When the BIBA committee gets underway hereafter, the emphasis will be firmly on brokers’ needs and finding out what works best for them in an increasingly challenging market. However, in at least one sector of the UK insurance industry, it seems a host of companies are already transmitting to their broker counterparts.
Step forward to this year’s five-star MGAs, as voted on by security brokers themselves. In association with the Managing General Agents’ Association (MGAA), Insurance Business has now released its annual report on the state of the market – and the findings have been outstanding.
“There was nothing that shocked me about the survey results,” says Mike Keating, chief executive of the Managing General Agents’ Association (MGAA). Although not amazed, he was impressed with a few findings. One was that more than 75% of participants said they were unlikely to change MGAs or were neutral about changing MGAs in the next year. The other was the importance of responsiveness, the success of which Keating chalked up to networking.
To find out which MGAs are transmitting standout service to their partners, Insurance Business UK surveyed dealers, asking them to rate the performance of their MGA partners on a scale of one (poor) to five (excellent) in the following areas: overall responsiveness, technical expertise and product proficiency, pricing, ability to place niche or emerging risks, range of products, stature, marketing support, compensation (commission, bonuses, profit share, etc.), technology/automation and geographical reach.
The MGAs that earned an average score of 4 or higher in at least one classification were awarded a 5-Star designation, signifying their exceptional service. In total, 33 MGAs earned a 5-Star rating this year. Of those, four winners achieved All-Star status, having earned 5-Star ratings in all 10 categories.