (MGUs) are experiencing rapid growth in today’s insurance environment. As the MGA/MGU channel expands, these firms will encounter new distribution changes that will require new technology investments to enhance digital capabilities offered to agent and broker partners.
This SMA report analyzes five different digital sales-oriented capabilities and nine servicing capabilities. The report begins with recent SMA survey data of MGA executives’ market predictions and their priorities driving investment decisions in distribution solutions. The report also examines common roadblocks MGAs encounter when investing in technology as well as the challenges agency partners face with adoption. Other key insights within the report include how MGAs are investing in new capabilities today, their satisfaction with current services, and the top tier investments in both sales and servicing capabilities that will enable MGAs to grow their market with new and existing distribution partners.
Table of Contents
- Distribution Evolution for MGAs and MGUs 3
- Business Drivers for Tech Investment 4
- Biggest Challenges for Investing in Distribution Solutions 6
- Technology and Business/Cultural Barriers
- Agency Challenges for Adopting MGA Tech Solutions
- Challenges That Inhibit Right-Fit Submissions
- Digital Offerings to Agencies 8
- Digital Offerings for Sales
- Digital Offerings for Servicing
- Tech Investment for Distribution 11
- Tech Investment Plans for Digital Sales Capabilities
- Tech Investment Plans for Digital Servicing Capabilities
- SMA Call To Action 14
- About Strategy Meets Action 15
- Use of Our Reports
- About the Authors