The MGA sector is set for further notable expansion and innovation in 2025, with technology driving transformation across multiple dimensions. Expectations across the industry reflect increased demand for enhanced digital solutions that streamline operations, improve and expand distribution into new and niche sectors, and strengthen end-to-end underwriting and claims management. As a service provider and incubator for emerging and growth-stage MGAs, Pro MGA Global Solutions supports multiple MGA propositions launching and growing in the market, and there is substantial momentum around insurtech heading into 2025.
The ecosystem for insurtech-driven MGAs is expanding globally, with the U.S., Europe, Latin America and the Middle East at the forefront of this growth. The sector’s agility and entrepreneurial spirit make it a natural testing ground for new technologies globally, with MGAs functioning as innovation hubs where insurtech solutions can be implemented and refined.
MGAs are critical players in testing and validating new technologies, from AI and automation to customer-centric platforms. Lessons learned in the MGA space often cascade to the broader insurance industry, where MGAs serve as models for technology-driven efficiency and responsiveness. By deploying insurtech innovations, MGAs provide valuable insights and proven practices that other insurance entities can adopt to enhance their own offerings.
Enhanced Underwriting
The evolution of specialty risks at Lloyd’s has been significantly influenced by the adoption of Enhanced Underwriting practices, as highlighted in the Lloyd’s Market Association (LMA) report, The Growth of Enhanced Underwriting in the Lloyd’s Market: The New Normal? This comprehensive analysis sheds light on how digital tools, advanced data analytics, algorithmic underwriting and other technology-driven strategies are not only reshaping underwriting but also enabling the Lloyd’s market to address increasingly complex specialty risks.
The report underscores the shift toward more granular, data-informed underwriting processes, which are essential for managing emerging risks such as cyber threats, climate-related exposures, and geopolitical volatility. Enhanced Underwriting is far from full maturity, as the study notes – reflected in the estimated USD 5 billion in current premiums passing through Enhanced Underwriting models, accounting for c.7% of the USD 69.4bn premium written in Lloyd’s (2023).
However, the report flags that premium only tells a part of the story. “Through interviews and a market survey, we have identified at least 40 Enhanced Underwriting models being developed by carriers, MGAs and brokers, with many others considering build outs in the next 2 to 3 years.”
Certainly from an MGA incubator and broker facilitation perspective, we can see key benefits for brokers and insurers, such as simplifying placements, enhancing governance, and aligning capital risk more effectively.
In addition, the fresh thinking around Enhanced Underwriting, data standardisation and market interoperability helps strengthen compliance oversight and address concerns regarding regulatory inconsistencies.
Embedded Insurance Gains Scope and Relevance
Meanwhile, demand for embedded insurance is rising as non-insurance brands—such as retailers, peer-to-peer lending platforms, and automotive manufacturers—integrate insurance options at the point of sale, making coverage more accessible and convenient. The embedded insurance market is expected to exceed $70 billion in GWP by 2025, with MGAs poised to benefit and drive much of this growth.
In terms of tech deployment, low-code platforms are particularly appealing to MGAs in this space, as they enable quick, flexible product development and seamless integration with third-party systems. These platforms allow MGAs to respond to sector-specific demands with tailored, user-friendly products that align with consumer expectations for simplicity and relevance. Pro MGA Global Solutions anticipates that MGAs will play a pivotal role in expanding embedded insurance going forward.
AI and Automation Transforming the MGA Landscape
Pro MGA Global Solutions is seeing a growing number of MGAs embedding AI into their strategies to enhance product development, risk assessment, and back-office efficiencies. AI tools are increasingly applied in underwriting, pricing, and fraud detection, significantly boosting agility.
At the same time, automation remains a cornerstone of MGA development, offering end-to-end efficiencies across the insurance lifecycle—from underwriting and policy management to customer service and claims processing. As MGAs scale, automation provides a foundation for operational efficiency, allowing lean teams to handle increased business volumes without compromising service quality. With market expectations pointing to streamlined processes and rapid scalability, MGAs are deploying automation solutions that allow them to compete effectively by reducing manual work and repetitive tasks.
We forecast that process automation will play an increasingly significant role in MGA business plans in 2025, supporting sustainable expansion while reducing overhead.
