Agencyport Software, a leading provider of software and services to the global insurance and reinsurance industries, announced today that it will provide Aquila Underwriting (Aquila) with Open MGA+, Agencyport's end-to-end MGA business solution.
The system infrastructure and operations of Aquila are managed by a service company within the Hawkes Bay Holdings Ltd group of companies.
Aquila has ambitious growth plans—to increase the number of MGA operations within its portfolio, enter in to new geographies and add to the number of written product lines. The team at Aquila Underwriting recognised that their existing IT systems and multiple manual processes, a direct results of its early success, needed to be replaced with a single, scalable solution.
A key requirement for Aquila to achieve this growth plan was the ability to drive and analyse the business from two perspectives: those of the individual MGAs and the group as a whole.
Agencyport's Open MGA+ will provide the core administration platform for both Aquila and its four operating arms: Vectura Underwriting, Principia Underwriting LLP, Cove Program Underwriters and SART Underwriting (based in Hong Kong).
Open MGA+ will provide an agile end-to-end policy administration solution through which each of the MGA's can manage every facet of the policy life cycle including underwriting, accounting and claims for all major classes of business. Open MGA+ will allow each of the portfolio operations to operate as discrete entities with Aquila itself having a consolidated perspective. The solution enforces the necessary segregation and security between each of the MGA's whilst providing the parent business with management reporting and control across the entire portfolio. Open MGA+ also provides multi-currency and international tax schedule capability to facilitate the international breadth of the portfolio.
These capabilities provide a strategic platform to support Aquila's growth and expansion objectives.
"We chose Agencyport for three principle reasons. First, the elegant way in which their solution addressed our unique requirement to manage multiple businesses under one umbrella on an international basis. basis. Second, their successful delivery track record in the specialty lines marketplace. Third, their professional approach to this engagement. We have been pleased with their open and collaborative working style. It's clear already that they have adaptive, innovative technology that will not only meet our complex immediate requirements, but will evolve with us as we grow," commented Quintin Heaney, Chief Financial Officer of Aquila.
"We are delighted to have Aquila join our growing customer community," said Phil Race, MD (Europe) of Agencyport. "Aquila has goals similar to others in the dynamic and expanding MGA marketplace: the desire to grow via targeted niches and through multiple MGAs. To do so, they need a single, adaptable operating foundation that is relevant to each operating company. Open MGA+ allows this expanding group of insurers and intermediaries to achieve these critical strategic business goals."