InsurTech leader's latest acquisition adds deep industry talent and two leading MGA solutions into the Vertafore ecosystem
In an increasingly competitive business environment, MGAs require solutions that can keep pace as they seek to expand into new specialized lines of business and retain their current customers. The acquisition of MGA Systems gives Vertafore customers access to policy administration and rating solutions that will be integrated into Vertafore's suite. This strengthens Vertafore's already robust offering for MGAs and empowers these vital entities in the independent insurance channel to expand into new territories and deploy products for their clients with speed.
MGA Systems provides two market leading solutions for MGAs. IMS is a management system with a full suite of policy administration and back-office functionality customizable to specific client needs, and NetRate is a full featured ISO-based rating platform. These solutions have allowed customers of MGA Systems to experience accelerated product time to market, with support and expertise that integrates deep knowledge of the industry and the underlying technology. Vertafore remains dedicated to expanding the customization and open architecture strategy that have made MGA Systems' software critical to the success of its customers.
"As the MGA market continues to grow, it is more important than ever for MGAs to have integrated technology solutions that strengthen their ability to make informed risk and pricing decisions," said Amy Zupon, CEO of Vertafore. "MGA Systems has been at the forefront of the industry's work in this area. I am very pleased to welcome the MGA Systems team into the Vertafore family, along with the wealth of talent, passion, and expertise they bring."
The MGA market has seen consistent growth over the last several years, continuing to expand in the face of headwinds and disruptions across the broader economy with further room for growth. Vertafore's acquisition of MGA Systems will allow for accelerated investment and innovation in both companies' solutions to address the evolving needs of insurance professionals.
"On behalf of our customers and employees, I am thrilled that MGA Systems has found a home in Vertafore," said John Bennis, president of MGA Systems. "Our community of MGAs is extremely important to us, and I am proud of the tools that we have been able to deliver on their behalf. Vertafore shares our passion for modern insurance solutions, and this acquisition will allow additional investment in our existing products and further enhance them through integration into the Vertafore ecosystem."
By combining MGA Systems with Vertafore's existing, market leading management system for MGAs (AIM™), Vertafore now offers the most comprehensive suite of technology for MGAs in the market.
"This acquisition is another milestone in our commitment to drive transformation and create an integrated ecosystem of products," said James Thom, chief product officer of Vertafore. "I'm excited that Vertafore will be integrating the power of NetRate into AIM while continuing to drive more value for MGAs and program administrators within IMS. I look forward to our teams working together as we invest in our solutions."
Coming on the heels of Vertafore's acquisition of AgencyZoom™, the addition of MGA Systems is the next step in Vertafore's vision to simplify and automate its products and services across the entire insurance distribution channel.
As North America's InsurTech leader for more than 50 years, Vertafore is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore's solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers. For more information about Vertafore, visit www.vertafore.com.
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About MGA Systems
MGA Systems, Inc. (https://www.mgasystems.com) is a software development company working exclusively in the insurance industry. The company's management team has more than 30 years of real-world brokerage and MGA experience, which is reflected in the design of its flagship product, the Insurance Management System (IMS). The team at MGA Systems consists of highly skilled, Microsoft-certified developers, working with the latest tools and technologies. It is this combination of top developers working directly with experienced insurance industry professionals that results in the company's leading-edge IMS product.
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