When the BIBA conference gets under way tomorrow, the focus will be firmly on brokers’ needs and finding out what works best for them in an increasingly challenging market. However, in at least one sector of the UK insurance industry it seems a host of companies are already delivering for their broker counterparts.
Step forward this year’s five-star MGAs, as voted on by insurance brokers themselves. In association with the Managing General Agents’ Association (MGAA), Insurance Business has now released its annual report on the state of the market – and the results have been outstanding.
“There was nothing that surprised me about the survey results,” says Mike Keating, chief executive of the Managing General Agents’ Association (MGAA). Although not astonished, he was impressed with a few findings. One was that more than 75% of participants said they were unlikely to change MGAs or neutral about changing MGAs in the next year. The other was the importance of responsiveness, the success of which Keating chalked up to networking.
To find out which MGAs are delivering standout service to their partners, Insurance Business UK surveyed brokers, asking them to rate the performance of their MGA partners on a scale of one (poor) to five (excellent) in the following areas: overall responsiveness, technical expertise and product knowledge, pricing, ability to place niche or emerging risks, range of products, reputation, marketing support, compensation (commission, bonuses, profit share, etc.), technology/automation and geographical reach.
The MGAs that earned an average score of 4 or higher in at least one category were awarded a 5-Star designation, signifying their exceptional service. In total, 33 MGAs earned a 5-Star rating this year. Of those, four winners achieved All-Star status, having earned 5-Star ratings in all 10 categories.
Among the firms lauded this year were: