Michael Topol (pictured), co-founder and co-CEO of MGT Insurance, set out to rethink how an insurance carrier operates at its core. His focus was not on incremental change but on what he described as “upgrading the OS” of the business. That ambition is speed, data, and usability and is increasingly defining MGT’s competitive advantage.
At its foundation, the strategy centres on aligning technology with human expertise. The goal is to enable underwriters, brokers, and internal teams to work faster without sacrificing judgment. For small commercial insurance in particular, that balance carries direct implications for how efficiently businesses access coverage and move forward with operations.
Topol approaches transformation by mapping the full value chain of a carrier, from broker distribution to underwriting, billing, and claims. Rather than tackling everything at once, the company prioritizes the “front of the house,” focusing first on broker engagement, submissions, and underwriting workflows. That sequencing reflects a belief that improving speed and clarity at the point of sale will deliver immediate value.
The results are measurable. Traditional underwriting processes that took weeks have been compressed into minutes by aggregating significantly more data upfront. “We actually pull in 3,500 data points for every risk we underwrite,” Topol said. That depth allows underwriters to make faster, more informed decisions without repeated back-and-forth with brokers.
Speed has also become a defining outcome. “Instead of taking two to four weeks… we’re able to do that typically in under 10 minutes,” he said. For brokers, that means quoting and binding could happen in near real time, often while a client is still engaged. For policyholders, it reduces friction in securing coverage, shifting insurance from a prolonged administrative task to a near-instant transaction.
The emphasis, however, is not solely technological. Topol frames the carrier’s role as both risk bearer and service provider to brokers and, indirectly, to the broader economy. “Business owners don’t want to spend all their time worrying about their insurance,” he said. The implication is clear: efficiency at the carrier level translates into productivity across the market.
Despite the technical progress, Topol repeatedly returns to culture as the primary barrier to transformation. Adoption, he argues, depends as much on behavior as on capability. “Nothing is perfect the first time,” he said, noting that new tools require both iteration and organizational buy-in.
To address this, the company tracks not just usage of internal tools but how they are being used. Many of these tools are built on top of large language models rather than developed from scratch. “We’re not building base-level LLM models… but we are leveraging those tools in the ways that are most helpful,” he said.
That insight informs a more granular approach to measurement. Instead of counting interactions, the company examines whether tools are improving workflows and decision-making. This data feeds into internal visibility mechanisms, including a leaderboard that highlights usage patterns across teams. “People respond to that,” Topol said, describing how it sparks peer-driven learning and informal knowledge sharing.
The organization reinforces this behavior through structured forums. Regular internal sessions allow employees to demonstrate tools, share applications, and discuss improvements. These forums serve a dual purpose: accelerating adoption while embedding a sense of ownership across functions.
Equally important is responsiveness to feedback. Topol highlighted a simple but illustrative example involving document handling. An underwriter noted inefficiencies in accessing forms, a task that previously took significant time due to poor labeling and system lag. The solution was delivered within hours. “That kind of thing is a small win, but it means the team feels heard,” he said.
This responsiveness extends to product development more broadly. Rather than long development cycles, the company adopts rapid iteration. “We say: this is a day-one version,” Topol said. Feedback loops are continuous, with features added, removed, and refined based on real usage. The willingness to release imperfect versions is positioned as a strength rather than a risk.
Underlying the transformation is a deliberate approach to hiring. The company prioritizes experienced insurance professionals who can operate at both a functional
and systems level. These are individuals with decades of industry experience who also question legacy processes. “They understand what they’re trying to do - but they’ve always wondered why certain things couldn’t change,” Topol said.
This blend of expertise and curiosity supports a product development approach focused on solving user problems and improving workflows, rather than treating technology as a back-office infrastructure function. IT ensures infrastructure stability, while product development focused on solving user problems. That separation allows teams to concentrate on building tools that directly improve workflows rather than maintaining legacy systems.
Topol contrasts this approach with more traditional organizations, where product initiatives can be slow and disconnected from user input. In those environments, tools are often developed over long timelines without meaningful feedback. His model emphasizes continuous engagement, both internally and with distribution partners.
Ultimately, the transformation hinges on alignment. Topol described business as “a team sport,” requiring the right combination of people working toward shared objectives. “You’re much better off having a gap than having the wrong person on the team,” he said. Misalignment, in his view, creates inefficiencies that no amount of technology can fully offset.
He also stresses that technology, while essential, remains an enabler rather than a solution in itself. “Technology makes a big difference… but it still comes down to the people,” he said. That perspective frames the broader initiative not as a digital overhaul but as an organizational redesign.
