How MGAs Work with Boost

Insurance Infrastructure

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Insurance Infrastructure

By Laura Knight on May 10, 2024

5 min read

A man in a business suit writes in a notepad while working at his laptop.

A big part of Boost’s platform is MGA infrastructure, but many of our customers are also MGAs in their own right. So, what does it look like for a business that’s also an MGA to partner with us?

MGAs generally work with Boost in one of three ways: white-labeling one of our insurance products, working with us to develop a new product, or rolling an existing book of business onto our platform. In this blog, we’ll take a look at all three.

How MGAs White-Label with Boost

The first way MGAs work with Boost is to expand their insurance offering by white-labeling one or more of Boost’s existing products.

Boost offers a range of in-demand insurance products, including SMB cyber insurance, startup management liability insurance, pet health insurance, and more. These products are designed to be modular and highly configurable, so our customers can build the perfect insurance package to offer their customers. Boost’s insurance products are accessible through a simple API connection between our platform and our customers’ front-end.

So what does this mean for MGAs? Three things: a high-quality product configured to complement their existing offerings, faster time to market, and complete control of the experience.

Complementary to Current Offerings

While numerous insurance businesses provide products available for partners to sell, traditionally these products have not offered much flexibility or customization. This means MGAs looking for differentiated insurance product offering have often needed to build what they want themselves - a very long, very expensive process.

Boost’s products, however, are designed in-house to be modular and highly configurable. MGAs who white-label with Boost are able to select the protections they want to offer from a range of optional coverages, and build a package that will complement the rest of their lineup at a price point that will be attractive to their specific target customers.

Faster Time to Market

While integrating with a traditional provider to offer their product can take a long time (and building a new product takes even longer), working with Boost allows MGAs to be in-market and generating revenue with a new LOB in a matter of weeks.

Boost’s insurance products are all preconfigured with our proprietary policy admin system, and all an MGA needs to do to get started is build an API integration between Boost’s PAS and their existing website or app. And since Boost’s API was designed to be developer-friendly, the integration process can be completed far more quickly than with a traditional insurance partner.

Complete Control of the Experience

The third reason MGAs choose Boost as their white-labeling partner? Control. While Boost’s PAS handles the insurance transactions via the API, the end buyer’s experience is wholly owned by the MGA. No barely-customizable templates here - the MGA builds the exact front-end experience that they want to offer their customers, and Boost’s platform powers it. Buyers can digitally manage every aspect of their policy’s lifecycle, without ever leaving the MGA’s website or app.

How MGAs Develop New Insurance Products with Boost

For MGAs that seek to offer new, innovative coverages for emerging risks, working with Boost can achieve their goals at a fraction of the time and cost required to build a new insurance program in-house.

Everything From a Single Partner

Boost is the only outsourcing partner that can provide everything needed to create a new insurance program, under one roof. Traditionally, MGAs would need to manage a roster of specialized partner firms to produce the various pieces of a new program, as well as the complex project-management required to bring them all together. Instead, MGAs work with Boost to have every aspect of development, including forms, rating, underwriting guidelines, tech integration, reinsurance, and filing, handled by a single partner.

Streamlined Product Development Process

The internal Boost insurance team has built 9+ products over the last few years, and we’ve put together a proven development process that enables us to get MGAs to market with new products on an accelerated timeline.

Phase 1, Research and Proposal. The Boost team collaborates with MGA stakeholders to outline the scope of the product, create a product sketch, and iterate to a proposal that both companies can agree to.

Phase 2, Product Development. Once the proposal is approved, Boost’s team will develop the forms and rates, create the underwriting guidelines, determine the program operations, design the claims workflow, and finally submit the product to reinsurance and fronting carrier partners.

Phase 3, Technology and Product Filing. Once reinsurance and carrier partners approve, Boost will file the product in all applicable states, and configure the Boost PAS to support it.

Dedicated Reinsurance and A-Rated Paper

Securing reinsurance capacity is usually one of the biggest challenges of building a new insurance. Partnering with Boost gives MGAs access to Boost’s dedicated panel of 12+ global reinsurers, plus the potential to self-insure some of the risk through Boost Re. Boost is also appointed by some of the most reliable fronting carriers in the United States, giving MGAs the peace of mind that their products will be sold on ‘A’ or ‘A-’ rated paper.

How MGAs Roll Their Book of Business to Boost

The third way that MGAs work with Boost is to roll an existing book of business onto Boost’s platform. If the MGA’s product is active and in-market, the process is similar to an expedited new build. Boost configures the PAS to support the MGA’s product, and handles other tasks like refiling the product. Since the product is active, the product forms, underwriting guidelines, and other documentation is already complete, and so the process can move much more quickly than an entirely new product build.

There’s a few different reasons why MGAs decide their book is better off with Boost, but the two biggest are tech capability, and capacity.

Automated Workflows and Seamless Experiences

Boost’s PAS is one of the most sophisticated in the industry, and supports end-to-end digital workflows and policy management. For many MGAs, this means the opportunity to move away from time-consuming manual processes and increase their efficiency with programmatic underwriting and all-automated workflows.

Boost’s PAS also enables MGAs to provide the fast, convenient, all-digital transactions that their customers want (and expect). Rather than wrestling with trying to adapt legacy technology to changing times, MGAs who roll their books to Boost are able to leverage Boost’s API-based PAS to create modern, seamless customer experiences.

Increased Capacity for Growth

MGAs looking to scale an existing product can move their book to take advantage of the Boost platform’s reinsurance capabilities. Boost’s dedicated panel of global reinsurers connects MGAs with risk capital, while Boost Re enables self-insurance through captive-as-service (CaaS). With CaaS, MGAs can access all the benefits of an insurance captive at dramatically lower cost and operational requirements.

Learn more about how to leverage the Boost platform to grow your MGA’s offerings, or get in touch with an expert today.

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