The Entrepreneurial Edge: MGAs and Innovation

Managing General Agents (MGAs) are entrepreneurs at heart. They have a keen eye for market opportunity, take calculated risks and leverage innovation to carve out a niche. Their agility allows them to react swiftly to market dynamics - an essential trait in an industry where differentiation is key, particularly when competing in well-served product lines.

From my time in the MGA space, I learned first-hand what it takes to generate value as a product provider and how the technology requirements of wholesaling intermediaries are fundamentally different to those of retail brokers or insurers.

I may be showing my age, but I remember when finding the right technology platform for an MGA was a real challenge. The options were limited—either adapting a retail broking system, investing in an expensive and inflexible insurer platform, or attempting to build a proprietary system in house. Each option was laden with compromises that often supressed, rather than supported, entrepreneurial activity.

When we designed Riskhandler more than a decade ago, we had a clear vision: to create a modern, purpose-built application for MGAs that empowers them to innovate, remain agile, and keep control of their market products without reliance on third-party providers. Crucially, it must be a connected application, richly integrating with broker systems, insurer platforms and data enrichment services.

Innovation

The demand for faster and more cost-effective ways to bring innovative new products to market has never been higher. Insurers and MGAs must get to market quickly, distribute widely and maintain direct control over their products.

Applied Riskhandler delivers a suite of low-code tools that allow MGAs to build and deploy insurance products quickly. These products can be made available to brokers via an intuitive browser portal or through full-cycle integrations with Applied Relay, Connect, Home, and ComQuote broker platforms.

David Bolger, CEO of Fastnet Underwriting, highlights the impact of this approach:

“We are pleased to have created more product choices within the Irish insurance market and enter as an insurance provider to offer new, competitive products to underserved corners of the market,” 

“As we leverage risk rating identification and data enrichment technology to help us assess risks in these markets, Applied Riskhandler plays a critical part in building and distributing those products on Applied Relay so we can quickly enter the market and scale the business.”

Agility

We’ve heard the expression, “The only constant in life is change”. It’s certainly true in business. To stay ahead, we must be agile – ready to pivot with new challenges, opportunities or even trends.

When Ornella Underwriting developed a new Homeowners product, Applied Riskhandler helped them bring it to market faster while enhancing their underwriting capabilities.

Brian Hughes, Director of Underwriting at Ornella Underwriting Ltd, explains:

“Previously, when a broker had a risk that fell outside of our underwriting, they’d have to call and ask if they could put it on cover. If we could, it would be a laborious, manual process to write that policy, with even more manual processes and calls to make changes mid-term and at renewal.”

“But with Applied Riskhandler, the broker can refer the risk within the system, and if it’s acceptable to us, we can write that risk as normal. Once the policy is accepted, the broker can make policy changes with automatic acceptances and Ornella has a full record of the referral process available within the policy record.”

Control

Delivering strong underwriting results while growing market share is at the heart of every MGA’s success. A key advantage lies in the ability to implement product changes swiftly and efficiently. MGAs need tools that remove dependence on third-party teams and eliminate cumbersome change request processes. Applied Riskhandler empowers MGAs with self-service capabilities, enabling them to adapt quickly, refine their products, and maintain control in an ever-evolving market.

Brian at Ornella also notes:

“If we need to make a change, we can just go straight on to Riskhandler and release product updates live.” 

This level of control provides significant advantages, enabling faster adjustments to pricing and risk profiling, supporting good underwriting performance, and enhancing the MGA’s value proposition for the carrier.

Connectivity

A truly great MGA platform must operate as part of a rich, interconnected ecosystem. It should enable seamless product distribution through retail broker systems, integrate effortlessly with data enrichment services, and provide robust solutions for accessing and sharing data between collaborating entities.

Tom Needs, CEO of Applied, summed this up when he said:

“Applied’s vision is to deliver innovative insurance solutions that enable a connected experience across insurers, MGAs, brokers and their customers. Riskhandler has a complete end-to-end product for all market stakeholders. We’re on a journey to further connect key stakeholders and automate workflows to enable brokers to quote personal and commercial lines in real-time across a range of insurers.” 

Conclusion

As technology continues to shape the industry, having the right tools to support creative and agile underwriting is essential. Now more than ever, MGAs need modern, integrated solutions that drive efficiency, enable smarter underwriting, and unlock new opportunities. By fostering greater connectivity across the market, we are not just keeping pace with change—we are helping to shape the future of MGA-driven insurance innovation.