MGAs operate on thin margins — manual processes destroy profitability
Retained commission can be single digits. Every hour spent assembling bordereaux in Excel, manually issuing binders, or compiling delegated authority compliance evidence is an hour not spent writing business. 50% of MGAs are still at the earliest stages of digital transformation. The ones automating first will capture market share.
The MGA business model demands operational efficiency — but most run on manual workflows
Managing General Agents operate with delegated underwriting authority from capacity providers, binding coverage on behalf of carriers while earning commission on written premium. But that commission — often 10-15% of gross premium — must cover all operational costs: underwriting salaries, technology, compliance, and overhead.
When your retained commission is 3-7% after ceding commission to retail brokers, every inefficiency directly impacts profitability. An underwriter spending 3 hours per week manually assembling monthly bordereaux for capacity providers costs $12,000+ annually in lost productivity. Multiply that across a team of 15 underwriters, and you're losing $180,000/year to manual bordereaux assembly alone.
But the bigger cost is opportunity cost. Submissions that take 48 hours to process lose to competitors who quote in 24. Binders that take 2 days to issue after approval lose deals to MGAs who issue same-day. Manual workflows create friction that drives business elsewhere.
According to AM Best's 2024 MGA market survey, 50% of MGAs are still at Stage 1 or Stage 2 of digital transformation — relying on email, Excel, and manual document handling for core processes. The MGAs that automate first will capture market share from the ones still operating manually.
Regure is the insurance document management system for MGAs that automates the processes eating your margins: bordereaux generation, binder issuance, delegated authority compliance logging, and submission-to-quote workflows.
Automated bordereaux generation that eliminates manual Excel assembly
Monthly bordereaux reporting to capacity providers is a time sink for most MGAs. Regure automates it: premium, claims, and endorsement data aggregated from processed transactions and formatted per each capacity provider's specifications.
Every MGA with delegated authority must report bound premium, claims, and endorsements to their capacity providers monthly or quarterly. These bordereaux reports show what business was written under the binding authority agreement, what claims were filed, and what reserves were established.
For most MGAs, bordereaux assembly is a manual Excel exercise. An operations analyst pulls data from the policy admin system, formats it per the capacity provider's template, validates totals, and emails the spreadsheet. For an MGA with multiple capacity providers, each requiring different formats, this process takes 2-4 days every month.
Regure automates the entire bordereaux workflow:
- Premium bordereaux: Aggregates all policies bound during the reporting period with premium, exposure, effective dates, and policy details formatted per capacity provider specifications
- Claims bordereaux: Pulls all new claims, claim updates, and reserve changes with loss details, incurred amounts, and paid amounts formatted for carrier reporting
- Endorsement bordereaux: Tracks mid-term endorsements with premium adjustments and coverage changes documented for capacity provider review
- Multi-capacity support: Configure separate bordereaux templates for each capacity provider — Lloyd's syndicates, US carriers, and reinsurers each get reports in their required format
- Automated scheduling: Bordereaux generate automatically on the 1st of each month and are delivered to capacity providers via email or API
- Validation & reconciliation: System validates that bordereaux totals match policy admin system records and flags discrepancies for review before submission
For US MGAs, this includes surplus lines tax bordereaux showing stamping fees and tax calculations per state. For Lloyd's coverholders, this includes delegated authority compliance evidence packages formatted for syndicate review.
Real-time binder issuance workflows that eliminate post-approval delays
Once an underwriter approves a submission, the bind should happen immediately. Regure generates binders from submission data, populates coverage terms, routes for e-signature, and delivers to the broker — in minutes, not days.
Submission-to-Binder Automation
When an underwriter approves a submission in your system, Regure extracts the bind decision and generates a binder document automatically. Coverage limits, deductibles, premium, effective dates, and insured information populate from the submission and underwriting notes — no manual re-keying.
For E&S placements where speed to bind is the competitive advantage, this automation reduces bind time from 1-2 days to under an hour. The broker gets the binder while they're still on the phone with the client.
E-Signature & Delivery
Binders route for e-signature automatically: the underwriter reviews and signs, the operations manager countersigns, and the completed binder is emailed to the broker. All signatures are timestamped and logged in immutable audit trails for compliance evidence.
For brokers who need binders urgently (binding on behalf of the insured that day), e-signature workflows eliminate the bottleneck of physical signatures or scanned PDFs sent via email.
Delegated Authority Limit Checks
Before issuing a binder, Regure validates that the placement is within your delegated authority limits: premium threshold, coverage limit, geographic restrictions, and line of business scope. If a bind exceeds authority, it's automatically escalated to the capacity provider for approval before the binder is issued.
This automated checking prevents out-of-authority binds that create compliance exposure with capacity providers and carriers.
Policy Issuance Integration
Once the binder is issued and premium is bound, the placement must convert to a policy document from the carrier or capacity provider. Regure tracks binder-to-policy conversion, alerts when policies are overdue, and links issued policies to the original binder for a complete audit trail.
