NuVenture International launches insurance MGA platform
NuVenture International Ltd, the UK-based fintech that develops, and supports a diverse portfolio of MGAs, has launched a new platform that is aimed as attracting insurance underwriting talent.
The new, robust framework helps establish a diverse portfolio of MGAs and is focused on a wide range of insurance products and sectors, combining underwriting expertise with the benefits of modern technology.
The new platform is the brainchild of industry veteran Andy Colbran, who has innovated the solution through collaborations with the company’s strategic partner, Xceedance.
According to reports, NuVenture makes use of a proven and broad range of insurance-specific services to attract underwriting teams — and influence change in the MGA market. These are based on a culture of transparency with capacity providers.
Within the NuVenture enterprise, the interests of MGA founders and their financial rewards are inextricably linked to the value they create for capacity providers.
With funding provided by NuVenture, founding underwriters will have a significant equity stake in their MGAs. Founders will also have the opportunity to rethink the underwriting process, drive innovation, and reap the rewards of running their own business.
To achieve their objectives, founders and teams can leverage proprietary, MGA-customised technology from NuVenture, offering capacity providers seamless connectivity and 24/7 access to their underwriting data. NuVenture MGAs are supported by centralised professional services, allowing them and capacity providers to focus on the core ingredient for success — disciplined underwriting and building relationships with brokers.
Speaking about the platform, Andy Colbran, CEO of NuVenture said he believes the MGA model can bring great value to brokers, capacity providers and clients. He explained, “By using relevant data sources, MGAs can effectively streamline the underwriting process without compromising on quality.”
Colbran said the platform's first MGAs would be operational by the end of May and the company will build a, "pipeline of experienced underwriters business people to join NuVenture," as part of an expansion strategy.
He added, “It’s an attractive proposition for entrepreneurial underwriters, who are eager to help transform the insurance ecosystem and excited about the opportunity to benefit from the value they create.”