2019 MGAA Podcasts


Reducing Motor Claims Costs Through Effective Third Party Intervention
Date:  Wednesday 13 November 2019
Time:  12:30 - 14:30
Venue:  ACORD Auditorium, 8th floor 1 Minster Court, Mincing Lane, London, EC3R 7AA
Speaker:  Glen Eastwood

The entire motor market has seen huge levels of inflation in Third Party claims spend over recent years.

At this session you will find out how you can significantly reduce claims costs and improve the loss ratio through Third Party intervention. In our experience a well-handled intervention case can result in savings of £2,000 – £3,000 per claim.

We will take you through intervention best practice including when and how to intervene effectively along with tips on selling the benefits and overcoming objections.

Learning Objectives

By the end of the session, attendees will be able to:

  1. Outline the benefits of effective Third Party intervention
  2. Understand the building blocks of creating an effective intervention strategy
  3. Provide a list of selling points and be in a position to overcome objections
  4. Confidently discuss the impact of the CLA on intervention
LISTEN HERE


The ever changing legal landscape
Date:  Monday 11 November 2019
Time:  12:30 - 14:00
Venue:  Old Library, Lloyd's, One Lime Street, London, EC3M 7HA
Speaker: Chris Morter

The value of legal expenses insurance rests on its continuing relevance against a constantly changing legal landscape.  As new legal rights and obligations are created, it is essential that products are updated to ensure that gaps in covers do not emerge and that changes to risk are considered. This Market briefing reflects on the impacts of three recent and on-going legal developments, on consumer and business products.

Learning objectives

By the end of the presentation delegates will be able to

  • provide a basic over- view of the LEI market
  • discuss the impact of the Civil Liability Act on motor LEI products
  • outline the effect of changes to the tribunal system and developing gig economy on LEI cover for employment disputes.
LISTEN HERE
   
SMCR: STILL TIME TO GET IT RIGHT!
Chair:  Norman Hughes - CMS
Speakers:  Jeremy Irving and Ian Deakin - Browne Jacobson; John King - IJK
DATE:  Thursday 26 September 2019
VENUE:  ACORD Auditorium, 8th floor 1 Minster Court, Mincing Lane, London, EC3R 7AA

This event involves sharing experiences and know-how to help MGAs optimise their transition from the approved persons regime to the senior managers and certification regime ("SMCR").  MGAs face a key deadline for SMCR on 9 December 2019 and the seminar will help expedite and enhance MGA's ability to meet that deadline and ongoing requirements.  John King, formerly a general insurance supervision manager at the FCA, will discuss the framework methodology for implementation.  Jeremy Irving and Ian Deakin of Browne Jacobson LLP will discuss issues they have encountered on SMCR implementation projects.

Learning Objectives
- To help MGAs prepare for the transition to SMCR in relation to both regulatory and employment law considerations;
- To help those with preparations underway think further about how these might be fine-tuned;
- To help those whose preparations are delayed, to manage their transition on an expedited and efficient basis.

Browne Jacobson have also prepared a Top Ten Tips on SMCR

LISTEN HERE

The M&A landscape and levels of activity in UK insurance broking and MGA markets
Panel Discussion
Wednesday 25 September 2019, 13:00 - 14:30
ACORD Auditorium, 8th floor 1 Minster Court, Mincing Lane, London, EC3R 7AA

The panel will provide insight into M&A trends within the UK insurance broking and MGA markets. The discussion will touch on recent deals and explore the key drivers of M&A in the sector, including what buyers look for when considering acquisitions and potential pitfalls for vendors to avoid.  The team will also discuss the M&A outlook for 2020 and key trends to watch out for.
 
