Unlocking potential for MGAs: 5 advantages of hx Renew

Richer data, best-in-class underwriting workflows, customized automated reporting that meets every capacity provider's requirements. Read on to explore how hx Renew is enabling modern MGAs to streamline their processes and stay ahead in a competitive market. 

1. Eliminating underwriter rekeying

According to Insurance Business Magazine, 77% of brokers believe technology is an important or very important consideration when choosing an MGA to work with. Many brokers highlight efficiency as a reason they would recommend their top MGA partner.  

The push towards faster, smarter ways of working is clear, but many MGAs are still operating with suboptimal tools and workflows.  

Most underwriters wish they didn’t have to rekey data from brokers and other third parties into multiple internal systems, let alone a system harder to use than the Excel spreadsheet it was designed to replace! It means long quote times, and too much effort spent on admin rather than on what they are best at— risk selection, pricing negotiations, and customer/broker relationship management.  

hx Renew seamlessly integrates with internal systems and underwriter workbenches, eliminating rekeying of data between policy admin systems (PAS) and pricing tools. This slashes quote times. The highly flexible system is proven to support multiple types of integrations, future-proofing MGAs against evolving market demands and technological advancements.

Thanks to the platform’s API ingestion capability, MGAs can automatically upload submissions and generate a technical price before an underwriter touches the model. This further reduces the time for underwriters to respond to their trading partners and helps you gain a competitive edge.  

2. Enriching underwriter data

A significant amount of time spent in the underwriting process is gathering relevant customer data (both structured and unstructured) from 3rd party sources and manually keying it into the pricing tool. This can result in hours of internet searches and data admin per risk. 

hx Renew enables an enriched data-driven approach to pricing and reduces the time to quote by automating the gathering of internal and third-party data. Structured data can be instantly accessed via APIs and pulled into Renew at the click of a button. 

 In the absence of APIs and clean data sources, unstructured data can also be collected by leveraging web-scraping technology, eliminating the need for lengthy searches and repetitive data collections. It’s even possible to upload pictures and use AI tools to translate the image into relevant data points.  

3. Proactive portfolio management

Reporting on pricing data for use by the MGA is often difficult to provide regularly and consistently. This means that many MGAs are unable to effectively monitor rate change, perform regular segmentation analyses, or actively steer their portfolio—directly impacting profitability. 

With hx Renew, underwriters can view their live portfolio and make better decisions with real-time visibility of: 

• Rate adjustments: Instant visibility into rate changes for renewals, allowing for more dynamic pricing strategies. 

• Impact on risk accumulation: Immediate understanding of how a new policy affects existing risk concentrations to help manage and mitigate potential losses. 

• Projected loss ratio insights: Up-to-the-minute projections of loss ratios for more accurate forecasting and financial planning. 

MGAs can also monitor portfolio rate adequacy and maintain a consistent view of all live policies across every line of business.  This approach assures alignment with overarching business strategies and paves the way for greater profitability. 

4. Customised automated reporting

MGAs often serve multiple carriers, all of whom are likely to have different reporting requirements. Consistent reporting on aggregations and accumulations is essential to securing and retaining capacity.  

With traditional pricing tools, regularly reconciling and producing reports is a highly manual process that consumes significant time and effort. 

hx Renew slashes administration time and provides consistent data for carriers, giving them confidence in their capacity deployment. Data is saved and structured straight out of the box, so you can automate your reporting and reduce manual intervention – ultimately saving time and money! 

5. Built-in audit and compliance

90% of MGAs expect more legal and regulatory scrutiny over the coming year. 51% view increased regulatory requirements as the main barrier to entry for MGAs starting up and/or entering new markets 

What does this mean in practice? It’s more vital than ever for MGAs to exhibit the highest level of diligence in adhering to guidelines and procedures.  

Traditional methods for managing peer reviews, referrals, and sanctions checking are often labor-intensive and prone to human error, leading to potential oversights and inadvertent breaches of regulations. 

hx Renew streamlines peer review and referral workflows while maintaining a complete audit trail. It seamlessly integrates with communication platforms like email, Slack, and Teams for automated notifications and escalations. Crucially, underwriter authorities and guidelines are embedded within models to ensure compliance. 

The outcome is a more secure and resilient operational environment with a reduced administrative burden. 

Get in touch and find out what you could make possible with hx Renew 

As notable American businessman Jack Welch once said, “if you don't have a competitive advantage, don't compete.” It’s one thing to keep up with the MGA market — it’s quite another to set the pace.

To discover how hx Renew could streamline your workflows, drive stronger decision-making, and ultimately create business success, book a call today.