Digital Insurance Agenda

GMBC: smart way to access and scale MGA business

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jun 10, 2022

Managing an MGA business typically involves heavy spreadsheet data exchange processes, data re-keying and various manual operations leading to a constant untangling and reconciliation of “data spaghetti”. This is where GMBC steps in by providing real-time MI, instant technical and financial accounting, precisely controlled cash management, and regulatory and compliance monitoring. Its platform efficiently handles both simple and complex structures and provides a single version of truth to all stakeholders.

With this, GMBC makes it easy to set up and sustainably run MGAs business across Europe. Its platform is a fully-fledged binder management BPO offering for MGA businesses in Continental Europe, targeted at both MGAs and carriers. GMBC’s data interpretation and transformation technology enable doing MGA business on a data-agnostic basis across different countries and product classes. Its fully automated flow of data, reporting, cash and accounting between MGA, insurer and reinsurer makes it a new way of doing business.

Its platform provides a sustainable operating model for key players in the MGA ecosystem:

  • From an insurer’s perspective, GMBC helps both traditional insurers and specialised MGA carriers to build and manage a portfolio of MGA businesses in a tech-savvy and cost-efficient way. GMBC enables a greater scalability and control with a minimum implementation effort.
  • For reinsurers, GMBC sets up a cooperation framework to support MGA business, providing real-time management information reporting and performance monitoring.
  • Through its master MGA platform, GMBC connects MGAs to insurance carriers to helps scale the MGA’s business. GMBC offers the latest technology and extensive know-how to sustainably run the operations of an MGA business while the MGA wins more time to focus on new business production and client service.
  • And lastly, GMBC is a shortcut for InsurTechs, underwriting teams, brokers or alternative channel distributors to set up an own MGA and access insurance capacity.

GMBC does business with various European insurers, including large international players, local insurance companies and specialized MGA carriers.

How does it work?

GMBC is a tech-enabled BPO platform that keeps up with latest compliance and regulatory requirements, fully automates flow of data, reporting, accounting and cash between MGA, insurer and reinsurer.

GMBC’s scalable proprietary technology enables strong returns to capacity providers and MGAs through reduced expense ratios, reduced time to market and a stable operational platform. The solution is accessible to all participants of the insurance value chain: Insurers, Reinsurers, MGA and InsurTech start-ups.

Why did we select GMBC for DIA Amsterdam?

In the industry there is a strongly increasing demand for insurance capacity among MGAs and a growing interest in MGA business from insurers looking for new products, alternative distribution channels and lucrative market segments.

GMBC is a provider of a fully-fledged binder management BPO offering for MGA business in the Continental Europe. Helping to face the MGA challenges mentioned.

GMBC will be showcasing their platform at one of the booths at DIA Amsterdam.

Who is GMBC?

GMBC is a master MGA platform and reinsurance tech company based in Hamburg and Munich. Established in 2013 by the management team of former underwriters and technology professionals. GMBC is fully management-owned and rapidly growing with over 20 clients in 9 European countries.

GMBC counts AIG, Macquarie and Markel amongst their clients. With a fast-growing portfolio of currently 100m+ EUR of annual premium under management, GMBC continuously invest into innovative technology solutions which are so far unique for the traditional insurance and reinsurance markets.

”Our aim is to make it easy to set up and sustainably run MGAs writing business across Europe”

Sergey Grazhdankin, Managing Partner, Strategy and Business Development

Visit their website here!

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