Palm Desert, Calif.
Surplus lines producers who previously saw technology as a source of disruption to their business model, and retail agents who once had limited access to global specialty markets, are having their needs addressed, executives said here.
Surplus lines industry executives and vendors were out in force at the recent meeting of the American Association of Managing General Agents, describing advantages they bring, including global platforms and rate-quote-bind technology.
During the association's 84th annual meeting in May in Palm Desert, Calif., NU's E&S/Specialty Lines Extra met with representatives of two organizations with very different perspectives.
Executives from London-based MGA Jansen & Hastings explained the logic behind their expansion into the U.S. market and the opportunities they're affording U.S. retailers seeking markets.
From this side of the Atlantic, a group from Franklin Lakes, N.J.-based E&S insurer Western World Insurance Group made a very prominent presentation at the AAMGA's vendor trade show, displaying their ease-of-use technology--technology they believe will dramatically improve placement of business with the company.
GLOBAL PRESENCE
For agents and brokers seeking an MGA with an international presence, executives with Jansen & Hastings, based in London with offices in San Francisco and Sandpoint, Idaho, say they are offering a broad appetite for risk with a firm that offers international access and technological knowledge.
Kevin Hastings, managing director, along with Janet Beaver, senior vice president, and Jim Parsons, senior vice president, underwriting division manager, sat to discuss what Mr. Hastings believes is "a really exciting" platform for agents that will be an integral part of the marketplace for the future.
Jansen & Hastings has come into the U.S. market without legacy issues, which Mr. Hastings explained means that it gives the company a lot of flexibility to underwrite risk. At the same time, its technology platform offers a completely paperless environment that minimizes and reduces costs for everyone.
In the past year, the firm has grown to be able to meet the needs of agents throughout the United States, which Mr. Hastings noted is critical for the firm to stand out in the marketplace.
With the efficiency of technology, Ms. Beaver pointed out that all business can be conducted and distributed from one location.
"As long as they have a computer and access to the Internet, we can do business," she noted.
The firm says that its technology can provide online ratings, quotation and binding.
Mr. Hastings also noted that another advantage to working with Jansen & Hastings is that it is a national MGA with international interests that can give clients access to Bermuda and other markets. That means working with Jansen & Hastings will provide for an international platform without going outside of the group, they said.
For more information, go to http://www.jansenandhastings.com.
EASE OF USE
One company that made sure it had a notable presence at the AAMGA's exhibitor section was Western World Insurance Group with a demonstration of its latest technology.
Thad C. DeBerry, senior vice president, information technology, explained that Western World's technology application allows one individual to rate, code, quote, bind and issue a policy over the Internet.
The company's technology allows for the capture of information from an agency management system, pre-filling an application and leaving a few basic choices left for the agent to fill in, he explained.
MGAs do not have to re-key information, he noted, and the entire process is laid out in a streamlined form for easy processing.
He showed how Western World's technology eliminates the need for navigating multiple screens and instead allows the producer to do all the work through one portal.
In response to a question about what message the company is sending to the MGA community, Thomas F. Mulligan, president and chief executive officer, said in an e-mail: "Technology, legislation, regulation and difficult business conditions are redefining the value propositions of every segment of the insurance distribution chain, and the MGA/wholesaler is no exception. Unlike some, we believe this presents opportunities for the wholesale distribution channel to innovate and expand on the traditional services they provide."
"Partnerships with MGAs have been a cornerstone of our business for 46 years, and will continue to be going forward," he continued, noting the company has invested heavily over the past two years to deliver "greater responsiveness and ease of use to the MGA community."
He noted that its Western World Integrated Platform is one way the company "is supporting the competitiveness of our customers by delivering a fast, easy and wholesaler-only Rate, Quote, Bind and Issue platform for their use."
Mr. Mulligan said that "technology has recently been the source of some disruption in the MGA business model, but in Western World's view, [it] will also be the source of great competitive strength."
"Western World recognized several years ago the emerging need to support wholesalers through technology in a way which makes their customers--the retailer--more successful," he added.
For more information, go to http://www.westernworld.com/BusinessPartnerTools.aspx.
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