Outgoing chair on why she's "still in awe" of insurance

She reveals her 'call to action' for the MGA market in 2025

Outgoing chair on why she's "still in awe" of insurance

Insurance News

By Mia Wallace

Yesterday, the Managing General Agents’ (MGAA) Next Gen Committee welcomed Jack Harding as Chair of its Next Gen Committee. Harding takes up the mantle from Kaj Pankhania, director at DA Strategy.

Former chair on the standout moments of her tenure

Speaking with Insurance Business to discuss some of the key milestones of her two and a half year tenure as chair of the committee, Pankhania said a standout moment was the launch of the MGAA Next Gen Mentoring Scheme, which now has over 100 registrations. “It came from our recognition of a crucial gap in the industry, especially for those working in smaller MGAs, where the pace is fast and resources are limited,” she said.

She noted that the Next Gen ‘Insights Series’ had also been a success, providing young professionals with both a broad industry overview and deeper insights into specific areas. Finally, she said, the launch of the ‘Coffee Collective’ an informal forum, had been a personal favourite for her, providing the opportunity for real growth for young professionals.

How is talent in the MGA market faring today?

These initiatives have been pivotal in fostering talent development and collaboration across the sector – but how is the MGA market faring today in terms of talent? And what are some key areas where there’s more work to be done? Sharing her perspective, Pankhania said she believes the MGA market is doing a “fantastic job” in attracting diverse talent, with many MGAs investing in meaningful training and creating clear career paths.

“Young professionals now have access to the lifecycle of significant deals and impactful projects early in their careers, which is incredibly motivating,” she said. “However, more work is needed to bridge the gap between traditional methods and emerging technologies like AI and data analytics.

“We are still an industry famous for ‘it’s always been done this way’. Also, hybrid working models pose challenges in fostering the organic mentorship that typically happens in an office setting. Addressing these areas will unlock even greater potential.”

In her time as chair of the Next Gen Committee, Pankhania had the opportunity to take stock of where the MGA market can differentiate itself in terms of attracting, retaining and training great talent. What stands out most to her, she said, is the industry’s growing emphasis on learning on the job, mentorship and tailored learning. “I learned early in my career that the MGA space is the optimal space for growth - the opportunity for growth is there for those who take it.”

Where are the opportunities for those looking for MGA careers?

There are now multiple mentoring options available: traditional, reverse, and group mentoring, she said, all of which encourage knowledge sharing and professional growth. MGAs have also embraced innovative methods to make the industry more relatable, such as aligning roles with individuals’ passions. “For instance, if someone loves art, they should explore roles like fine art underwriting, or if you have a passion for renewable energy then become an underwriting assistant and you can actually make a difference.

“I am still in awe of how insurance really impacts the world we live in. This creative approach is key to both attracting and retaining talent.”

Looking to the future, Pankhania said her ‘call to action’ for the MGA market going into 2025 is clear – “dare to be successful, really go for your goals and bring the best talent along with you for your journey.” She advised MGA businesses to double down on nurturing and retaining talent by aligning personal and organisational goals and providing clear, diverse career pathways.

“While startups face unique challenges in planning for the long term, retention strategies are critical for sustained success,” she said. “I’m confident that the MGA sector, with its dynamic and innovative nature, is well-positioned to meet this challenge. The progress we’re making today lays a solid foundation for a thriving talent pipeline in the years to come and I am honoured to have played my part in that and I will continue to champion young talent, always.”

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