PANEL
Mark Flenner, Partner, KPMG Corporate Finance
David Stokoe, Director, KPMG Corporate Finance
Xavier Woodward, Partner, Livingbridge
Paul Johnson, Partner, Mills & Reeve
 
Mark is Head of Financial Services M&A in the UK and Co-Head globally. Prior to joining KPMG Corporate Finance, Mark worked in Lloyd’s of London and at Amlin plc working on mergers and acquisition projects.
David is a Director in KPMG Corporate Finance’s Financial Services M&A team. David specialises in the insurance sector and prior to joining KPMG Corporate Finance, worked for AIG where he led various European M&A and corporate restructuring transactions.
Xavier is a Partner at Livingbridge, a mid-market private equity firm, where he has a specific focus on the Financial Services market.
Paul Johnson is a corporate partner at Mills & Reeve, a full service law firm, where he specialises in buying and selling business across a range of sectors including insurance.
Learning Objectives
- To learn what the M&A outlook is for 2020;
- To know the key trends to watch out for and learn what the pitfalls are.
LISTEN HERE


Technology and its impact on the cost of claims.
Joe McManus - Partner and Martin Stockdale - Partner
Tuesday 10 September 2019

Kennedys will be discussing how technology has made a difference to claims investigation, handling and settlement by reference to online claims settlement, fraud and the use of portals. They will also be discussing technology's impact on the value and life cycle of claims with reference to personalised medicine, 3D technology and developments in genetics.

Learning objectives

By the end of the seminar, delegates should understand how technology
- will affect the claims process and injury claims in particular
- can be used to reduce indemnity spend
LISTEN HERE


The role of data and predictive analytics in an evolving market
Speaker: Simon White , Principal Consultant for Data Predictive Analytics, DWF
This session looks at how MGAs can experiment with their data in a low-cost and compliant manner to test and pilot data-driven concepts to improve the quality and speed of decision-making and optimise performance.

Learning objectives
By the end of the session, delegates will be able to:

  • Understand and describe the differences between Management Information (MI), Business Intelligence (BI), Augmented Intelligence (IA) and Artificial Intelligence (AI) and understand the practical applications of each of these data disciplines.
  • Understand the importance of the involvement of insurance domain expertise in exploring data analytics concepts.
  • Understand the importance of targeting data analytics projects at solving specific business challenges for MGAs.
  • Describe the steps involved in the data analytics journey from concept to operationalisation.
  • Describe several different types of data analytics techniques and understand how to apply the right technique to the right problem.
  • Understand the basic theory of predictive analytics techniques and why they work.
  • Understand the importance of both creative thinking and failing fast as applied to data analytics experimentation.
LISTEN HERE


Automated Underwriting: How to write Home Insurance using only a property address - a OneClickCover Case Study

Old Library, Lloyd's
Wednesday 5 June
OneClickCover is building a disruptive technology platform that will allow people to get a competitive home insurance quote using just one parameter – their property address. The briefing will demonstrate how to use data in underwriting to provide a better customer experience, breaking away from the paradigm of long questionnaires and confusing pictures of window locks commonly found in home insurance. The briefing focuses on the case study and will include a live demonstration of the platform from the consumer and underwriters respective viewpoints.

Learning objectives
Hutton Swinglehurst will talk about his experiences developing an extremely fast and easy to use home insurance customer experience and the role of data in delivering that. 
By the end of the briefing, delegates will have a better understanding of:
- how data can be used for the benefit of both customers and underwriters and;
- how other MGAs might benefit from using the OneClickCover platform.

LISTEN HERE

Looking beyond Brexit:  The FCA's future priorities for general insurance.
Tuesday 21 May 2019
Old Library, Lloyd's
Following the latest FCA business plan and publications issued over the past year, Matthew Rutter Partner at DAC Beachcroft, will be talking to you about:
- The distribution chain:  roles and responsibilities
- "Fair pricing" - what does this mean in practice?
- The challenges of dealing with vulnerable customers
- The duty of care:  does it add anything to the FCA's principles for business?

Learning Objectives:
By the end of the event, delegates will be better able to both understand and assess the impact on their businesses of the FCA's post-Brexit priorities for general insurance.


Regulatory Update - What MGAs need to know.
Monday 30 April 2019
Old Library, Lloyd's

BLM is delighted to be hosting a regulatory update session to MGAA members.

The first part of the session BLM partner Elizabeth Whittingham will look at the FOS and specifically address the consultation changes to the jurisdiction and awards threshold of the FOS. She will look more closely at the impact of the anticipated changes, including on prioritisation by insurers of complaint handling know-how and strategies.

BLM partner Steve Kuncewicz will then give an update on all things Brexit. At a time when the UKs political and economic position is still to be determined, Steve will provide a timely update and consider the impact on the MGAA market.