The Vital Role of Talent in a Tech-Driven MGA Landscape
Talent remains a key driver of MGA success. As MGAs evolve, they require diverse expertise, not only in underwriting but also in technology development and digital strategy. Attracting and retaining skilled tech talent is essential to building scalable operations and optimising digital solutions. The MGA market is increasingly recognising the value of tech-oriented teams capable of leveraging AI, automation, and data analytics to unlock new growth opportunities.
In 2025, the MGA sector will likely see heightened competition for tech and coding talent, with a focus on roles that support digital transformation and innovation. Pro MGA Global Solutions is committed to fostering this talent, offering MGAs the resources and support to build teams capable of driving industry-leading results.
Keeping pace with rapid advancements
As the insurance industry seeks to keep pace with rapid technological advancements, MGAs stand out as the ideal proving ground for the latest in insurtech. Their flexible, agile business models enable them to quickly trial and adopt new tools, from AI-driven risk assessment and fraud detection to automated claims processing and embedded insurance offerings. By testing and refining these technologies in real-time, MGAs offer a low-risk route for innovation for the sector’s capacity providers to add capital backers, often yielding results that shape broader industry practices.
The test-and-learn approach MGAs bring allows them to bridge technology with real-world applications, driving insights that insurers can use to scale up solutions more confidently. In this way, MGAs do not just contribute to operational improvements but actively set the pace for a more responsive, customer-centred insurance ecosystem. As insurtech grows, MGAs will continue to play a critical role as accelerators, bringing advanced technology from concept to trusted industry standard. While initiatives like Enhanced Underwriting and full end-to-end automation are at the beginning of their journeys, they’re only heading one way for the global specialty insurance sector. Going forward, the intersection of compliance and algorithmic underwriting represents both a challenge and an opportunity for insurers in the face of regulatory evolution and technological transformation, but it’s an exciting space.
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In his second work placement with Pro MGA Global Solutions, 17-year-old Ollie Dalzell gears up for a future in financial services.
This time last year, a bright young man walked through the doors at Pro MGA Global Solutions shortly after completing his GCSEs, to undertake a week’s work experience.
Undecided on which direction he’d like his fledgling career to go, he spent the week shadowing CEO, Danny Maleary.
Fast forward one year, after a successful first 12 months studying for his A Levels, Ollie Dalzell was back in the building, with his sights firmly set on a career in financial services.
“Last year was such a great experience for me, and it opened my eyes to what is out there,” said Ollie. “I spent that week shadowing Danny Maleary, attending the meetings he had scheduled, so I could see what a typical week looked like in this industry. But this year I came back knowing there were specific things I wanted to get out of the week, and it was a much more forensic look into this world.”
Ollie plans to study Maths at University, opting for modules that’ll incorporate Economics too. With that in mind, Ollie spent much of his time working with Preeti Bansil, Head of Operations and People at Pro MGA Global Solutions, to understand how the business uses models to help operate efficiently.
“We learn so much theory in the classroom, but when you sit in a workplace and see how models are used, it brings it all to life. You realise that the classroom only touches on the surface of reality. It was so helpful for me.”
Moving forward, Ollie stresses the importance of gaining workplace experience to help provide direction.
“For any soon-to-be school leaver out there, I can’t recommend work experience enough. Especially if you start out just shadowing someone, then going away and reflecting, to know if it piques your interest or not. If it does, you can go back and ask for a more specific experience so you can be absolutely clear if you’re going in the right direction or not. That’ll shape your decisions on Higher Education or whether you want to move straight into work.”
For Ollie, the hard work is only just beginning. He now aims to start making connections across the industry, creating a LinkedIn account and letting his ambitions be known.
We wish Ollie all the best for his final year of A Levels and watch on with interest.
Hear more from Ollie on his week at Pro MGA Global Solutions in the vlog linked above on Pro Global TV.
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Last month, the managing general agent (MGA) incubator Pro MGA Global Solutions announced that it will welcome Haris Khan as head of solutions and markets. Joining on November 01 from Lloyd’s where he served as delegated underwriting manager, Khan is a coup of a hire for the team – one which reflects its ambition to reshape the conversation about talent in the MGA sector.
