The Managing General Agents' Association (MGAA) has revealed ambitious strategic plans and new annual sponsors to support its growth and the development of its value added member services, at its third annual conference and capacity exchange which took place in London on 4 July.
Speaking at the opening of the conference, Charles Manchester, chair of the Association, said: "With more regulation than ever, the longest soft market ever, the uncertainty of Brexit and the immediacy of InsureTech -- whether friend or enemy -- the old ways have gone forever. And, seemingly, the MGA world is more in the spotlight as a result. The Association can and must take a leading role in supporting members to continue to thrive in such changing and challenging times."
The Association is embarking on a number of key projects including:
- Developing a single due diligence pack for insurers;
- Providing members with specific Brexit-related advice and, should the need arise, a possible solution;
- Training and education supporting best practice and technical expertise;
- Chartered status option;
- Promoting the MGA concept to insurers and brokers;
- Continued lobbying and working closely with BIBA, the IUA, LIIBA and the LMA.
To deliver these and other future projects, the Association has secured new annual sponsorship from Tokio Marine Kiln, the MGAA's principal sponsor, and Argo Global and Ergo who become gold sponsors. BLM and Arch Insurance also become annual sponsors.
Commenting on the annual sponsors, Charles Manchester said: "The generosity and support of our new partners will enable us to deliver against our strategy. Their support goes beyond financial sponsorship and into providing facilities and services to help us deliver to our members; they are true supporters of the MGA sector."
"The MGAA will become increasingly relevant to its members (MGAs, insurers and suppliers) as we begin to deliver on these things."
The MGAA annual conference and capacity exchange theme is MGA: Evolution and Revolution. It brings together 500 plus delegates from MGAs, insurers and brokers to share ideas on how to grow and develop their businesses at a time of significant challenge and change in the sector. They will hear from sector and industry experts in two panel debates covering the growth, evolution and sustainability of different MGA models and the opportunities that exist from the insuretech revolution.