By the end of the session, delegates will better understand:

  1. Important changes in the FOS eligibility criteria
  2. Why customers choose the FOS route and best practice for dealing with complaints
  3. The implications of Brexit for MGAs as we understand them
LISTEN HERE

What treating customers fairly *Really* looks like
Monday 1 April 2019
Lloyd's Library

Listening to the FCA and other bodies, you would be forgiven that treating customers fairly is all about price. The current discussions on dual pricing echo this – that new customers get a better deal than existing customers or that poorer customers are treated differently.

Well there's much more to it than that. We all expect to pay more for fuel on a motorway service station than a normal road and there's a reason high end car showrooms are not in poor areas.

There's so much more to treating customers fairly than price and almost no one talks about those opportunities. During this session we’ll explore some of these and the impact they can have to your bottom line and the trust of customers of the insurance industry as a whole.

Learning Objectives:
By the end of the session delegates will be able to realise that Treating Customers Fairly isn't all about price and will be able to outline the much more important things that make customers loyal to a broker.
LISTEN HERE


Data Litigation and the New Cyber World
Monday 25 March 2019
Lloyd's Library

David Coupe and Helena Coates of EC3 Legal will be discussing the growth of data litigation in the UK and the impact of AI and Cryptocurrencies on the insurance Market. Kevin Sookhee Director at Intrepid Tech Ventures Ltd will discuss Applications of AI in insurance.
Data breaches whether through criminal activity or accidental data loss, have immediate ramifications that can include reputational damage, liability claims from customers, action by regulators and the associated insurance claims and disputes. This talk will help you understand potential threats for your businesses and will include discussions around the risks presented by Artificial Intelligence, cryptocurrencies, digital ledger technology and blockchain.  Additionally it will look at the steps regulators are taking including the new FCA consultation on the guidance under which cryptoassets are regulated. 
Learning Objectives:
- Understanding the impact of data litigation in the UK.
- Defining and being able to list the relevant sections of data protection legislation and the implications of breach.
- Summarising the current cyber threat to business.
- Understanding the threats for businesses.
- Identifying crypto risk, digital ledger technology and blockchain and their impact on insurance business
- Having knowledge of recent court actions and being able to list relevant case law in relation to data protection in the UK and Internationally.
- Understanding the impact on moving data with regards to Brexit and the transfer of international data.
- Demonstrating new knowledge of the current relevant data protection legislation to your business. 


Senior Managers & Certification Regime
Thursday 21 March 2019
ACORD Auditorium

The session focussed on the FCA's final rules for the application of the Senior Managers and Certification Regime to MGAs and other insurance intermediaries including:
preparations firms need to be making ahead of the 9 December 2019 implementation date
guidance on preparing Senior Manager Statements of Responsibilities
additional actions firms will need to take between December 2019 and December 2020

There is no recording of this event but the slides can be accessed here.

Mental Health in the Workplace
Wednesday 13 March 2019

ACORD Auditorium
The MGAA Next Gen Working Group hosted this very important event to raise much needed awareness for Mental Health in the Workplace.  This interactive shape and share session will have real life scenarios on how to deal with related issues as and when they arise. 
Learning Objectives:
By the end of the event, delegates will:
(a) have a better awareness of how to deal with mental health in the workplace,
(b) be able to list whom within an organisation can assist when mental health issues arise,
(c) understand what external assistance is available for those who require confidential guidance. 
 

CLAIMS - NEW TECHNOLOGY - NEW PRACTICES FOR A NEW CENTURY
Monday 4 March 2019
Old Library, Lloyd's
Technology offers opportunities to significantly reduce the costs of claims handling, save time and increase customer satisfaction levels.
In this session Qlaims and Sightcall will outline how live video streaming, gig economy ‘Responders’ and drones are being used by MGA’s, Loss Adjusters and Insurers to improve claims processes.
There will be a business card prize draw for a Qlaimstech Drone.
Learning Objectives
By the end of the event after 45 minutes of presentations and questions, delegates will have a clear understanding of how:
1. new claims processing solutions working with InsurTech can meet the challenges of increasing customer demands within the digital age;
2. to reduce costs in claims processing and;
3. to radically reduce the claim cycle. 


