Beyontec introduces cloud-based, shrink-wrapped core insurance solution for non-standard auto MGAs
Beyontec, a global technology solutions provider for the insurance industry, has introduced a shrink-wrapped version of its core insurance solution – the Beyontec Suite - for non-standard auto Managing General Agents (MGAs).
To be meaningful for both the upstream insurers and downstream brokers, agents, and customers, the shrink-wrapped version of the Beyontec Suite is tailored-made to enable MGAs to transition faster to a digital process with minimal changes to existing processes.
Beyontec has been focused solely on the insurance industry for the past twelve years, working with insurers and MGAs and assisting them leverage digital for improved process efficiency, faster go-to-market time for new products, increased premium income, and improved underwriting results.
Speaking about the new version of the suite, Vivek Sethia, CEO and co-founder of Beyontec, said: “The shrink-wrapped version of our successful core insurance solution, the Beyontec Suite, will enable non-standard auto MGAs to swiftly execute a digital transformation plan with minimal upfront investment. This cloud-based solution accommodates majority of the non-standard auto process needs out of the box for faster time-to-market.”
The shrink-wrapped version of the Beyontec Suite comes with a pre-built business rules engine that takes into consideration all the business functionalities and future needs of non-standard MGA business across distribution, policy administration, billing, and claims functions. The highly configurable rating engine allows non-standard auto MGAs to adjust rates quickly to suit the market requirements. The shrink-wrapped version also connects the non-standard auto MGA business with insurers and other external systems and interfaces like mobile apps and agent and customer portals, offering agents and customers the convenience of policy management and premium payments. With the cloud-based model, Beyontec Suite is readily deployable, lowering upfront investments and freeing up IT resources for more critical tasks.
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