In the ever-evolving landscape of commercial insurance, outdated methods such as faxes and PDFs still prevail. This reliance on antiquated technology reveals much about the industry's priorities rather than its technological capabilities. Despite the fact that 94% of insurers claim to be focused on enhancing operational efficiency, over half admit they have not achieved their goals. The gap lies in the systemic issues of legacy systems, a risk-averse culture, and a lack of alignment between tool developers and users. For brokers, this translates into delays, mismatched guidelines, and lost opportunities. However, the co-CEO of MGT Insurance, Graham Topol, is pioneering a different path. Rather than automating brokers out of the equation, MGT is developing a full-stack carrier designed specifically to meet broker needs.

Empowering brokers with technology that enhances their role, instead of replacing them, transforms insurance from lagging to leading.

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The insurance industry's current model often positions brokers as obstacles rather than key components. Many startups aim to eliminate brokers, assuming automation can replace the nuanced expertise and relationship management they offer. Conversely, MGT Insurance views brokers as the cornerstone of their operations, emphasizing that automation should mitigate repetitive tasks, thereby allowing brokers to concentrate on delivering value. MGT’s platform promises a remarkably swift process—delivering quotes and binding policies in under two minutes. Yet, according to Topol, speed forms just one component of the equation. By ensuring that MGT is a fully autonomous, full-stack insurance carrier, they retain control over the entire insurance cycle —from product design and underwriting to claims management. This autonomy facilitates better feedback systems and ensures pricing precision.

Topol's decision to transform MGT into a complete carrier emerged from a frustration with industry standards and practices. During a revealing dialogue with a tech-enabled brokerage CTO, Topol uncovered inefficiencies such as requests for faxed documents, indicating a broken system. This experience illuminated the need for a brokerage-focused carrier. While skepticism persists regarding AI’s influence in replacing brokers, Topol posits that AI enhances rather than diminishes the broker’s role. AI tools, like MGT's appetite checker, empower brokers with immediate insights into risk fitment, thereby streamlining decision-making without bypassing essential underwriting scrutiny. By enhancing broker capabilities, insurance can become less about rigidity and more about responsiveness and personal service.

The challenges legacy systems present go beyond outdated technology to encompass cultural adherence to traditionalism. Many insurance companies operate with decades-old systems, restricting innovation and flexibility. Cultural change is often sluggish, with many employees from significant carriers noting constraints on their ability to innovate. However, experimentation is vital. MGT fosters a collaborative environment between engineers and insurance professionals eliminating silos and sparking innovation. For MGT, embracing technology is not about radical transformations but improving the existing broker toolkit. By pragmatically integrating AI and other digital advancements where they enhance outcomes, MGT aims to not only elevate efficiency but also enrich the relationships brokers build with their clients, creating a system that benefits all stakeholders in the insurance process.