The MGA has set itself a high bar ’to continue to find new ways to meet and exceed the standard of service that brokers have come to expect’
MGA Iprism Underwriting gained five stars in Insurance Times’ MGA Survey this year, up from three stars last year.
Speaking exclusively to Insurance Times, Iprism’s managing director Ian Lloyd shares his delight to see such a “strong improvement” in the MGA’s result over the course of what has been a challenging year for the industry.
He says: “Achieving a five star ranking is a true reflection of the commitment Iprism has to providing great service to our broker partners and our continued efforts to build on that level of expert support.”
For Lloyd, Iprism’s biggest challenge is one the MGA has set itself - “to continue to find new ways to meet and exceed the standard of service that brokers have come to expect from Iprism”.
He continues: “We have set a high bar - now we must ensure we continue to work with our brokers to maintain and build on the progress we’ve made over the last year and, of course, score another five star ranking in 2022.”
Disciplined underwriting
Following feedback from almost 1,000 brokers, Insurance Times’ MGA Survey found that 7% of respondents were extremely concerned about the prospect of capacity being removed from an MGA, while 69% were moderately or very concerned about this possibility.
Lloyd acknowledged that these concerns are “well founded” as the market has experienced some significant movements in capacity over the past year.
“By taking steps to find out where the capacity is coming from, brokers can offer greater security to their clients that the risk is securely backed,” he says.
“Iprism brokers can - and do - take a great deal of comfort in the fact that we take a disciplined approach to underwriting, grounded in data driven insights and expert knowledge of our market.
”We are selective of the risks we take on and aren’t afraid to say no if we know a risk doesn’t fit our portfolio.
“It would be easy to accept any and all risks, but in the long term, this approach simply isn’t profitable for our capacity providers.
”We make our decisions based on a wealth of historic data and specialist knowledge, which in turn actively protects our capacity providers.”
Delivering for brokers
In terms of future innovation and areas of investment, Iprism’s focus has always been on providing a great service to brokers, according to Lloyd.
“We’ve already invested in developing multiple channels to allow them to contact our expert teams in a way that suits them best - from email to online submission,” Lloyd continues.
He adds that it was “really encouraging” to see the positive comments on Iprism’s service levels, speed and knowledge reflected in brokers’ comments from the MGA Survey.
“In the year ahead, we will continue to listen to our brokers when they talk to us, making sure that we continually adapt our offering to meet the changing needs of them and their customers,” Lloyd says.
The MGA currently offers a wide selection of products to meet the needs of the majority of SMEs, commercial businesses and high value homeowners.
“We know these products provide good levels of cover at competitive rates and brokers like them, so our focus is on strengthening our distribution strategy to make it easier for more brokers to access them,” Lloyd explains.
“As we go forward, we will continue to have open conversations with our brokers, keep pace with the market and customer needs and continue to adapt our offering.”
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