Gresham Underwriting’s chief underwriting officer, Robert Munden speaks to Insurance Times about why brokers are at the centre of what the MGA does
What do you excel at in your offering to brokers?
At Gresham Underwriting, we transact all of our business via brokers right across the country. Our aim is to put those brokers at the centre of what we do by providing products that they have asked for in response to their clients’ needs, with quality wordings backed only by A-rated insurers, transacting wherever possible by our easy to use online broker quotation engine and, where we need to touch the business, by providing a fast, efficient and friendly service.
Meeting broker demands is key and is, therefore, what we strive to continuously do and improve.
What exciting new developments to you have in store for your broker community?
Products and systems – two of the key ingredients. We have new products launching or about to be launched in direct response to brokers’ requests including a standalone terrorism product just gone live, a fantastic technology offering in production and a professional indemnity policy designed for bespoke schemes and affinities.
All this is delivered via our own in-house developed underwriting platform, which not only allows for quick and easy use by our brokers but also provides us with increased levels of data. In turn,this allows us to better analyse and underwrite our portfolios which consequently allows us to provide more targeted opportunities for our customers.
Do you think Covid will have an impact on MGAs? If so, what?
Yes I think it will certainly have a lasting impact on MGAs. Firstly, carriers will become even more discerning about who they partner with. They must trust the MGA and ensure that they work in true partnership to ensure a positive result for all parties. Wordings will become tighter with more insurers insisting on utilising their own rather than subscribing to those created by the MGA.
Additionally, MGAs will have to add even more value than previously by way of specialisation, distribution or speed of service whilst at the same time promoting the insurer’s brand to an audience to whom the insurer might not otherwise have reached. There is a bright future still for MGAs – although the relationships with insurers will become more defined.