Setting up your Underwriting Agency (MGA)

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Setting Up Your Underwriting Agency in Novulo

Welcome to the Getting Started Guide for configuring your underwriting agency software! This guide will walk you through the initial setup and the configuration of key processes needed to efficiently manage your agency’s operations.

Step 1: The Fundamentals of the Novulo Platform

Before diving into the configuration, it’s important to understand the fundamentals of the Novulo platform. Novulo’s flexibility allows you to tailor the software to your specific needs while maintaining operational efficiency.

By understanding these basics, you’ll set a solid foundation for building a system that works for your agency.

Step 2: Build Your Application

The first step is to compose and deploy your application. We have a recommended bundle of components + data sets as the foundation for your undrwiting agency. This includes master data, templates, workflow configurations and REST endoints tailored to your business needs.

Steps 3: Validate Key Processes

Once your application is set up, you’ll configure and work through the following essential processes:

1. Product Setup
Define and configure insurance products, including coverage options, premiums, and underwriting rules.
How To | Demo

2. Policy Request for New & Existing Clients

  • Back Office (Application)
    Manage policy requests internally, including client verification and data input.
  • Front End (Website/External)
    Enable policy requests via external platforms or websites for client convenience.
    Demo

3. Policy Assessment and Issuance
Review, approve, and issue policies while generating invoices seamlessly.
How To | Demo

4. Policy Amendments
Handle changes to policies, such as coverage updates or updating insured objects.

5. Renewals
Automate and manage policy renewals to ensure continuity of coverage.

6. Claim Submission
Facilitate the submission of claims through intuitive channels.

7. Claim Settlement
Efficiently process and resolve claims, ensuring prompt settlements.

8. Financial Processes
Manage premium collections, debtor administration, and reconciliation processes to maintain financial accuracy.

9. Chain Communication
Streamline communication with external parties, such as brokers and insurers, to ensure alignment across the value chain.

10. Compliance and Reporting
Ensure adherence to industry regulations and generate branch-specific reports for compliance.

This step-by-step approach ensures that your software setup aligns with your agency’s operational goals and delivers a streamlined experience for your team and clients.

Let’s get started! :tada: