Technology in the Commercial Insurance Industry



New Technology in the Commercial Insurance Industry

An independent insurance agent would naturally want to obtain the most competitive prices and expertise about specialized insurance products and programs. Insurance agents can achieve these objectives by working with trusted managing general agents (MGAs). The commercial insurance industry is adopting new technologies to make it easier for insurance agents to do just this. At Novum Underwriting Partners, we provide a platform, Novum Online, which gives agents instant rates, real-time tracking on submissions, and the ability to access over 50 carriers, plus our own multiple MGA programs. Below explains how digital agents can benefit from taking advantage of this new technology.


What is Novum Online?

Novum Online is a submission platform that is free to use for insurance agents to obtain quotes for commercial lines insurance. It offers instant, comparative rates from various insurance carriers. Agents can track the status of the submissions they make in real-time. This proprietary technology is perfect for new agents to get started growing their book.


Why agents need to work with an MGA

An MGA is a specialized type of insurance agent/broker. They are appointed by insurers to negotiate insurance contracts on their behalf, and where applicable, effectuate and countersign insurance contracts.


With underwriting authority from the insurers, MGAs can carry out many other tasks normally performed by insurers. They can sub-contract business to independent agents, issue policies, handle claims, process endorsements and collect policy premiums.

Sometimes MGAs have to undertake unusual lines of coverage that require specialized ability. For example, professional liability and surplus lines of insurance would require the expertise of an MGA to underwrite the policies. Agents can benefit from this specialized knowledge if they work with MGAs.


Agents will also be able to gain entry to markets and insurers that could be difficult to access on their own. MGAs are often smaller in size than insurers, and specialize in particular niche classes of business, thus there are fewer communication barriers for the independent agent. In addition, Novum being an MGA and wholesale brokerage, while introducing new technologies such as Novum Online, provides access to numerous carriers and can speed up the quoting process so that independent agents will be able to provide better services to their clients.


---


Novum is a specialty MGA and wholesale brokerage firm that provides agents experience that is second to none. Our proprietary Novum Online platform bridges the gap between digital agents and traditional wholesalers. It gives agents a diverse network of insurers so they can have the option to sell insurers’ products that offer them the best rates and competitive commissions. It also gives underwriters the ability to communicate directly with agents after a quote is submitted. Agents can access Novum Online by completing this simple form here on our website.