MGAs and brokers – Thought piece synopsis

MGAs and brokers
This feature explores the impact that the ‘rise of the MGA’ is having on distribution in the UK market and specifically the role of the broker. Brokers have proved to be more resilient in protecting their market share in commercial lines than some might have expected, given that in recent surveys SMEs particularly have indicated they would be receptive to buying insurance through a ‘direct’ method. The broad theme is the degree of broker involvement depends on the complexity of business risk and insurance products. The piece covers cover how brokers can work with MGAs to maintain their market position and specifically the benefits that MGAs offer to regional brokers. It also refers to how the emerging Insurtech MGAs could work with brokers and the insights they have on customer behaviour and ‘niche specific’ risk data.