Breaking free from limitations
Empowering an MGA to Gain Control, Reduce Costs, and Increase Revenue
- Challenge
A Managing General Agent (MGA) approached Cogotec seeking to regain control and improve the efficiency of their health and travel insurance products. Their existing setup hindered them in several ways:
Limited Authority
Operating as an MGA, they lacked delegated underwriting authority, relying on outsourcing which caused delays (4-day policy issuance).
Uncompetitive Pricing
Existing plans were significantly more expensive (40%) than market competitors.
Distribution Restrictions
Their current structure limited the target audience and geographic reach for product sales.
- Solution
Cogotec partnered with the MGA to develop a strategic solution that addressed these challenges and unlocked new opportunities:
Market & Product
Identification
Through in-depth consultation, Cogotec identified the most suitable insurance markets and product types for the client’s target audience.
Sales Team
Enablement
Cogotec provided ongoing training for the client’s global sales teams, equipping them with the knowledge and skills necessary to effectively sell insurance products.
Legal & Regulatory Support​
Cogotec facilitated the establishment of the IFA (Independent Financial Advisor) as a legal entity in the desired jurisdictions, ensuring compliance with all regulations.
Insurer
Relationships
Cogotec provided ongoing training for the client’s global sales teams, equipping them with the knowledge and skills necessary to effectively sell insurance products.
- Results
Through our partnership, the MGA achieved greater control, reduced costs, and increased revenue
Streamlined Operations
Delegated underwriting and in-house policy issuance dramatically improved efficiency, reducing turnaround times and administrative burdens.
Reduced Costs
Streamlined operations and competitive pricing strategies lowered overall costs.
Increased Revenue
Expanding market reach through global distribution and offering competitive products opened new revenue streams and increased customer acquisition.
