MGAs need to communicate better to ensure the growth of their sector, Managing General Agents’ Association (MGAA) chair James Gerry has said.
At a conference earlier this week Gerry also urged for greater transparency.
He added: “With it comes greater trust, confidence and security. It is no surprise that these are also the elements that underpin the whole basis of insurance and form the essential ingredients of any successful insurance transaction.
“As the MGA space grows and evolves this will include a wider and more diverse group of stakeholders. The Association has a responsibility to actively engage with this widening group.”
“We may not always agree with our regulator as to the best and most effective means to bring about greater transparency, but let’s not confuse that with the opportunities a collective commitment to openness and accountability can afford the MGA community.”
Gerry also said MGA market needed to adapt to the changes that Brexit would bring.
“We operate in the most dynamic, most innovative, and most rapidly growing segment of the insurance market so we cannot stand still,” he added.
“The Association will lead the way on conduct and professionalism but we recognise the need to adapt and evolve as the MGA landscape changes.”