In discussions about talent in insurance, it’s all too easy for the spotlight to fall on newly emerging talent – how to attract it, how to retain it and how to make the most from it. But that’s only half the story – and the future also belongs to those already some way into their insurance story.
In a recent conversation with Insurance Business, Emily Lewis (pictured), business development representative at Pro MGA Global Solutions, highlighted the importance of nurturing and attracting top talent – at every stage in their career – to the growth of the MGA sector, generally, and to Pro MGA Global Solutions, specifically.
There’s no one way to create great talent pipelines, she said. As somebody who started in Pro’s Insurance Services team, before moving into its Consulting arm and later into the Pro MGA business, she has seen first-hand, the power of home-grown talent. “But there are other routes. It’s not just about people who are already in the industry but thinking about how we can attract people into the industry too. This was brought home to me recently when we brought in a few people of school age for work experience.
“And it’s such an important conversation and one that I’ve been having a lot while attending next-generation initiatives, talks and forums. One of the running themes is how to make the industry a bit more attractive to young people. When you talk to anyone about how they got into the industry, the common theme is that they tend to either have fallen into it or they knew somebody who worked in the sector.”
There’s so much that is attractive and interesting about the industry, she said, but what’s important to bear in mind is that the same things that should make insurance a career destination of choice are also what should encourage people to develop a meaningful career in the industry. Central to that is the wealth of opportunity that being part of an insurance group brings.
The capacity to switch verticals, to change direction and to find new career pathways is critical as evidenced by Lewis’s own varied albeit short career. “I’ve already seen the spread of opportunity possible, which has been great because you couldn’t imagine you would get exposure to so many different business areas. I think that’s really great, particularly for young people because nobody genuinely knows what they want to do when they start out in the world of work.”
The appointment of Khan is a clear reflection of the myriad of opportunities represented by an insurance career, and the work Pro has done to attract and nurture great talent. “It’s establishing us as a company able to attract top talent, who can come in to support us in our growth and our facilitation of MGAs, as an incubator. One of the key things that we’re doing is expanding our global footprint.
“So, [Haris Khan] will help us expand into new global markets because we need to pursue that market growth to complement our territorial growth. We already have a presence in the US but we’re looking to really expand that and then gain physical presence in LATAM and the Middle East over the next year or so. And Haris brings his real expertise in how to enhance your market offerings across different territories.”
Lewis shared that what has become clear from her involvement in so many different talent and diversity initiatives is that one of the best things about championing diversity is the ability to build a business comprised of different perspectives and experiences. Diversity of experience is something truly valuable, she said, because it’s the key to innovation.
“And that’s our focus, to nurture and attract talent in order to build a business fit for the future,” she said. “We want to be a place which is attractive to people wherever they are in their careers. We don’t want to be a service provider that sits in the background, we want to be attractive to senior leaders but also be nurturing to the leaders of tomorrow.
“From the outside people don’t necessarily understand how attractive insurance can be as a career option but it’s when you’re in that you realise how much opportunity it brings. It’s a conversation that we’re passionate about and I’m pleased to see that the wider market seems to be passionate about it too. I think it’s a bit of Pandora’s box (in a positive way), you don’t know what’s in there but when it’s open, you understand, and you can see what it offers.”
Name: Emily Lewis
Job title: Business Development Representative, Pro MGA Global Solutions
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During an interview with The Insurer TV at the 2024 Rendez-Vous de Monte Carlo, Danny Maleary, CEO of Pro MGA Global Solutions, discussed the rapid expansion of the European MGA market, noting how the MGA super-cycle, initially centred in the US, is now gaining momentum in Europe.
“We’ve launched around 30 MGAs across Europe, supported by strong distribution partners and substantial risk capital keen to fuel growth in the region,” Maleary said.
While the European MGA market has been expanding for some time, Maleary expects the pace to increase, despite the challenges of navigating diverse markets across different territories.
Maleary also highlighted the growing opportunity for MGAs to enter the casualty sector, which has struggled in recent years. “I believe the partnership between reinsurers, insurers, and MGAs will drive more targeted growth in this space,” he explained.
