MGAs and Insurers Losing at Least 50% of Broker Submissions Due to Data Format Issues: Insly

Toronto, ON (Mar. 13, 2025) – Canadian MGAs and insurers could be missing out on at least half of broker submissions due to incompatible data formats, according to analysis by Insly, a leading provider of low-code insurance software.

The analysis highlights significant inefficiencies in broker-insurer and MGA interactions. Currently, brokers submit essential risk information to MGAs and insurers in varied formats—including PDFs, Word documents, Excel sheets, emails, and handwritten notes—many of which underwriters struggle to process efficiently.

Insly’s research found that, due to the time and cost of processing this data, underwriting teams currently handle only around 30% to 50% of total submissions received, directly impacting revenue, growth potential, and customer satisfaction. By adopting AI-driven solutions like Insly’s FormFlow, MGAs and insurers can significantly streamline data intake and processing, increasing their capacity to handle broker submissions, reduce turnaround times, and capture more business opportunities.

Key findings from Insly’s analysis include:

• Incompatible Submission Formats: The administrative burden of processing diverse submission formats falls on underwriters, causing significant delays, increased manual processing, potential for manual error, and lost business opportunities.
• Inefficient Submissions: Manual sorting and prioritisation of broker submissions consume considerable underwriting resources, diverting attention from high-value and complex risks.
• Excessive Broker Communication: Frequent back and forth between brokers and underwriters further delay the quote and bind process, affecting broker satisfaction and underwriter productivity.

“These inefficiencies are not just operational headaches—they represent missed revenue and strategic disadvantages in a competitive market,” says Risto Rossar, CEO of Insly. “Canadian MGAs and insurers need to rethink their submission processes. Embracing automated technologies that handle submissions in any format is no longer optional; it’s critical for sustainable growth.”

The report underscores the importance of adopting AI, and automated solutions to eliminate manual processes, drastically improve broker interactions, and accelerate underwriting decisions.

Automation enables underwriting teams to shift their focus towards high value tasks such as risk selection, market expansion through new product lines and broker relationships, and profitability management, such as refining rating models, developing underwriting strategies, and monitoring portfolio and loss ratios.

“In today’s fast-paced insurance market, operational efficiency directly impacts competitiveness,” adds Rossar. “MGAs and insurers in Canada who proactively streamline their submission processes will significantly outperform those who remain tied to outdated methods.”

For more information, visit insly.com/en/formflow/.

lable for free download: Insurance Trends 2025: The Landscape for Insurers, MGAs, and Insurtechs.

About Insly Ltd.

Insly is not just insurance software – it is us. With over a decade of experience in insurance services and software development, we are truly in our element. Our goal is to make insurance easy to understand, manage and buy for both service providers, as well as end users. Insly is a spin-off from IIZI Group – most successful insurance broker group in CEE region starting from 2000. For more information, visit insly.com.

SOURCE: Insly Ltd.

Tags: Brokers, carriers, data, data management, Insly, InsurTech, MGA