TECHNOLOGY AND AUTOMATION

TECHNOLOGY AND AUTOMATION

FIVE-STAR MGAs

Despite the insurance industry’s ongoing march toward a digital future, just 5% of brokers rated technology and automation as an important quality when choosing an MGA, down from 7% last year. This area doesn’t appear to be much of a priority for MGAs, either; they scored an average of just 7.19, down from 7.57 last year. Nine MGAs earned five-star status for their tech offerings, up from seven in 2018.

Many brokers who commented on their MGAs’ tech and automation capabilities highlighted the need for better online portals, more web-based forms and online quoting.

Others complained that the technology their MGAs do provide isn’t particularly helpful. “[My MGA’s] chatbot doesn’t really help. I have tried to use it but know just to avoid it,” one broker said. Another noted that their MGA’s policies “still look like they were issued on a dot-matrix printer from the late ’80s.”