MGAA edges closer to membership milestone

The figure currently stands at 196 having risen from 180 in May.

Speaking with Insurance Age at the MGAA’s Meet the MGA Market event in Manchester on 1 March, Keating, pictured, stated that the association was also going to continue to push for insurer membership growth.

He noted that the MGAA has recently added more insurer members, with that figure now totalling 55.

“This is fantastic for the community as MGAs will operate through the use of capital from insurers. It is important we build and spread insurers with complimentary risk appetites to our MGAs,” Keating added.

He also listed that the trade body now has over 100 suppliers who “continue to provide great products and services” to the MGA community.

Pushing for more

Focusing on the year ahead, Keating stressed he would like to see more MGAs in the industry.

He said: “This year I think MGAs will continue to increase their influence on the market because of their ability to bring new products to the market quickly with a laser focus of want the client needs..

Keating argued MGAs have a competitive advantage compared to insurers and that is why providers partner with them.

Continuing: “I would also like to see a greater use of technology. I expect there to be new products wrapped around customers needs and I would like to see proportionate regulation which I have spoken about in the past.”

Regulation

In October last year, Keating stressed that the Financial Conduct Authority’s fair value assessments are enormously time consuming and ‘crippling’ for some smaller distributors.

He added yesterday that regulation still poses an issue for smaller businesses and the FCA needed to be more proportionate with its demands.

Keating warned: “If you look at the FCA’s fair value and Consumer Duty, that was and is a challenge for the MGA industry. The requirements from the authority need to be more proportionate and I worry that it is causing businesses to focus more on regulation than the actual ability to have the time to deliver excellent products and great outcomes for customers.

“We have talked alongside Steve White [CEO of the British Insurance Brokers’ Association] about how that can be improved this year and next .

“I would give credit to the FCA’s Matt Brewis as he has engaged on how the watchdog can make this better, he wants to get it right and he has got a job to do. We will constantly have that dialogue about where the right dial sits.”

Talent recruitment

Another issue raised by Keating was the challenge of recruiting talent into the industry.

The MGAA leader stressed that the everyone has an obligation to try and promote what a great profession insurance is.

The market has a task to advocate the importance of the industry, the variety of job roles and how great the community is. You look at the atmosphere here today and realise everyone is passionate about what they do. We need to sell ourselves more.

Mike Keating

He urged: “This is something the MGAA is particularly focused on. The market has a task to advocate the importance of the industry, the variety of job roles and how great the community is. You look at the atmosphere here today and realise everyone is passionate about what they do. We need to sell ourselves more.”

Keating detailed the MGAA has a Next Gen group which he described as a “bright and very intelligent team of young professionals who are putting together a real agenda”.

It is sponsored by Axa XL which has helped organise the campaign and pushed the team to interact with other similar groups.

He concluded: “I am really pleased with insurers and MGAs over the last six weeks as there are lots of apprenticeship schemes and we all just need to get behind it and hopefully see this challenge for recruitment dilute.”

For all the latest industry news direct to your inbox, sign up for our daily newsletter.