By selecting key modules from the Concirrus data and technology suite this MGA developed a whole new product offering
A digital MGA recognised that traditional insurance was not responsive enough to provide effective cover for cargo. The complexities and speed of the supply chain means that as much as 90% of cargo is shipped without adequate or any insurance cover at all.
A multi-step solution was employed to move the MGA from traditional manual processes to automated digital workflows.
Modules used: Model Deployment & Management, Third-party integration, Bespoke risk models, Pricing, API driven integration into Policy Admin System
Leveraging existing data, a bespoke risk model was developed and deployed for an MGA operating in the US. The model provided dynamic pricing capabilities in real-time via API, allowing the MGA to automate pricing for risk-based upon several unique variables. This capability now enables an embedded insurance product that is bought alongside Cargo shipment purchases.
Built using cloud-based architecture, the pricing model was able to integrate new features without the MGA needing to invest and maintain new on-site infrastructure. As the pricing model is continually updated over time it continues to include more complex features, such as weather assessment, in its valuations.
New technology has improved the adequacy of cover and the customer experience. The MGA's customers can get appropriate cover for their cargo in minutes. The process is highly accessible, differentiating the MGA to make them more competitive and efficient.