{"id":702,"date":"2024-04-15T10:50:35","date_gmt":"2024-04-15T10:50:35","guid":{"rendered":"https:\/\/iqeq.com\/ae\/case-studies\/a-managing-general-agent-enhances-operational-procedures-and-controls-with-iq-eq-support\/"},"modified":"2024-08-19T08:49:34","modified_gmt":"2024-08-19T08:49:34","slug":"a-managing-general-agent-enhances-operational-procedures-and-controls-with-iq-eq-support","status":"publish","type":"case_study","link":"https:\/\/iqeq.com\/ae\/case-studies\/a-managing-general-agent-enhances-operational-procedures-and-controls-with-iq-eq-support\/","title":{"rendered":"A managing general agent enhances operational procedures and controls with IQ-EQ support"},"content":{"rendered":"
\n

The client, their challenge<\/h2>\n

The client, a managing general agent (MGA), wanted to review their operating model and introduce better ways of working in order to enhance their internal control procedures. An over-reliance on third parties, sub-par existing control procedures, employee turnover, training challenges led to several operational difficulties.<\/p>\n

The solution<\/h2>\n

IQ-EQ engaged with the client and internal teams by leading discussions and brainstorming sessions. The deliberations led to IQ-EQ reviewing the processes of a former captive manager and developing a new framework from scratch. The client gained a deeper understanding of its operations and previous challenges, allowing IQ-EQ to establish new internal reconciliation processes and internal controls.<\/p>\n

Further modifications also prevented ongoing errors from continuing such as misallocating written premiums to inappropriate policy years. Such issues had previously led to an adverse impact on the company\u2019s financial reporting and cash management through sub-optimal accounting and over-payments.<\/p>\n

Employee turnover at the firm had led to the workforce requiring more training as the company worked to improve operational knowledge amongst the teams. Consequently, training sessions were devised to better equip employees in their roles. This led to a radical improvement in the company\u2019s operations and a reduction in errors.<\/p>\n

IQ-EQ also established relationships with key stakeholders such as reinsurers, regulators, auditors and the fronting company to ensure synchronisation and validation of deliverables.<\/p>\n

The results<\/h2>\n

Supporting the client to meet challenges listed above, IQ-EQ implemented a complete solution to provide progress and development.<\/p>\n

    \n
  1. The client received a clean audit with no internal control issues compared to prior years<\/li>\n
  2. Processes were simplified with the client gaining deeper insights of their financial deliverables<\/li>\n
  3. The company recovered a significant amount of overpaid reinsurance premiums as a direct result of IQ-EQ establishing strong internal controls and stakeholder relationships<\/li>\n
  4. The company\u2019s audit became quicker and less costly<\/li>\n<\/ol>\n <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":669,"menu_order":0,"template":"","expertise":[42],"service_category":[52],"class_list":["post-702","case_study","type-case_study","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nA managing general agent enhances operational procedures and controls with IQ-EQ support | IQ-EQ UAE<\/title>\n<meta name=\"description\" content=\"IQ\u2011EQ supported a managing general agent to overhaul procedures, enhance controls and secure a clean audit outcome. 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