Unlock Your MGA's Full Potential
Enter into a new era of insurance with precision automation and unmatched efficiency.
Bridging the Worlds
Managing General Agents (MGAs) face a unique challenge: the essential tools for policy and payment processors don't effectively communicate, creating operational inefficiencies and confusion.
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The Challenge: Policy and payment management systems are like strangers—disconnected and out of sync.
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The Impact: This disconnect complicates policy updates, renewals, and cancellations, leaving MGAs to navigate a maze of inefficiency.
Is Your Operations System Holding You Back? Let's See.
In today's dynamic insurance market, having fingertip control over your operations isn't just nice—it's essential. Yet, many find their systems lacking. It's time for a quick reality check:
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Do You Know What Sold Today? Can you instantly pinpoint which policies were sold, through which channels, and where?
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Financial Clarity: Now or Never? At this very moment, can you break down your premium account to see what's due and what's yours? If answering takes more than a moment, you're not in control.
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Effortless Policy Management: Dream or Reality? How much of your day is lost to scheduling payments, chasing non-pays, or processing renewals and cancellations? If these tasks are consuming valuable time, imagine automating them.
If you're nodding along to these questions, it's clear—there's a better way to manage your operations, and it's called Faroe. Faroe is a blend of two powerful tools designed to streamline your insurance operations.
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From policy start to payment, Faroe smooths out the journey, tackling the heavy lifting— ensuring bills align with policy details, and resolving any discrepancies. MGAs finally have a clear, unified way to manage everything, slicing through confusion and ensuring nothing slips through the cracks. This integration is powered by our Payment Listener, your financial radar, delivering real-time insights into payments and financial status, enabling you to understand your finances with precision and without the guesswork.
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Our Event Orchestration tool is the powerhouse behind Faroe, transforming your operational landscape. It seamlessly automates routine yet crucial tasks—think renewals, cancellations, and everything in between—freeing up your team to focus on what truly matters. By understanding the intricacies of both insurance and finance, we ensure your business not only keeps pace but stays ahead. Event Orchestration is more than a feature; it's your strategic partner in growth, making Faroe the central nervous system of your insurance operations, where every action is synchronized for peak efficiency.
Eager for more? Keep reading to dive into how each component of Faroe can transform your MGA from the ground up.
Payment Listener & Dashboard
The Payment Listener and Dashboard meticulously tracks and analyzes every financial transaction with unparalleled accuracy, from commissionable and technical premiums to minimum earned and rounding adjustments. The dashboard offers a realtime, comprehensive overview of your funds flow, answering the question proactively of how much money you have, and how much you get to keep.
Features
Event Orchestration
Because we know the ins and outs of your policy details and payments, Faroe Event Orchestration links up your payment and policy systems—making them friends, not strangers. This friendship lets us do some pretty neat stuff, like automating the tasks you deal with daily. Imagine not having to manually set up a renewal, handle a cancellation, or chase down payments. That's where we come in.This is where our deep understanding of the insurance ecosystem truly shines, allowing us to bridge what were once disparate systems into a unified force.
Customized Automation at Your Fingertips What's truly revolutionary about Faroe is the control it hands back to you. You decide what's automated—whether it's reattempting payments, sending template-based communications to brokers and/or insureds, or orchestrating policy renewals and cancellations. Missed a payment? Faroe steps in to retry, communicate, and if necessary, navigate the policy system to issue cancellation notices or reinstate policies. It's automation, but with a deeply personal touch.
Why Faroe's Event Orchestration Stands Out:
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Seamless Integration: Faroe acts as the essential connector, seamlessly merging policy administration with payment processing to ensure fluid, accurate operations.
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Selective Automation: We focus on automating where it counts, enhancing service quality and efficiency without losing the personal touch. It's about being smart with automation, applying it selectively to tasks like renewals, non-pays, and endorsements.
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Empowering Customization: With Faroe, you're in control, customizing communication with flexible email templates that maintain your brand's voice and presence.
Transforming Operations with Precision and Grace Faroe's Event Orchestration doesn't just automate; it revolutionizes. By connecting the once-strangers of policy and payment systems, it opens up new avenues for efficiency, accuracy, and operational harmony. This is how Faroe redefines insurance operations: by making everything connected, everything seamless, and everything tailored to your needs. Welcome to the future of insurance operations, powered by Faroe, where every detail is managed with unmatched precision and strategic insight.
Listen to Your Rating
Faroe seamlessly integrates with your foundational rating engine, whether it manifests as a straightforward spreadsheet, a full-fledged policy administration system, or an advanced underwriting workbench. This direct integration positions Faroe as a pivotal link within your financial and operational frameworks, ensuring precise tracking and processing of every financial transaction. From nuanced premium calculations to the intricacies of payment processing, Faroe's unique connection to both your rating engine and payment processors streamlines and elevates the management of your financial and policy operations, delivering accuracy and efficiency where it matters most.
BYO Systems
Faroe champions a system-agnostic approach that respects and integrates with the technology you've built your operations around. By ensuring seamless compatibility with API-enabled systems—be it payment gateways, billing platforms, or policy administration solutions—Faroe acts as the connective tissue that brings your existing technological investments together. Our platform's design is fundamentally about enhancing the operational ecosystem you trust, making integration straightforward and adding value without disrupting your established processes.