MGAs must support sector growth: MGAA
Managing general agents (MGAs) have a responsibility to support continued sector growth and respond to the evolving insurance market with greater communication and transparency around their role, according to James Gerry, chair of the Managing General Agents’ Association (MGAA).
Speaking at the MGAA annual conference in London, Gerry said: “The Association has made significant progress in establishing a voice for the UK MGA sector; we are a distinct and relevant force within the UK insurance community.
“We operate in the most dynamic, most innovative, and most rapidly growing segment of the insurance market so we cannot stand still. The recent vote to leave the European Union will add a further level of dynamism, and the MGAA has an important role in helping all our members navigate the inevitable changes we will face as the UK reshapes its economic and regulatory position.
“The Association will lead the way on conduct and professionalism but we recognise the need to adapt and evolve as the MGA landscape changes. This is reflected in our conference theme – The future shape of delegated underwriting. The MGAA and its members will continue to drive how our sector evolves but also we need to anticipate and interpret change and identify what this will mean to MGAs.”
Gerry also addressed the importance of communication, and said: “We need to listen, to educate and to inform everyone who has an interest in the MGA’s role. As the MGA space grows and evolves this will include a wider and more diverse group of stakeholders. The Association has a responsibility to actively engage with this widening group.”
He also discussed the role of MGAs in ensuring greater transparency: “Transparency is critical to the future success of the UK’s delegated underwriting community. With it comes greater trust, confidence and security. It is no surprise that these are also the elements that underpin the whole basis of insurance and form the essential ingredients of any successful insurance transaction.
“We may not always agree with our regulator as to the best and most effective means to bring about greater transparency, but let’s not confuse that with the opportunities a collective commitment to openness and accountability can afford the MGA community.”
