MGAs and Coverholders are coming under more intense pressure and scrutiny. As a result of regulatory change requirements their principals (Managing Agents and insurers) require more detailed evidence that their delegated underwriting arrangements are effectively and competently managed.
This places significant demands on MGAs and Coverholders to implement new processes and produce additional information, data and MI to meet these regulatory challenges. Many current systems and processes do not readily support these requirements. To meet the needs of today’s marketplace, MGAs and Coverholders must quickly adapt to meet these challenges without adversely affecting the value of their products and service offering to customers.
Advent has been providing a complete range of services to MGAs, Coverholders and the wider insurance market for over 15 years and is ideally placed to support you whilst allowing you to focus on growing your underlying business. Advent has extended its range of services to include:
Advisory – our consulting team will help you identify and address these operational and regulatory challenges whilst keeping costs as low as possible to enable you to remain competitive
Adjust – our fully compliant global claims TPA offering providing a better claims service to your customers whilst meeting all the requirements of insurers and Managing Agents
Advantage – our global TPA Management service and IT platform, for the management of individual or multiple TPA’s and Coverholders. This can extend to the consolidation of claim related processes, supervisory controls, systems and reporting
Administrator – our bespoke outsourced service, including policy administration, premium collection, query resolution, reconciliation, claims processing, bordereaux production and loss fund administration.
Advent’s services are tailored to the needs of individual businesses to allow managers to focus on developing their businesses and increase the markets available for your products.
To find out more about how Advent could help your business thrive in the current challenging environment please contact: