Wholesale Insurance Broker & MGA Solutions
Wholesalers & MGA's are unique and Terrace is built to automate wholesalers. Terrace tracks data important to wholesalers including the retail agency, the broker insured, the market, and the insuring company. The system understands submission management. Terrace tracks all submissions entered and bound business. Our hit ratio reporting shows how successful each broker has been with each market and each retail agency. And, the system can be set up to automate one line or many lines of business.
A wholesaler's client is typically the retail agent. Terrace's database supports tracking all kinds of company and contact information for the retail agency and the broker insured. Users may track everyone (suspect retail agency contacts) before that retail agency provides a submission. Or users may choose to limit their contact tracking to active retail agencies with active submissions, and broker insureds.
The submission is a container where all marketing occurs prior to binding. Terrace provides powerful capabilities to automate much of the submission process. Our submission process includes automated document generation for any kind of document (e.g. quote request, proposal, binder, etc.). The system can generate one or many market requests from a single template. The activity for each market request is tracked separately including all correspondence and documents. Automated task generation provides handy reminders to follow up on pending market quote requests. Terrace will easily generate proposals from the market responses to be sent on to the retail agency. Once the proposal is accepted, all information flows into policy management.
Policies & Endorsements
Policy management and policy changes are easy to operate in Terrace. Policy information can originate from several sources. It can simply be entered into policy screens. It can be automatically advanced from a previous policy information (i.e. renewals) or it can be advanced from marketing information entered using the Quick Submission business action.
Carriers, Markets & Payees
Our system also contains a comprehensive database of carrier, market & payee information. This extensive information can enforce downstream processing rules to reduce errors in marketing, billing, and policy management.
Claims & Incidents
The system's incident and claims database tracks much information about any incident and/or claim including claimants, claim contacts, payments, transactions and tasks/notes/docs. Additionally, the system's survey data capability allows each site to track unique data elements not found in the standard Terrace database.
Terrace supports agency bill, direct bill, and account current. The system tracks all information about producers (internal and external) and client service teams. Our premium accounting system processes all the broker billings and collections (e.g. trust accounting) and your own 3rd party general ledger accounts for the remainder of the business accounting.
Wholesale Brokers & MGA's
Large & SmallTerrace has successfully implemented wholesale brokerage & MGA automation for all sizes of wholesalers. Terrace solutions have been selected by wholesalers with anywhere from one to several thousand concurrent users. Our software is built on a strong technology architecture which easily scales with impressive performance. Our flexible automated business action processing means that each customer can set the system to produce documents, generate tasks, and file diary notes at any point in the flow of business. Wholesalers are unique and require the maximum in flexibility. Terrace is a proven wholesale solution which will continually adapt to ever changing business requirements.
Terrace offers our software technology as a complete software product, an ASP service, or a source code framework ready for customization.