The MGA market continues to rapidly evolve and grow, with new players constantly entering the competitive space. In a
Technology is essential for MGAs, helping them compete and expand their capabilities more effectively than ever.
Speed to market
MGAs are known for serving unique markets and niche lines of business. To do this, they focus on quickly launching new programs and bringing offerings to market faster than traditional insurers. Some MGAs take as few as 45 days to launch a new program, with many aiming to go to market in under six months.
With the right expertise and technology, MGAs can be the first to capture new and emerging markets, binding quickly and accurately.
To enable quick adaptation, MGAs need technology solutions. They look for options that are easy to set up, accommodate rapid modifications to account for shifting market conditions, and accelerate timeframes to match the speed of the industry. Not only does this quick adoption help MGAs win new business, but it also helps keep current clients happy by providing a more diverse selection of coverage options.
Technology as a differentiator
While MGAs have adopted a variety of different solutions to power their businesses, the same Conning and Vertafore report placed special emphasis on the rise of agent portals as a tool for MGAs to stay ahead in 2025. Agent portals improve efficiency for MGAs and create a better experience for retail agencies and clients. There are many features that make agent portals a game changer for agents:
- Data management and prefill capabilities within agent portals allow agents to gather and input information quickly while reducing errors. This ensures risks are assessed accurately and allows everyone to benefit from a more efficient transaction process.
- Automated underwriting engines expedite decision-making by using algorithms and machine learning to assess risks and determine coverage levels without manual intervention.
- Artificial intelligence has also been integrated into agent portals, upleveling claims evaluation and market identification.
With these features, agent portals allow MGAs to reduce losses and strengthen carrier relationships, making the biggest impact to their bottom line.
Choosing tech for flexibility and scale
Beyond day-to-day efficiencies, MGAs also need technology to help them grow and scale their businesses. For that reason, it's crucial that MGAs find a technology partner that is committed to ongoing support – for where their business is today and where their business is going. To achieve this, it's important to invest in technology that's agile, scalable, and purpose built for MGAs.
High growth MGAs prioritize the following capabilities:
- Customization: Many MGAs select agnostic solutions, as they are easily customizable and are able to accommodate any line of business.
- End-to-end management: MGAs also benefit from technology that can manage the entire policy lifecycle, from quoting to workflows to policy issuance.
- Data driven solutions: MGAs want solutions with the right data capabilities, including data integrations with third-party sources, and solutions that can satisfy reporting needs and business requirements such as licensing, credentialing, and tax information.
By prioritizing strategic technology investments, MGAs can ensure long-term success and continued growth in an ever-evolving market.
Looking ahead
MGAs are investing in digital transformation to stay competitive. Strong agent portals are key to driving speed, flexibility, and scalability. Top-performing MGAs use technology to strengthen carrier relationships by sharing real-time data, tracking performance, and optimizing efficiency, which builds trust, improves communication, and enhances collaboration.
Historically, MGAs are known to be resilient and thrive in challenging markets, a trend that is expected to persist in 2025 as they continue to grow from a premium perspective.
Looking ahead, MGAs will increasingly leverage technology, data, and analytics to refine the user experience, gain deeper market insights to act on trends, and, most importantly, better serve client needs. Additionally, MGAs will align with broader industry trends by embracing artificial intelligence, using it to develop and deploy niche-specific programs more efficiently.
