The Managing General Agents’ Association (MGAA) has called for a greater focus on improving standards in claims and underwriting in order to improve the reputation of managing general agents.
The reputation of UK MGAs is growing, but more needs to be done to strengthen the sector, particularly in regard to best practice, according to a recent survey.
Nearly 80% of managing general agents believed the reputation in terms of expertise, underwriting performance and operations had improved over the past three years, the survey found. But almost two-thirds felt the sector’s current reputation did not reflect MGAs’ contribution to and participation in the UK insurance sector. More than 60% cited increased promotion of the expertise and knowledge offered by MGAs as their top action. This was followed by an increased focus on best practice by 54.6%.
In response to this the MGAA has launched a guide for members on the procurement and management of outsourced claims handling services to reflect the growing interest in taking greater control of claims. The guide was launched at the MGAA’s first one-day conference on 1 July 2015, setting out principles, risks and processes related to working with external claims service providers. The guidelines are aimed at MGAs seeking to establish their own claims services.
Please click on the link below to download the guide.