Business
In this episode, we are delighted to be speaking with Stuart Reid, Chairman of Partners& and PIKL, whose illustrious insurance career makes him well-suited to discuss the current state of the broking market and its relationship with MGAs.
Stuart notes that the service provision from insurers is currently lacking, with MGAs fulfilling brokers’ need which they cannot find elsewhere. He argues that for insurers and MGAs alike, it is paramount to make things easier for the broker as and where possible, and doing so provides a significant opportunity for further partnership.
He predicts that in a few years’ time, brokers and MGAs owning capacity from insurers may become an increasingly common trend. Additionally, Stuart discusses the power of trade associations such as the MGAA in articulating the needs of individual organisations who cannot resist the regulator, for example, alone. It is essential that we continue to secure equitable regulation from the FCA, as a highly regulated industry, and trade associations are crucial in spearheading that conversation.
Quote:
“Brokers understandably want their job made easy. They're busy people, [if] you make the job easier for the broker, let me tell you, you'll be a damn sight more successful. And sometimes I think that gets forgotten a little bit. These brokers are under a tremendous amount of pressure. We've had a tremendous amount of changes, a huge amount of a regulatory burden. Clients are finding it tough to pay the extra premiums, there's lots of competition. There's lots of consolidation, so you've got bigger ones coming in for smaller. So do what you say, do it right first time, be quick, and make the make the job easier for the broker.”
“The importance of those trade bodies has become even more relevant in these days of the FCA regulating by information rather than site visit.”
Resources:
MGAA - https://www.mgaa.co.uk/
Briefing: Who are the valuable organisations in our industry?
About the Guest:
Stuart Reid is the Chairman of Partners& and PIKL. He’s also a non-executive director of Harbour Underwriting Limited, and was recently appointed as a non-exec director of Qlaims Limited.
Stuart’s LinkedIn Profile: https://www.linkedin.com/in/stuart-reid-a9500379/
About the Host:
Mike's extensive expertise in the insurance sector has allowed him to witness and adapt to the dynamic shifts within the industry. Throughout his 40 year career, he has navigated the traditional realms of insurers, brokers, and MGAs (Managing General Agents) across both Commercial and Personal Lines markets.
He has held Executive positions at AXA, Midas, UK General and most recently Insurtech start up Qlaims before becoming Chief Executive Officer at the MGAA in September 2020.
Mike is excited about the new MGAA podcast series, which aims to showcase key figures in the UK insurance industry and beyond, providing insight into the challenges and opportunities that the MGA industry encounters.
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