Xceedance’s Parcelli: Gen AI crucial for MGA efficiency

Michael Parcelli, senior vice president and client partner, MGA operations for the Americas at Xceedance, believes that generative AI will be a critical tool in enabling MGAs to deliver greater consistency and continuity.

Speaking to The Insurer TV, Parcelli emphasised the importance of technology in the MGA sector, particularly for firms aiming to enter the marketplace quickly.

"The speed and adaptability to get into the marketplace quickly and offer products is a competitive advantage. The challenge is accomplishing this in a shorter timeframe and with a smaller team, so there is heavy reliance on technology to enable these processes," said Parcelli.

Discussing gen AI, Parcelli outlined two key implementations: improving the speed of processing application data and integrating it into relevant systems, and providing decision support.

"It enables underwriters and claims adjusters to be able to make more consistent decisions and execute faster, regardless of their depth of experience in those areas," he explained.

In the coming years, Parcelli anticipates that "it will be increasingly important to have consistency and continuity in delivery, and gen AI will be very critical to enabling that".

At Xceedance, Parcelli noted that there is a strong emphasis on utilising gen AI when developing products for information extraction, system integration, decision support, and quality assurance.

Watch the full 5-minute interview here