It uses broker feedback to improve its governanace of its wider products
MGA Aqueous Underwriting has revealed its plans following its announcement of a £60m long-term capacity deal with QIC Europe Limited (QEL) earlier this month.
The firm will be building on its previous successes in portfolio analytics, increased use of technology, data in risk selection and distribution processes.
The MGA which specialises in SME hospitality and leisure as well as professional indemnity, is rebranding today, and although it is keeping its business name, a new website and logo are planned.
Speaking to Insurance Times, Daniel Dorrell, development underwriter at Aqueous Underwriting said that this is so the firm can offer brokers “the most efficient platform” to place their business on while aiming to deliver a superior underwriting profit for QEL.
It also has lots of partnerships in its pipeline, most of these are focussed on technology and data in a bid to optimise its rapid quotation process and tailored coverage.
It will also target new products in a bid to meet the under-served needs of SME businesses.
It follows a tough time for MGAs as they face hardening markets, causing capacity to be compromised.
Pain points
Dorrell said: “We know that many brokers have been let down in the past by composite insurers and MGAs who have failed to deliver adequate service, routine engagement or a consistent underwriting appetite.
“We won’t be following in these footsteps and an important step in that process is securing long-term and collaborative capacity partnerships.”
Aqueous Underwriting is focussed on solving customers’ pain points with responsive and sustainably priced policies.
It tests these rigorously by analysing its claims data and feedback from its brokers, this forms part of its wider product governance process.
Aiming high
“We aim to be the most effective trading platform for our brokers by providing instant quotations and customisable covers, all supported by direct access to experienced underwriters.
“We frequently measure our quotations and referrals turnaround speeds to ensure we’re offering a best-in-class service,” Dorrell added.
The MGA’s relationship with QEL dates back to 2016, when the pair were originally in talks about the deal but at the time the conditions were not right for Aqueous Underwriting to start trading.
After its lead market – Ironshore made their casualty team redundant at the end of last year, Dorrell said that it made sense for the MGA to explore options with QEL again.
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