Program Business

Program Administrators (PAs) and MGAs have a critical role in the insurance market because of their unique ability to establish affinity relationships and understand the combinations of risk that dominate a particular affinity group. PAs are able to develop infrastructure that is customized to the needs of their market. Their customized infrastructure enables them to meet their goal of understanding market needs better than anybody else.


Unfortunately, there is incongruence between the needs of the PAs/MGAs and the needs of the insurance carriers that provide the insurance paper.

  • Carriers need information about the underwriting and claims being handled by the PAs/MGAs and frequently TPAs.
  • The problem resides in the fact that carriers want PAs/MGAs to integrate with their systems. This is highly impractical and expensive.

Fortunately, unstructured data analysis is a perfect solution because of two key reasons.

  • First, carriers can get the information and answers they need by getting the underwriting and claims unstructured data from individual PAs/MGAs. Thus, the carrier gets the information and insights they need and the PAs/MGAs can avoid expending any funding to build the interface with the carrier.
  • Second, the carrier can analyze the underwriting and claims data from MULTIPLE PAs/MGAs and normalize all of the data in a single analysis. This provides an analysis for ALL program business written by the carrier. The end result is more and better information, faster and cheaper than ever before.

 

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