MIG Insurance | ||
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Background MIG Insurance Group Ltd. (MIG) is an innovative network of insurance brokers with 9 offices and approximately 50 employees across Manitoba. MIG offices can be found throughout Winnipeg & rural Manitoba, and is proudly headquartered in Portage la Prairie. MIG is able to offer its expertise in automobile, personal, farm, and commercial insurance to both urban and rural clients. MIG is using Policy Works to target growth, both new business & expanded sales opportunities, in their commercial lines department. |
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Commercial-Lines Challenge As a commercial generalist writing business from contractors to metal manufacturers to trucking fleets to farms, MIG was looking for a more efficient way to process commercial lines policies. MIG Insurance had used The Agency Manager for many years on the personal lines side, but for commercial lines the brokerage did not employ any formal technology system to process business. Maintaining consistency and comprehensiveness of its policy submissions to underwriters was a challenge, according to Douglas J. Fast, CAIB, Commercial Insurance Manager, MIG. “It really varied from office to office in terms of the quality of the submissions,” he says. “We have grown by buying different broker locations and streamlining operations. That has presented a challenge in and of itself, because everyone has a slightly different way of doing things.” |
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Solution Policy Works CMS MIG Insurance found that solution in Policy Works’ commercial management system, which it implemented in June 2007. Fast says one of the main attractions to Policy Works was the quality of the product. “You have the ability to move from submission to marketplace to proposal to client,” he notes. “The result is a professional layout not only for your underwriter, but a polished presentation for your client.” Policy Works helped MIG gather all relevant commercial information upfront in a logical, detailed fashion. “It addresses virtually every question an underwriter may have,” Fast says. “And that means the exchange back and forth between underwriter and broker is reduced.” “The biggest benefit for our brokerage is the response we get from the marketplace,” he adds. “The turnaround time from submission to quotation has been greatly reduced, which only enhances our service to customers. This is a real benefit for our organization in terms of increasing our response time to our client needs.” Support Services Training, tips and ongoing support are all critical factors that can mean the difference between efficient pick-up of a new technology by a brokerage or a frustrating series of speed bumps and implementation problems. Fast says MIG has particularly benefited from the timely and helpful support offered by Policy Works’ team of experts. “What really makes the insurance industry tick is relationships,” notes Fast. “And that is the biggest thing that Policy Works recognizes in terms of their support and the way they interact with our organization. For the people within our group, whenever we have questions the response we get from Policy Works is phenomenal.” “We recognized after our first training session with Policy Works that this program would allow us to become that much more proficient at getting high-quality submissions into the marketplace,” he says. “Policy Works is right there beside us as we tap into the full potential of using it. They are there for us when we are ready to take the next step.” Future Use MIG Insurance has made the first step of creating greater efficiency and standardized submissions in its commercial lines workflow. “We realized Policy Works was going to be the way of the future for us as we grow our commercial book,” notes Fast. “Now, we are trying to grow as an organization and enhance our reputation.” The ability to create templates for certain kinds of business, such as plumbing or drywall contractors, is appealing to Fast and MIG. “There are certain packages offered by insurance companies that have standard templates,” he says. “If we want to target that area, we can put all the extensions of coverage into a template, plug in the details and then Policy Works will automatically fill out the rest. That will be incredibly efficient.” |
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