MGAs and AI: The case for more optimism than caution
Managing general agents and underwriters occupy a distinct space in the insurance world due to their broad policy oversight and administrative responsibility.
MGAs and MGUs accounted for nearly 90% of total global underwriting revenues in 2022, according to Insuramore. While most of these organization are independent, just under a quarter of them in 2022 were owned by insurance carriers, and a smaller fraction, representing about 10%, were owned by brokerages.
MGAs and MGUs often rely on limited resources while delivering an entire insurance experience, from underwriting to claims resolution. This is where technology solutions such as AI-powered automation can have a far-reaching impact.
On this episode of Insurance Speak, Michael Parcelli, senior vice president and head of the MGA business at Xceedance, discusses the ability of AI to drive efficiency and profitable growth at MGAs.
Listen to the full conversation above or subscribe to Insurance Speak on Spotify, Apple Music or Libsyn.
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