Harnessing the power of real-time product distribution
Date:  Monday 4 November 2019
Time:  12:30 - 14:00
Venue:  Old Library, Lloyd's, One Lime Street, London, EC3M 7HA
Speakers:  Tim Rayner and Stuart Browes

How to improve operational efficiency in the delegated authority distribution chain and increase speed, cost and quality of business for MGAs.

MGAs and their capacity providers are looking at how technology can enhance their operations and deliver efficiencies. With very high volumes of policies transacted via a variety of facility-type placements into the London market, join us as we look to discuss how technology can have a range of benefits for the MGA sector, and how to get around the challenges of visibility, capital flow efficiency, with a focus on both the importance of the MGA sector and the need to ensure that the market works to meet the challenges that it faces.

Learning Objectives
- Delegates will be able to outline how technology can enhance their operations and delivery efficiencies.
- Delegates will be able to describe the range of benefits for MGAs accessible from the technology in the market
- Delegates will understand and be able to plan around the technology challenges faced in the current market.

NETWORKING LUNCH FROM 12:30.  SESSION RUNS FROM 13:00 TO 14:00
BOOK HERE

MGAA General Meeting
Tuesday 19 February
Old Library, Lloyd's

Members attended the General Meeting of the MGAA, at which the Report and Accounts, revised Articles of Association and revised Code of Ethics were approved.

Directors representing Full Members were confirmed as: Catherine Bell, Mark Birrell, Marco Del Carlo, Charles Earle, Gary Humphreys, Charles Manchester, Jonathan Skinner and Jeff Turner.  Keith Stern was confirmed as the Director representing Supplier Members and Bill O’Malley as the Director representing the Market Practitioner members on the board. The Directors provided reports on the achievements and plans of the standing Committees and the Managing Director spoke about future plans.

19 February 2019
LISTEN HERE

Can Captive Insurers add value to MGAs?
Monday 11 February 2019
Old Library, Lloyd's
A Captive is a special purpose insurance vehicle, that can provide unique coverage not available in the commercial insurance markets. An MGA with its own Captive vehicle, can give the MGA the ability to retain profitable risk, better negotiate in the reinsurance market, and design and control an insurance program tailored to its specific needs. 

Learning Objectives 

(a) What a ‘Captive' is and how it works; 
(b) Types of Captives; 
(c) The advantages and disadvantages of a Captive to an MGA. 

LISTEN HERE

   
Skin in the Game.  The Use of Risk Retention Vehicles to participate in the underwriting profit of your MGA
Monday 4 February 2019
Old Library, Lloyd's

Deloitte and the Robus Group have many years of experience in guiding MGAs and others in the insurance distribution chain when it comes to the use of risk retention vehicles to enhance control, stability and accessing a share of the underwriting profitability of their business. Drawing on Deloitte’s experience in guiding you through the considerations when establishing a risk retention vehicle, as well as the service offering of Robus in managing ongoing vehicles, the session will provide MGAs with an introduction to the options available and how to interpret these against their own business goals and targets.

Learning Objecitves:

  • Introducing the concept of Risk Retention vehicles and their use
  • What factors a firm should consider when selecting between different types of vehicle and jurisdictions
  • The establishment and maintenance requirements of the different vehicle types
  • The roles of the establishment advisor and Insurance Manager
Unfortunately there is no recording available for this session but the slides are available here .


SUPER COMPLAINTS, THE FCA AND THE PROBLEM WITH PRICING IN FINANCIAL SERVICES
Monday 28 January 2019
In December 2018, the Competition and Markets Authority (CMA) published its response to the Citizens Advice super-complaint about what has become known as the ‘loyalty penalty’.  The FCA has itself already started work on the issue and made clear it will take action, “including price interventions where appropriate”.  There seems little doubt the CMA and FCA both believe the super-complaint warrants more detailed investigation and possible action.

Learning objectives:
Kenneth Underhill will look at these issues with examples, set out how they may affect your firm and provide you with a clear understanding of the key actions your firm can take to ensure you are prepared for whatever next steps the FCA may consider appropriate.
LISTEN HERE