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August 27, 2019

A Digital Workforce for Managing General Agents

A Digital Workforce for Managing General Agents

By

Joey Barrett

Categories
Archives
Read Time: 2 minutes

As a specialized insurance agent and broker, a Managing General Agent (MGA) performs many tasks ordinarily handled by an entire insurance agency. Duties like coverage, underwriting, pricing, appointing agents and settling claims are all handled by one person, creating a lot of mundane, time-consuming, front-end work for an MGA. Through Robotic Process Automation (RPA), an MGA can employ digital workers to automatically take care of many of these tasks, allowing them to spend time on value-added work and ultimately create more business. 

An Easier Way to Price

One of the biggest ways RPA can benefit an MGA is through the pricing process. Typically, the research that an MGA needs to perform in order to develop a price is time-consuming and monotonous. With RPA, digital workers can be set up and deployed to automatically gather all the necessary data online, all within a matter of minutes. With a process that normally takes hours to complete now reduced to minutes, an MGA can get pricing range and structure taken care of rapidly and spend more time engaging with clients and handling claims.

A Scalable and Customizable Solution

An MGA often operates within a very specialized field; one of the biggest reasons to work with an MGA is his or her expertise in a specific type of insurance. For any kind of technology solution, an MGA must be sure that it can be scaled and managed within that unique space, and RPA certainly has that capability. No matter how specialized the task, RPA’s digital workers can be programmed and run, taking away any chance of human error.

Fast Quotes. Less Work. Value Added.

The benefits of RPA for an MGA are clear. One digital worker can work 24/7 to accomplish tasks in minutes that could have normally taken a human hours upon hours. An MGA can get quotes out faster, which can mean the difference between a closed deal or a missed opportunity. In the end, RPA creates value that wouldn’t have been possible before.

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