Managing General Agents (MGAs) are an important, established and fast-growing sector of the UK insurance industry. Over 300 MGAs currently underwrite over 10% of the UK’s £47 billion general insurance market premiums. MGAs deserve specific representation to lobby on their behalf, communicate their considerable benefits and drive best practice. The Managing General Agents’ Association (MGAA) was formed in 2011 to fulfil this role. As a not-for-profit organisation, the MGAA, and its board of directors and specialist committees focus 100% on shaping the future of delegated underwriting in the UK.
Lloyd’s of London
Lloyd’s is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers who cover more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress. Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network to grow the insured world — building resilience for businesses and local communities and strengthening economic growth around the world.
On 19th June 2016, INSTANDA attended MGAA’s event “What does a digital strategy look like for an MGA?” in the Old Library at Lloyd’s.
In the session, we discussed how modern, cloud-based software can lower the barriers to a digital operating model, how to leverage new technologies to improve customer experience, stimulate business growth and achieve operational efficiencies, how MGAs can measure their digital maturity and appetite for change, how to translate this ambition into tangible, achievable actions, how to use digital models to your own best advantage, through increased efficiencies, improved reporting and reduced human error and how the InsurTech landscape has grown in the past few years.