Happy Monday All,
Today I would like to share an insight on MGAs and “what are the key challenges facing MGAs at this time?” As some of you know, Fraud has always been a key driver and moreso now when coupled with the impact of COVID-19. There has been a huge emphasis on the need for businesses to embrace knowledge sharing and collaboration to bring sustainability.
The challenges are: 1. Impact on the sector has been the move to remote working 2. Claims costs which lead to 3. A period of recession and economic hardship which is likely to have an impact on the number of fraudulent claims and the need for this to be defended against. AUTOMATION will be the key balance act for us all.
At ARGenesis we understand the above points are a real concern. We strongly feel that by having an automation process in place it is a key requirement together with securing this with some data analytics and coupled with our actuarial input it will considerably help to manage the pop up notification triggers required to build through robust analytics. We are here to help MGA’s, Insurers and others sharing in collaboration and sustainability. Please get in touch if you would like to know more with Chris Daniels at chris.daniels@argenesis.com
Regards
The ARGenesis team.