Chairman of the MGAA
Thanks in no small part to the MGAA, MGAs are recognised by regulators, insurers and brokers as a key force in the insurance market. But there is more work to do.
We need to evolve into a trade association that delivers real value to MGAs beyond marking out our members' space in the market. This includes tackling and delivering:
- Training and education
- Insurer audit
- Binder agreements
MGAs must provide first class products and services to their customers as well as underwriting profits for their insurer partners. The burden of regulation on everybody in the market has never been greater and the consequent demands on MGAs for ever more granular data means that 21st Century MGAs need to be fitter than ever to thrive, all at a time when the commercial attraction of setting up an MGA and, ironically, the competitive pressures have never been greater.
So the MGAA won't just promote and enhance the environment for MGAs, it'll provide them with real value added services. And we need our insurer partners and market suppliers to help us, through their membership, their services and sponsorship.
The first steps on this road have to be taken. Before long, insurers will expect MGAs to be members of the MGAA.
Existing members will see the increased benefits of membership start to happen soon. I'd encourage those MGAs, insurers and suppliers who have yet to join to get in touch.
Read more about the board