The MGA market in North America continued to accelerate during 2023, experiencing a 24% growth from USD 71 billion to USD 88 billion, representing approximately 11% of the overall Property and Casualty (P&C) market (based on Gallagher's latest projections). With such a surge in growth, the imperative of maintaining control over audits for MGAs and TPAs cannot be overstated.
Key to this challenge lies the post-audit phase. It’s not merely about ticking boxes or meeting regulatory requirements; it’s about instilling a culture of continuous improvement and forging longer-term partnerships that transcend the audit cycle. This is where the significance of post audit consultancy emerges as a partnership approach providing support for MGAs and TPAs striving to achieve and maintain best practice in this rapidly growing side of the industry.
So, why is Post Audit Consultancy not just a value-add but a strategic necessity for MGAs and TPAs?
Extension of Audits and Professional Due Diligence
The audit lifecycle shouldn’t conclude with the delivery of a report; it should seamlessly transition into a phase of partnership aimed at improving observations and recommendations. Post Audit Consultancy extends this lifecycle, ensuring that audits aren’t just isolated events but part of a broader commitment to compliance best practice and operational excellence.
Guidance Tailored to Your Needs
Our consultancy team doesn’t just point out observations; we roll up our sleeves and work alongside MGAs and TPAs to address them comprehensively. Whether it’s underwriting, claims management, technical accounting, compliance, or SOX, our subject matter experts provide tailored guidance that’s rooted in deep industry knowledge.
Comprehensive Compliance Posture
With regulatory frameworks evolving constantly, maintaining compliance is an ongoing challenge. Post Audit Consultancy deepens your compliance posture by implementing expert guidance within your processes and procedures. This proactive approach ensures that your organisation not only meets regulatory standards but exceeds them.
Global Reach, Local Expertise
Our consultancy services aren’t bound by borders. With teams based in multiple locations and experienced in multiple languages, we offer unparalleled flexibility and adaptability. Wherever you operate, whatever your regulatory environment, our experts are ready to support you.
Protection of Reputation and Quality Standards
In an industry where reputation is paramount, Post Audit Consultancy provides peace of mind. By ensuring that observations are corrected promptly and compliance posture is continually enhanced, MGAs and TPAs can safeguard their reputation, brand, and quality standards.
In the fast-paced world of MGAs and TPAs, the only constant is change. With Post Audit Consultancy, we are working with leading MGAs and TPAs to help them embrace change as an opportunity for growth and innovation, confident in the knowledge that they have a trusted partner by your side, every step of the way.
Meet our expert
Name: Robert Sherman
Job title: US Head of Audit & Advisory
Get in touch
To speak to the Pro Global team please feel free to reach out to us at:
Lysander PR
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