The Managing General Agents’ Association (MGAA) yesterday held their second annual conference at the Grand Tower Bridge Hotel in London where the subjects of transparency, communication and the potential impact of the Brexit were discussed by members.
Insurance Business UK
attended the one-day event along with 430 MGAA delegates. The theme of the conference was ‘The Future Shape of Delegated Authority’, and chair of the MGAA James Gerry said the organisation will help shape the future of the industry, while also being shaped by it at the same time.
Gerry said MGAs operate in the most dynamic, innovative and rapidly growing segment of the insurance market so the industry needs to keep moving.
“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,” Gerry said.
Gerry also stated transparency is critical to the future of the UK’s delegated underwriting authority.
“With [transparency] 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,” he said. “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.”
The importance of communication was also addressed, with Gerry stating that as the MGA space grows to include a wider group of stakeholders, communicating to and listening to interested parties will be of increasing importance.
Global Portfolio Solutions at AIG
Mark Heath also addressed attendees, highlighting big data, analytics and the Internet of Things as likely to change the way MGAs do business in the future.
Launched at the conference was a guide to the Insurance Act created by the MGAA and insurance law firm BLM. The Guide is in a Q&A format, and addresses issues surrounding fair presentation, remedies and contracting out.
Managing Director of the MGAA Peter Staddon said the guide is designed to clear up misunderstandings around the Act.
“This guide responds directly to the needs of our members to assist them in understanding how the Act may impact on their businesses, and their capacity and distribution partners,” he said.
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