As part of Insurance Business UK’s recent Brokers on MGAs report, brokers across the UK were surveyed to discover what key factors are at play when they decide whether to work with a particular managing general agent (MGA).
Below are some of the main reasons why a broker might reach out to an MGA:
With such a range of reasons behind the decision to partner up with an MGA it’s no surprise that the market continues to thrive and grow. CEO of the Managing General Agents’ Association (MGAA), Mike Keating, highlighted that underscoring this growth is that MGAs are primed to offer their broker partners speed to market of new products, unrivalled service delivery, an innovative underwriting approach and, “a real drive for success for all stakeholders.”
But what makes an MGA stand out? For brokers, there’s a lot of different factors at play and the trump card for many is the technology they can bring to the table. Reflecting on this, Douglas Brown, managing director of award winner Renovation Underwriting, noted that the key to being one of the UK’s best MGAs is catering to markets underserved by cost-conscious, siloed insurers with limited appetites.
He added that top MGAs also possess a strategic attribute – innovation.
“As technology further refines that [abovementioned] approach,” he said, “it means there are ever-widening gaps between these silos that the MGA market seeks to fill – if it can gear up to deal with the demand and provide the expertise required to make their offer substantive.”
Find out more: The Best MGA in Insurance in the UK |Brokers on MGAs 2023
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