Helping you achieve easy, rapid access to new markets
What our clients are facing
Against the backdrop of a difficult global economic environment, our clients, and in particular, risk carriers, face a challenge in selecting and implementing the right risk distribution strategy. How they plan to access and manage their premium flow is vital to their success. Increasingly, this involves the establishment of new intermediaries.
Intermediaries (MGAs, Brokers, Underwriting Agencies, Service Companies) and coverholders arrangements are critical to generating profitable revenue streams. Setting up intermediaries can be a complex and time-consuming process, involving:
- Corporate Governance
- Systems & Controls
- Permissions to trade and ongoing competence (e-learning, ABC)
- Skills & Resources
- Access to Clients
- Access to Underwriting Capital / Markets
At Pro we have worked with a number of clients to provide strategic advice and hands-on operational support you need to get new intermediaries up and running quickly, efficiently and with the minimum investment. We also use our technical consulting, compliance and audit capability to monitor the ongoing performance of intermediaries and coverholders.
What we do
Insurance distribution strategy and implementation
At Pro we deliver services to regulatory standards and have developed an approach to setting up intermediaries (MGAs and Brokers) that aims to accelerate and control the whole process. We can help get your intermediary up and running and provide end-to-end processes and systems to support you.
We provide a front-office model for intermediaries:
- Premises, infrastructure & systems
- Standardised documentation set (e.g. TOBAs)
- Framework for trading, including procedures & practices, independent file review, risk, audit and compliance
We also have a back-office proposition for intermediaries:
- Processing from risk capture through to settlement, with quality review and independent file review.
- Process monitoring, including contract certainty
- Management information tailored to each client’s needs.
- Standardised procedures & practices
- Client money handling to CASS5 standards
- Providing flexible, scalable support in areas like finance and compliance.
- Systems platform (with flexible implementation approach)
- We provide a ready-made infrastructure through our virtual broker offering
The value we deliver
We work with ambitious clients, helping you achieve easier and more rapid access to new markets, avoiding the associated costs and time investment usually encountered in such ventures. Our depth of experience following the set up of our own operations enables us to help you identify potential pitfalls and reach effective solutions more readily.
Managing General Agents (MGA) start ups
At Pro we have developed an innovative approach to setting up MGAs that is designed to take the risk out of the whole process for the risk provider. We can help get your MGA up and running, giving you the necessary control and transparency: you will know at any time what risks your MGA is writing.
The benefits of our model
We understand that the risks inherent in setting up and running an MGA are not simply financial. With that in mind, the Pro approach puts you in control. The whole process is transparent, and you have immediate, real-time access to high quality information. And you have the comfort of knowing that you are working with people you can trust and who are experienced in the set-up and operation of MGAs.
The use of MGAs is a tried and trusted approach for risk carriers looking for new routes to market.
The issues that a risk carrier should consider include:
- Understanding the business case for the MGA
- Properly vetting the potential MGA
- Implementing control mechanisms through IT systems
- Ensuring compliance with underwriting guidelines and fiduciary compliance