MGA Gresham Underwriting launches broker focused product to bypass high commission costs
MGA Gresham Underwriting has launched a sports and social clubs sector product that enables brokers to place business direct with the underwriter rather than act as a sub-broker that can face high commission costs.
The product was built following broker feedback that highlighted a desire for more options in the market outside of schemes and affinities.
Mick Husband, product manager at the MGA, said the firm has an open dialogue with its network of brokers and their clients. “We found that a high proportion of organisations within this sector trust their local broker to place their insurances, however, there is a lack of viable options for brokers outside of schemes which often command high commission levels which in the end has to be paid for by the client.”
The firm, which insures small commercial and personal lines risks and is part of Tasker Insurance Group, said the product is one of several planned for 2019 and was developed by the in-house Tasker technology team.
Chief underwriting officer Robert Munden, said: “People are a fundamental part of our business. Being an MGA allows us the flexibility to develop products which meet our brokers’ requirements.
However, without the right team in place this is not always utilised to the fullest potential. We now have a fantastic team of people and resource which enables us to maximise on opportunities for our brokers.
“Mick Husband’s expertise has allowed the technical development of the product, while our underwriters’ personal relationships with our brokers has meant we were able to open a dialogue to establish what they really needed and then tailor the product accordingly.”
