- New version of Alchemy posted Thursday, May 10, 2012
- Multichannel distribution in Europe posted Tuesday, May 1, 2012
- Coverholder automation to Lloyds: Why is it taking so long posted Tuesday, March 6, 2012
MGAs are a vital distribution channel, but tracking and managing your delegated underwriting authority business can be a workflow, data, and risk management nightmare… controlled chaos. Until now.
Alchemy (formerly called CoverIQ) is a single, scalable solution for companies managing business placed through MGAs/MGUs or any fi rm to whom you give your pen. From normalizing data from many sources (do any two MGAs send you the same format?) and seeing exposures by risk as opposed to MGA summaries, to tracking binder agreement compliance and analyzing binder/MGA performance, Alchemy is the perfect tool to map, manage and measure the elements of your binder business.
Alchemy is another in the series of market-leading distribution products available from Agencyport – all of them are best of breed solutions to feed your core systems.
With Alchemy, you can map reports you receive from MGAs (e.g. spreadsheets, XML, or bordereau), set up validation, and collect granular exposure data for each policy. And rekeying data is a thing of the past. The ongoing disparate reports you collect each month are automatically gathered and normalized into a single template format, and the data is ready for use in any downstream system.
In addition to exposure reporting, Alchemy also takes claims received and matches them to the related risks. Automatically remind MGAs of outstanding bordereaux and look up the reporting status by binder (who's late?), MGA, month or line of business, etc. Imagine, true management of the binder process.
Comprehensive management ability gives you new and powerful insight into the meaning of the numbers and information you receive from MGAs. Understand your exposure completely, before disasters occur. Know precisely how many fi rms write binder business for you, who are most effi cient and profi table and whether the business they write is compliant with the binding agreement—all with a key stroke.