Underwriters manually evaluated property risk factors from paper applications and typed building data into Excel rating spreadsheets. This manual workflow resulted in a forty-eight-hour quote turnaround time, causing brokers to place business with competing MGAs before quotes were delivered.
Automating Commercial Property Underwriting and Rating for a Regional MGA
A regional Managing General Agent (MGA) specializing in commercial property coverage needed to speed up quote turnarounds for its broker network.
Challenge
Solution
FlipWorks developed a custom web-based underwriting rating engine integrated with third-party property risk data APIs. Brokers submit property addresses online; the system automatically retrieves flood hazard, building square footage, and fire protection data, evaluates carrier rating guidelines, and issues bound quotes for qualifying risks.
Result
- Reduced commercial property quote-to-bind turnaround time from forty-eight hours to under five minutes for standard risks.
- Automated third-party property data enrichment, eliminating manual risk factor data entry for underwriters.
- Expanded monthly quote submission volume from broker networks by delivering instant quote responses.