When it first launched in 2020, start-up managing general agency Vailo Insurance Services promised that it would merge “good ol' fashioned underwriting street smarts and strong partnerships with cutting-edge technology.” Formed by industry veterans Jeff Hart, Tommy Truong and Bruce MacKinnon, the team had more than a hundred years of combined industry experience.
But how successful can a relatively new MGA be in two years’ time, especially as the world is still coming out of a debilitating pandemic?
Vailo Insurance Services has risen to the challenge, and for its perseverance, it has been recognized by Insurance Business Canada as a 5-Star MGA for 2022. The MGA scored highly under the pricing; technical expertise and product knowledge; ability to place niche/emerging risks; range of products; overall responsiveness; reputation; and marketing support categories.
Read more: 5-Star MGAs 2022
Ever since the company was founded just two years ago, it made clear that it was targeting larger, slower-moving competitors that are now struggling to meet the fast-changing expectations of today’s brokers and consumers.
“Being a startup allows us to reimagine how we engage with the market without being tied to legacy systems and processes. We’re being very intentional about how we set up our operational structure to provide us with a competitive advantage,” said Vailo CEO Jeff Hart.
But while technology is an integral part of Vailo’s competitive advantage, the MGA is also committed to hiring experienced talent – the “good ol' fashioned underwriting street smarts” part of its success formula.
“Technology has gone a long way in creating efficiencies and helping inform smart policy, but it’s no replacement for cold hard experience,” said Vailo co-founder Tommy Truong. “I think our mix of digitally-forward underwriting processes and vetted talent are a recipe for success in our ability to help our broker partners.”
