The survey polled 1,850 UK-based brokers, who scored 26 MGAs on service and other factors
Eight managing general agents (MGAs) have been awarded a five star rating from brokers that took part in Insurance Times’ annual Five Star Rating Report: MGAs 2023/24 survey.
Click here to view the overall results table
The MGA 2023 microsite will be published in November with the full report to follow in December
This year’s results, which are available now, revealed that a total of 26 MGAs met the report’s threshold to be awarded a star rating by their UK-based broker partners.
This is the fourth year that Insurance Times has conducted its exclusive MGA survey, which informs its annual Five Star Rating Report: MGAs 2023/24 publication – to be published in full later this year.
The survey investigated brokers’ opinions, attitudes and levels of satisfaction with the services they receive from their MGA partners.
This year, 1,850 brokers participated in the MGA survey.
For the survey, Insurance Times has given MGAs a star rating out of five, linked to their performance.
Highlights
The MGA survey was open to UK brokers between June and August 2023. Brokers across the UK were asked to identify and rate the MGAs they have regularly placed business with during the past 12 months.
Read: Steve Cowman Q&A – ‘Market competition a significant challenge’
Read: Jaime Swindle Q&A – ‘Service has become an industry wide challenge’
Click here to view the overall 2023/24 star ratings from Insurance Times’ MGA survey
The MGAs that attained the maximum five star accolade from brokers this year were EUNA, MPR Underwriting, Renovation Underwriting, Lorega, KGM Underwriting, DOA Underwriting, Nexus Underwriting and Manchester Underwriting Management.
Out of the remaining 18 MGAs, brokers awarded 10 an overall four star rating, seven received a three star score and one was awarded one star by their broker partners.
Insurance Times’ head of research Savan Shah said: ”MGAs play a pivotal part in the insurance market and have been even more integral over the last 12 months of business activity.
”Their services, products and support have been so essential to brokers over the last year – maybe more so than ever before.”
Shah added that the report would help brokers justify their selection of MGAs to clients, allow MGAs to benchmark themselves on service and support MGAs to improve their overall proposition.
He said: “A big thank you to all the brokers across the nation that came forward to participate in the survey – your views and feedback will surely steer the MGA market through challenging times over the next year.
”The year-on-year increase of brokers taking part in the survey is testament to the growth of the MGA market and shows more brokers each day are establishing new relationships with MGAs across the UK.”
The Five Star MGAs 2023/24 microsite will be available to Insurance Times subscribers this November, while the Five Star MGA Rating Report 2023/24 will be available to subscribers in December.
The full report will provide further insights into MGAs’ individual performance levels and provide information around the products and services the 26 MGAs offer.
For MGAs, insurers and other organisations wanting to receive advanced in-depth analysis of the MGA survey, the MGA Data Insight Book can be acquired by emailing Aisha Roberts at Aisha.roberts@insurancetimes.co.uk.
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