Tech vendor seeks MGA to participate in free trial of quote and bind platform

London-based policy administration and servicing (PAS) platform Go-Insur, from digital agency Pancentric Digital, has teamed up with Insurance Times to today (10 June 2024) launch an exclusive proof of concept offer for UKGI MGAs, providing unrestricted, fully supported and free access to its quote and bind platform for six months.

The proof of concept initiative – called ‘Ready Steady Go-Insur’ – has been designed to give one lucky MGA a leg up in its digital transformation journey by facilitating the digitalisation of an existing product in the MGA’s portfolio by the end of 2024. The product will then be distributed online via brokers.

This digitalisation process will be centred around the Go-Insur platform, which includes quote and bind functionality.

Included in the proof of concept scheme is the free set up and running of Go-Insur for six months – or until the participating MGA records £500,000 of gross written premium through Go-Insur, whichever occurs first.

This is then followed by a 50% reduction in the platform’s operating costs for the subsequent six months.

Typically, this service for this duration would cost Pancentric Digital’s clients £37,000 when provided at full price.

Digital transformation

MGAs can apply to participate in Ready Steady Go-Insur via Pancentric Digital’s website. Entries will close on 31 July 2024.

To be applicable for the initiative, MGA candidates must have capacity for their chosen product for 12 months, have been trading as a company for at least 12 months, be able to provide risk rated questions by Q3 2024 and be prepared to go live with their product digitally this year.

The selected firm will also have its digital transformation journey covered by Insurance Times.

The full terms and conditions for Ready Steady Go-Insur can be viewed here.

Simon Fenn, director at Pancentric Digital, said: “The MGA space is poised for significant growth. Smarter use of technology and data is going to be a key success factor for established players and new entrants.

“This digital proof of concept exercise is designed to showcase how easily and quickly [firms] can get a digital initiative off the ground when [they] have the right support and agile software on [their] side.

”We urge any MGA with an interest in digitising a product this year to get in touch.”

Katie Scott, editor of Insurance Times, added: “We are excited to be working with Pancentric Digital on its Ready Steady Go-Insur initiative.

“Following the Covid-19 pandemic in 2020, digitalisation has become increasingly important – this way of operating and trading is now business as usual for many insurance firms.

“Ready Steady Go-Insur is a creative and useful way of helping an MGA kickstart or develop its digital transformation journey and Insurance Times is pleased to be able to liaise on and showcase this type of best practice.”

MGAs can apply for Ready Steady Go-Insur here by 31 July 2024.