Additionally, Maleary views MGAs as a key force in attracting fresh talent to the insurance sector, thanks to the entrepreneurial spirit and opportunities they provide.
Click the thumbnail above to watch the full interview, shared with thanks to the Insurer TV team.
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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Nurturing young talent and showcasing a pathway for progression is vital for piquing the interest of employees in their formative years. But attracting those whose careers are yet to begin is a different ball game.
For 16-year-old Izzy Joy, her career options range as wide as the alphabet, though a career in insurance may just be the ticket.
“Insurance really wasn’t what I thought it was going to be when I first came and I didn’t know what to expect.” After spending a week with Pro MGA Global Solutions, Izzy’s eyes have opened wide to the board spectrum of roles that sit within our industry. “It’s made me realise that I really do enjoy insurance and it’s much more broad and varied than I thought it would be.”
The week saw Izzy move across departments, working and shadowing various different roles within the company, and even included a visit to the Lloyd’s building and a trip to the MGAA 2024 Annual Conference.
“Attending the MGAA conference really helped to develop my knowledge of all that insurance entails. Getting the chance to attend client meetings that focused on business development, understanding more about the media and advertisement branch of Pro MGA, talking to and understanding the job roles for different members of the team, as well as participating in a vlog, made for a really enjoyable experience.”
But insurance is just policies, claims and renewals, isn’t it?
“This week has really helped me to realise that having a work and social balance is possible and this has been created here at Pro MGA. I also enjoyed the experience of being able to build relationships, and network within the insurance industry, surrounded by the best group of people. Everyone in the team was happy to answer any of my questions and were extremely welcoming. I’m so glad I got the opportunity to do my work experience here.”
There was even time for a game of crazy golf for Izzy and the team.
At Pro MGA Global Solutions, we’re keen to show the future workforce that insurance is a creative space, where individualism and ideas are welcome. The industry is moving at a rapid pace thanks to technology, and innovative minds will only help to continue that momentum.
“I got a great insight into the realm of insurance and was able to start to discover how insurance really works. Thank you to the team at Pro MGA!”.
Thank you to Izzy too, for her enthusiasm, hard work and dedication. We hope to see Izzy, and many others like her, enter our world of opportunity.
Hear more from Izzy on her week at Pro MGA Global Solutions in the vlog linked above on Pro Global TV.
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This article is shared with the kind permission of Intelligent Insurer.
That is according to Danny Maleary, chief executive officer of Pro MGA Global Solutions, who said he believes the agility and efficiency of the structure means it has a permanent place in the industry.
Pro MGA Global Solutions is a service provider to the sector, offering “MGA-in-a-box” packages which enable an MGA’s owners to focus on underwriting and capital-raising.
“The MGA will be the future of insurance if it is structured correctly, embraces the right operating model, uses technology, and offers good service,” he told Monte Carlo Today.
“That nimble approach is ultimately what the customer is looking for, whether that customer is an individual or the corporate. That is where the MGA excites me.”
“The Popularity Of The Structure Lies In Its Agility.”
There is no shortage of new entrants into the market, said Maleary, who began the business in 2016.
“We see 10 to 15 proposals a month which is an increase over the last couple of years from the five to 10 we would normally see,” he said. Of those, Pro MGA typically brings on about 15 new clients a year.
It currently works with 46 MGAs writing $600 million of gross written premium over 30 classes of business.
Maleary said the popularity of the structure lies in its agility and its ability to adopt and use cutting-edge technology.
“We are seeing a significant shift with insurers, reinsurers and alternative risk capital looking to support MGAs,” he said. “MGAs are very much at the forefront of the chief underwriting officer’s mind in terms of how they grow.
“Whether it is MGAs they own, or MGAs they support as third parties, there is a suite of platforms where they can offer their capital out, and that trend is going to continue to move upwards.”
Maleary added that MGAs were attractive to entrepreneurially-minded underwriters who wanted more autonomy than they might get in a large company, and that investors of all stripes were interested in supporting MGAs.
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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London, UK, 12th September 2024 – Pro MGA Global Solutions, the independent managing general agent (MGA) incubation division of leading trusted advisor for the specialist insurance sector Pro Global, is delighted to announce the appointment of Haris Khan as the new Head of Solutions and Markets, effective 1 November 2024. Haris brings a wealth of experience in the delegated authority sector, having previously served as the Delegated Underwriting Manager at Lloyd’s.
