Close Menu

How ZestyAI Empowers MGAs to Thrive in a Competitive Market

News — 4 mins

How ZestyAI Empowers MGAs to Thrive in a Competitive Market

The insurance industry is undergoing a period of significant transformation, and MGAs (Managing General Agents) are at the forefront of this change. ZestyAI recognizes the evolving needs of this sector and delivers the tools required for MGAs to flourish. By leveraging low-latency APIs, alternative data sources, and a commitment to continuous innovation, ZestyAI empowers MGAs to unlock a future characterized by automation, efficiency, and exceptional customer service. What follows are three distinct use cases and requirements specific to MGAs, along with case studies illustrating ZestyAI’s collaborative approach with MGAs to address their unique needs.

Catering to Niche Markets: Tailored Data Solutions

Unlike traditional carriers offering a broad spectrum of coverage, MGAs excel by possessing a deep understanding of the intricacies of specific niches. They develop a keen eye for the unique risk factors and trends that define those sectors through a process of deep analysis. This specialization necessitates access to data that directly addresses their individual market.

ZestyAI recognizes this critical requirement. It grants MGAs access to a vast repository of curated data sources and models, meticulously calibrated to the specific needs of each MGA. ZestyAI goes beyond basic property data, offering insights like home business detection, roof complexity, and commercial roof classification. ZestyAI's insights can be calibrated to the thresholds MGAs need for underwriting eligibility, such as overhanging vegetation, property debris, and roof quality. By providing access to this level of granular detail ZestyAI empowers MGAs to develop targeted risk assessments, allowing them to underwrite policies for their clientele with confidence.

Case Study: Millennial Specialty Insurance

Millennial Specialty Insurance sought out ZestyAI as they were expanding their operations across the US. They had achieved significant success in catastrophe-exposed locations that have been traditionally underserved by national carriers. However, standard models that had been effective in markets like Florida were inadequate for accurately assessing the complexities of wildfire risks prevalent in other states, such as California.

By leveraging ZestyAI's advanced risk assessment tools, Millennial Specialty was able to differentiate exposure risks and structural susceptibility with a high degree of detail and accuracy. This not only allowed them to navigate the California market more effectively but because they were able to assess risk on a property-by-property basis, it also allowed them to insure homes in wildfire-prone areas that other companies might have avoided. This strategic partnership enabled Millennial Specialty to expand its reach and offer insurance solutions to a broader range of homeowners, standing out in terms of both technology and strategy.

Play video
Naimish Patel, President - Homeowners Group at Millennial Specialty Insurance

Real-Time Efficiency for Faster Underwriting

MGAs require agility in their underwriting approach. Delays in data access can significantly hinder their ability to make timely decisions. Improving the speed and efficiency of underwriting goes directly to the bottom line, improving agent productivity and allowing MGAs to grow their business without needing a proportionately larger underwriting team.

ZestyAI provides MGAs with the modern tools they need to quote and bind insurance efficiently, including real-time data integration through user-friendly APIs. This allows MGAs to seamlessly integrate ZestyAI's data feed into their existing workflows to establish a fast, transparent, and accurate underwriting process and make real-time underwriting decisions with confidence.

Case Study: Coterie Insurance

Coterie Insurance is a fast-growing MGA reimagining small business insurance by using data and technology to improve the customer experience. This includes increasing the speed of quote-to-bind by over 75% versus traditional methods, so they required accurate, real-time property information to make smart underwriting and rating decisions.

Coterie partnered with ZestyAI to get a better understanding of both attritional and catastrophic risk impacting commercial properties. They integrated ZestyAI’s low latency API into their automated underwriting model to deliver bindable quotes in seconds.

Coterie Logo

Need for Agility: Streamlining Manual Underwriting

MGAs operate with a leaner structure than large carriers, so they need quick and adaptable underwriting processes to make binding decisions fast. While automation streamlines processes, human interaction is still critical for high-value policies and the complex risks that fall outside the parameters of automated underwriting rules.

ZestyAI's web interface provides a user-friendly platform for personalized underwriting reviews. Underwriters can access all relevant data, property insights, and peril-specific risk models in a centralized location for a deeper understanding of the risk profile. This streamlines the review process, saving underwriters time and allowing them to focus on complex risks and building agent relationships.

By combining these features with automation, MGAs achieve a perfect balance between speed, efficiency, and accurate risk assessment. This empowers them to serve a wider range of clients while maintaining their profitability.

Case Study: Avoca Risk Underwriting

Commercial underwriting is traditionally a manual and time-consuming process. Avoca Risk Underwriting was looking for increased agility to fulfill its vision of modernizing the underwriting process for commercial properties. They looked to ZestyAI to embed crucial property risk data into their agent portal to improve their underwriting process and agent experience.

ZestyAI's risk insights on the roof and parcel allow Avoca to instantly and confidently produce a binding quote. This approach, combined with ZestyAI's unparalleled fill rate, streamlines Avoca's underwriting, improves the efficiency of the underwriting team, and lowers costs by reducing the number of manual inspections needed

Avoca Logo

Conclusion: Embracing Innovation for a Brighter Future

In conclusion, ZestyAI equips MGAs with the data advantage and flexibility they need to thrive in a dynamic marketplace. By offering granular data sources, real-time underwriting capabilities, and adaptable solutions, ZestyAI empowers MGAs to make informed decisions, streamline processes, and ultimately achieve success in a competitive environment.

 

Ready to see how ZestyAI can transform your MGA business?

Book a personalized demonstration today.

Latest News