For MGAs managing hundreds of binders monthly, this tracking ensures no binders remain unconverted and exposed to coverage disputes.
Delegated authority compliance logging that proves every bind was within limits
Capacity providers and carriers audit your delegated authority usage. When they ask for proof that every bind was within your authority, Regure produces complete evidence in seconds — not weeks of manual record compilation.
Operating under delegated authority means your binding decisions are trusted by capacity providers — but that trust is verified through audits. Capacity providers audit MGAs annually (sometimes quarterly) to ensure compliance with the binding authority agreement: premium limits, coverage terms, geographic restrictions, and claims handling authority.
When an audit request arrives, most MGAs scramble to compile evidence. They pull policy records from the policy admin system, cross-reference against the binding authority agreement, validate that each placement was within scope, and assemble documentation packages proving compliance. This process takes weeks and diverts underwriting resources to audit preparation.
Regure eliminates this scramble by logging compliance evidence in real time as binds happen:
- Every bind decision is logged with the underwriter, timestamp, premium, coverage limits, and effective date
- Automated validation checks confirm the bind is within delegated authority limits before the binder is issued
- Out-of-authority placements are flagged and routed to the capacity provider for explicit approval with full documentation
- Complete audit trails show the submission, underwriting notes, bind decision, and binder issuance — with timestamps and user IDs for every action
- Capacity provider audit packages export in seconds: all binds for a reporting period with compliance validation and supporting documentation
For Lloyd's coverholders, Regure provides the compliance evidence Lloyd's expects during delegated authority reviews — including proof that all binds were within binding authority slips and that claims were handled per coverholder agreements.
Submission-to-quote automation that eliminates manual data entry
Submissions arrive as email attachments with ACORD forms, loss runs, and exposure schedules. Regure extracts data automatically, routes to the right underwriter, and pre-populates your rating tools — so underwriters spend time evaluating risk, not re-keying data.
ACORD Form Extraction
ACORD applications (ACORD 125, 126, 127, 130, 131, 140) arrive as PDFs. Regure's AI extracts all fields — named insured, addresses, coverage requested, exposure data, loss history — with 99%+ accuracy. Extracted data flows directly into your underwriting workbench or rating engine.
For US MGAs processing hundreds of commercial submissions monthly, this extraction eliminates 15-30 minutes of manual data entry per submission.
Intelligent Submission Routing
Not all submissions go to all underwriters. Regure routes submissions based on line of business, coverage type, premium size, and underwriter expertise. Property submissions go to property underwriters. Casualty submissions go to casualty underwriters. Large accounts route to senior underwriters.
This intelligent routing ensures submissions reach the right underwriter immediately — not after sitting in a shared inbox waiting for manual assignment.
Integration with Rating Engines
Once data is extracted from the submission, it needs to flow into your rating engine (ISO, custom models, or carrier-provided tools). Regure integrates with rating systems via API, pre-populating rating worksheets with submission data so underwriters can generate quotes without re-entering information.
This integration reduces quote turnaround time and eliminates transcription errors that cause re-rates and delays.
What MGAs ask about Regure
Does Regure automate bordereaux for all capacity providers?
Yes. Regure supports custom bordereaux templates for each capacity provider — Lloyd's syndicates, US carriers, reinsurers, and European capacity providers. You configure the format once per capacity provider, and monthly bordereaux generate automatically from transaction data. Bordereaux can be delivered via email, SFTP, or API integration.
How does binder issuance automation work?
When an underwriter approves a submission, Regure generates a binder document from the submission data and underwriting notes. Coverage terms, premium, effective dates, and insured information populate automatically. The binder routes for e-signature, and the signed binder is emailed to the broker — often within an hour of the bind decision.
Can Regure validate delegated authority limits automatically?
Yes. Configure your binding authority limits (premium cap, coverage limits, geographic restrictions, line of business scope) in Regure, and the system validates every bind against those limits. Out-of-authority binds are flagged and escalated to the capacity provider for approval before the binder is issued — preventing compliance exposure.
Does Regure extract data from ACORD forms automatically?
Yes. Regure's AI extracts all fields from ACORD 125, 126, 127, 130, 131, and 140 forms with 99%+ accuracy. Extracted data flows into your underwriting workbench or rating engine, eliminating manual data entry. See workflow automation.
How does Regure help with Lloyd's delegated authority audits?
Regure provides complete compliance evidence packages for Lloyd's delegated authority reviews: all binds during the audit period with validation that each was within binding authority limits, claims handling records showing compliance with coverholder agreements, and audit trails proving all actions were logged and traceable.
What does pricing look like for an MGA?
Regure pricing is per user per month. A mid-size MGA with 15-30 users (underwriters, operations staff, management) would typically be on the Professional tier at $150/user/month — including AI document processing, bordereaux automation, binder issuance, and compliance logging. See full pricing details.
See how Regure works for your MGA
Book a 20-minute demo with your actual submissions and bordereaux requirements. We'll show you automated data extraction, binder issuance, and compliance logging — with your data.