With this strategic appointment, Pro MGA Global Solutions is poised to enhance its market offerings and accelerate growth into 2025, aligning with its mission to nurture and attract top talent in the MGA incubation sector.
Haris’s extensive expertise will play a pivotal role in delivering exceptional value to clients, supporting the company’s growth ambitions, and expanding its footprint in key global markets.
Danny Maleary, CEO of Pro MGA Global Solutions, commented:
“We are thrilled to welcome Haris to our leadership team. His proven track record and deep understanding of delegated authority make him an invaluable addition to our company. Pro MGA Global Solutions anticipates robust growth throughout 2025, and we plan to further expand our team to ensure the brightest minds are driving our solutions. As we continue to build on our successful trajectory, offering an equal blend of business and technical expertise to our clients, whether they are entrepreneurs, brokers, underwriters, or insurtech firms, Haris’s leadership will be crucial in driving our expansion and ensuring that we remain at the forefront of innovation in the delegated authority sector. With Haris on board, I am confident that we will continue to deliver outstanding results for our clients and partners.”
Haris Khan, Head of Solutions and Markets, added:
“I am excited to join Pro MGA Global Solutions at such a dynamic time in the company’s growth journey. Danny and the team have laid a strong foundation for success, and I am eager to contribute to their sustainable growth by enhancing our market solutions and driving innovation. My focus will be on delivering tailored, strategic support to our clients, empowering them to achieve their ambitions and thrive in a competitive market. Together with the talented team at Pro MGA, I am confident that we will lead the way in shaping the future of the MGA sector.”
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The MGAA annual conference remains one of the highlights of the year, and it’s 2024 edition was no exception. With a venue filled with market frontrunners, peers and future prospects, it’s easy to see why there’s a buzz about the place across the two days.
Pro MGA Global Solutions exhibited at the event for the first time this year. Below are the key takeaways from the conference, shared across those who attended the event.
The Future is Bright
There was a real emphasis on the Next Gen committee at the conference, with the panel hosting a discussion on Day One.
The Next Gen question panel was keen on removing the negative stigma around insurance to get more talented young professionals into the market. With the growing emergence of AI, data and the IoT, the opportunity to peak the interest of the future generation is certainly there. Steering our focus away from the more traditional terminology, can generate a buzz with school and university leavers.
Diversifying the way we teach and learn is also an important aspect in generating interest with young talent. This can mean many things, from tools used, time spent and exposure to different roles. We’re strong advocates of giving our young talent the experience and exposure of working with senior members of the team, rather than taking a hierarchical approach where a junior member of the team wouldn’t even have a conversation with a director until they’d been there five years or more.
A Diversifying Crowd
The MGAA has, as ever, welcomed new members in 2024. It was clear to see that the diversification of attendees at the conference was broader than in previous years, with more start-ups, innovative minds and outside-the-box thinkers being present.
Traditionally, a conference of this sort would be full of companies offering similar or the same products and services, with familiar approaches and the same future prospects. This year, however, we saw a whole range of people and businesses, taking new approaches – and it’s exactly what the industry needs to continue to evolve.
Fronting v Traditional Insurers
A panel discussion on Fronting vs Traditional Insurers took place, which provided a real healthy debate. It showed that both types of insurers have their place in the modern market and can be used in tandem by MGAs to enable the benefits of both and evidenced their “power of partnership” theme for 2024.
This speaks to the previous takeaway of new approaches, and it’s exciting to see where the market takes us over the next 12 months and beyond.
A New Perspective
In previous years, we have attended the MGAA Conference as delegates without a home to base ourselves at. This year, we decided to be an official exhibitor, which led to many people coming to visit our stand and spark conversations. We found this to be a brilliant opportunity for us. With some of the team roaming around the venue, and others manning the stands, we were able to have many more conversations than we’d had in previous years, and see the conference from a different perspective.
There were certainly more delegates this year, so attending en masse was important for us. We met many new prospects, and came away with opportunities to follow-up on. It was, as ever, great to see familiar faces too – and the coffee and breakfast rolls went down a treat. Simple pleasures.
