Building a successful technology enabled MGA (142)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 13 June 2021

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Managing General Agent (MGA) business model, by which companies can underwrite risks without retaining capital, has proved popular among insurtechs looking to use new technology to improve underwriting. So how do you set up a successful MGA? Matthew was joined by leading figures from tech-enabled MGAs when he hosted a panel at the 2021 Virtual KBW European Financials & Insurtech Conference. The panelists were Elizabeth Jenkin (Chief Commercial Officer at Nimbla), Graham Elliott (CEO of Azur), Alastair Speare-Cole (President of Insurance at QOMPLX) and Jonathan Spry (CEO of Envelop Risk). Talking points include: Why to set up an MGA How to make better use of data Innovating vs investing in innovators Data sharing The future of MGAs If you like what you're hearing, please leave us a review on whichever platform you use, or contact Matthew Grant on LinkedIn. Sign up to the InsTech London newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. The Learning Objectives for this podcast are: Comprehend how data can be utilised by modern MGAs Realise some of the benefits of innovating for MGAs and why it is necessary for the future of the insurance industry Understand how to set up an MGA and what makes them unique To continue learning about the benefits of MGAs, read our insight MGAs: the fast track to insurance innovation? If your organisation is a member of InsTech London and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 142 page of the InsTech London website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	in 20 years time, there won't be insurance companies and insure tech companies.
0:05.9	They'll just be tech-enabled insurance companies or you won't exist.
0:09.4	So you've got to go after it.
0:20.5	Good morning, good evening, Matthew Grant here, and with a spring in my step after a week
0:25.6	off, the sun is shining and another great interview for you today. Now, combining great
0:31.2	technology with fresh sources of data to offer new insurance solutions was one of the
0:36.1	original reasons driving the interest in InsureTech.
0:38.3	For this episode, I'm bringing you four of the best examples of technology-enabled MGAs in the UK today.
0:45.3	They're all offering solutions for different marketplaces, but there are a lot of consistent themes coming through of what it takes to be successful.
0:52.3	Graham Elliott is CEO and co-founder
0:55.1	of Reserve, offering insurance to high net worth individuals. Alastair Coal is president of Complex,
1:00.8	which offers high-end analytics including cyber risk. Elizabeth Jenkins is chief commercial
1:06.5	officer of Nimble and talks about how they are helping small businesses with invoice insurance.
1:11.0	And finally, Jonathan Spry is CEO and co-founder of Invelop offering cyber reinsurance.
1:18.0	This episode draws on a lively discussion as we had at the KBW Insurance Financials InsureTech event
1:25.1	recently hosted by William Hawkins, more on that shortly.
1:28.3	Now whether you have a deep career in insurance or know nothing about it at all,
1:32.3	you are bound to find something of value in here. As usual, if we get to technical,
1:36.3	I jump in and try to explain what is going on. Now, if you're not familiar with what an MGA is,
1:41.3	that's a managing general agency, think of it
1:45.1	as a cross between an insurer and a broker.
1:48.1	An MGA has the authority to underwrite but use another insurer's capital.
	...

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