We have seen a rise in the Service company model over the last few years - with or without the added Incubator aspect - the software solution requirements are fairly easy to define:
1. The need to use a common platform so Users in multiple MGAs/MGUs and the Service staff themselves have only one application to handle.
2. The need to be confident a new operation won't be held up in its launch by the software provider.
3. The flexibility to be as self-sufficient as they have an appetite for, be it new products, unusual processing styles.
4. The ability to capture Risk level data from either direct input, importing from other sources of API connectivity from 3rd Party systems.
5. Value for money when functionality requirements are high but the businesses are in some cases just starting out.
This has been where we have been able to meet the needs, offering cost effective, fast deployment, integration to market systems, flexibility within the system, fully hosted and end-to-end (from Quote to Final Accounts).
There are many "MGA" systems out there. Some lack ledgers, some lack document production functionality, some are Click and Bind with Claims handled elsewhere, Some are solely MGA solutions lacking the flexibility for organisations that operate as a Broker in some departments and MGA in others to coexist, or needing different solutions.
NOVUS is designed for the Insurance Intermediary - whether they are Brokers, MGU's, MGAs or Coverholders. It is class agnostic, function-rich and allows maximum flexibility of types of processing from Reinsurance to Facilities. This model for Service companies, looking to deploy a single solution across their partners, is business as usual for us.
We have worked with Morning data for many years, their knowledge and proactive activity in this market have always been impressive and this is another initiative that brings real benefit to my team and the whole NOVUS User group.