A recent poll of insurance brokers has indicated strong support for the 'virtual insurer' model implemented by several MGAs.
Over half (57%) of brokers recognise the value of this approach, and with awareness still developing - only 39% were familiar with the model at the time of the survey - its adoption is expected to increase benefits.
Corin, an MGA operating as a 'virtual insurer', believes that by integrating underwriting expertise with full delegated authority for claims management, brokers can enjoy the consistency and reliability of a traditional insurer while maintaining the flexibility of an MGA.
“Brokers want certainty, speed and expertise – and that’s exactly what the virtual insurer model delivers,” said Andy Hurrell, founder of Corin. “We act as a true extension of our insurers.”
Michael Keating (pictured), chief executive officer of MGAA, said the survey emphasised the growing recognition of MGAs as essential partners.
“The continued evolution of the MGA sector is crucial to ensuring brokers and their clients receive innovative, flexible and responsive solutions,” Keating added. “Corin Underwriting’s ‘virtual insurer’ model is a prime example of how MGAs are redefining market dynamics by combining underwriting expertise with end-to-end claims management.”
