By managing the KPIs efficiently and scaling fast , GroupAssur has implemented an ambitious growth strategy that will enable it to enter the US market soon . “ We want to expand to the US market , we ' re actually currently looking for MGAs over there that want to partner with us in this venture .
St-Jean Mercier says that , within 3-to-6 months – depending on the original technology stack and processes – an MGA that was relying on legacy systems will be in a position to switch , in its entirety , to a wholly new digital proposition . counterbalanced by the loss ratio . We want to have a loss ratio that far exceeds anything that insurance companies have because it ' s important for them .
“ We represent them , so we have to perform better . Ultimately , one primary KPI is enabling the business to quote faster and provide them with all the data and the insight they need to quote something very efficiently , allowing them to make the right decision at the right rate , using the right facility .
Challenges facing the insurance industry While technology is busy transforming legacy companies to slick , digital operators , it ' s easy to believe the process has been challengefree . This is not the case , according to St-Jean Mercier , who emphasises the fact that the war on talent is a very real stumbling block to the insurance industry in general .
“ It ' s very hard – and like anyone , we ' re facing the same challenges . Labour shortages , especially in tech , are really hard because the pace at which technology is evolving has accelerated . You have a hard time finding talent , but a year later you have to find more talent for newer technologies , which complicates the challenge ."
GroupAssur is managing the situation strategically by designing its core tech team to be composed of high performers with high accountability that are mainly geared toward architecture and business analyst roles . The team conceptualised and designed the high level architecture and then built the roadmap . They have a firm understanding of the company ’ s strategy and objectives . They are also well-versed in a diverse spectrum of technologies so that , if the need arises , they can be paired with a digital partner to execute a new project . insurtechdigital . com 93