We’ll Be Back
All in all, we had a very prosperous two days at the MGAA 2024 Conference, and are excited to attend again next year. Before then, of course, there’s business to be opened and closed, more events to attend and innovation to be sprung.
Thank you to MGAA for hosting such a brilliant event.
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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This article was published by Insurance Business and is being shared here with thanks to the publication.
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In an interview with Insurance Business last year, Danny Maleary CEO of Pro MGA Solutions underscored the need for the managing general agent (MGA) sector to take a “grown-up” approach to creating a healthy talent pipeline.
Cautioning against complacency in efforts to bridge the talent gap facing insurance, he championed taking a grow-your-own approach to talent, which leverages the expertise and insights of existing team-mates. It’s a model his own team have taken to heart, as seen by the appointment of Emily Lewis to a new role as business development representative at Pro MGA Solutions in January 2024.
Having joined Pro Global in 2020 as an assistant technician within insurance services, Lewis noted the importance of firms being willing to recognise the potential of their people and to mentor them to help them fulfil that potential. When you have a business that’s willing to make that investment and to guide you along that journey, it makes all the difference, she said, but also essential is you being able to seize that opportunity and make the most of it.
Emily Lewis and Danny Maleary pictured above.
What it takes to bring young talent into and through the market
“For me, bringing in people like Emily who were in a different part of the business into the sector and into our world is something we’re looking to do more of,” Maleary said. “It’s by mentoring, coaching and guiding young talent as to what we do as a business but also in terms of their personal aspirations and career path that we can really make a difference.
“It’s good to see so many young, passionate individuals who are part of our talent pipeline and part of the future of our business. And our investment in them will continue throughout the whole of our growth story, not just in the UK but also overseas.”
How is the MGA sector faring with regards to talent development?
From his vantage point of observing the market, Maleary said it has become clear to him that certain areas of the MGA sector are underserved when it comes to embracing better diversity. It’s on the right path, he said, but the sector still has a lot more work to do. What is also clear is that it’s going to take a continuous programme of change and an ongoing commitment to nurturing and supporting a more diverse talent pipeline to move that dial.
“It has to start somewhere,” Lewis said. “And it really starts with having that physical representation where you see a team that is diverse and that has young people. Because that’s how you evidence progress.”
Is the wider insurance industry embracing talent initiatives?
The 2024 BIBA Conference was a great opportunity to speak with key stakeholders from all across the industry – from insurers, to reinsurers, to distributors – Maleary said, and it was interesting to see how conversations about talent are evolving. These businesses are really starting to build teams that are geared towards the future, he said, and are placing strong emphasis on empowering the next generation of talent.
“They’re putting the right focus on fostering and bringing along good quality individuals that just need that little bit of encouragement to help them develop a bit more confidence,” he said. “I’ve also seen that there are still some that sadly, haven’t done it yet. But there’s still time and generally speaking, I think where we are today is quite encouraging.”
Delivering the message of insurance to a broader talent base
Lewis highlighted that becoming part of the insurance has opened her eyes to the breadth of what the market does, but also to the range of opportunities an insurance career can offer. Before you join, she said, it’s easy to just think about insurance as being limited to cars and houses, but her experience in the sector has made her an advocate for spreading the word about the potential encased within an insurance career.
The next step now is for the market to embrace the opportunity to get out into the communities it serves and educate young people on the jobs that are available, she said. It’s something the industry hasn’t done enough of in the past and the time is right because more people are considering different career routes. Whether it’s graduate schemes or apprenticeships, or even support for travel expenses etc. there’s so much that insurance businesses can do to create greater access to insurance careers.
“It’s something I tend to kick around as an idea with my head of operations and people, how we can target people at the early end of their career,” Maleary said. “And we’ve nurtured individuals, we’ve taken on some internships. But I don’t think we do enough as a sector to get into schools early enough and have the right conversations with career advisors to really set out the stall of the insurance sector. Because there is still lots to be done and, as Emily said, it does have to start somewhere.”
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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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!
Name: Emily Lewis
Job title: Business Development Representative, Pro MGA Global Solutions
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