BIBA 2024 Key takeaways: Calls for regulatory stability

Emily Lewis highlights some key takeaways from BIBA 2024

MGA

June 7, 2024

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Pro MGA Global Solutions, Business Development Representative Emily Lewis highlights some of the key takeaways from BIBA 2024

The BIBA Conference 2024, held on the 15th and 16th of May, proved once again why it stands as the premier insurance event for brokers across the UK. The Pro MGA Global team and I attended with enthusiasm, with the mission of engaging with our friends and peers in the industry from our clients, partners, prospects, and the media. This year’s theme, “What’s Next?”, delved into the future of the insurance industry, sparking energetic discussions and providing insightful perspectives from influential and inspiring speakers.

The conference was a hive of activity, with a palpable buzz of excitement throughout. Among the many highlights, one key theme resonated deeply with us: the importance of regulatory stability as a driver of scalability and sustainable values for MGAs and brokers.

Regulatory Stability: A Pillar for Sustainable Growth

Regulatory scrutiny of the MGA sector in the UK is on the rise; a development we view positively. Every growth sector benefits from rigorous challenges that foster higher standards and better behaviours. However, it’s equally crucial that regulatory stability be maintained to ensure sustainable growth, especially for start-ups.

The discussions at BIBA 2024 underscored that while increased oversight is improving standards and consumer trust in the sector, it’s essential that regulation does not become a barrier to launching new MGAs. Compliance costs and strategies need to be thoughtfully integrated into business plans from the outset. This balance of challenge and support is key to nurturing a robust, innovative insurance market.

Enabling Growth for Local Brokers through the MGA Channel

One of the most significant impacts MGAs can have is enabling growth for local brokers. By partnering with MGAs, brokers can access tailored insurance products that meet the specific needs of their clients. This specialised focus allows brokers to differentiate themselves in a competitive market, offering unique solutions that might not be available through traditional insurance carriers.

A key area of discussion at the conference was how partnering with MGAs can significantly expand a broker’s market reach. MGAs often have access to innovative insurance capacity and products that are opening new revenue streams for brokers in a cost effective and operationally efficient way.

We are seeing this collaboration between brokers and MGAs fostering stronger, more value-driven partnerships. These mutually beneficial relationships help both parties grow and thrive, creating a robust support network that can drive sustained success. At Pro MGA Global Solutions, we are deeply committed to empowering local brokers by leveraging the MGA channel. Our participation in BIBA 2024 reaffirmed our dedication to facilitating growth and providing brokers with the tools and partnerships necessary to thrive.

Broker Facilitation: Partnerships for Success

A significant portion of our discussions also centered around broker facilitation, which is becoming an increasingly prominent trend in the insurance industry, driven by the evolving role of brokers and the increasing complexity of insurance products, with growth of facilitation supported by technology. We are seeing four distinct pillars of facilitation emerge – risk facilitation, product facilitation, “trading as” style facilitation, and MGA style facilitation. Watch this space for further insights from the team on this topic!

Embracing Innovation and Sustainability

BIBA 2024 was a reminder of the dynamic and rapidly evolving nature of the insurance industry. The energy and insights from BIBA 2024 will undoubtedly shape our strategies and actions in the coming months. As we look to the future, we believe that by maintaining a focus on regulatory stability and fostering strong broker partnerships, we can navigate the challenges ahead and continue to drive positive change in the industry. Thank you to the organisers for an excellent event, and to our friends and peers for the warm welcome we received and the excellent discussions we shared. Until next time!