Welcome to MGAA Conversations, the latest addition to the podcast world, hosted by Mike Keating, CEO of the Managing General Agents Association. In this exciting new series, we delve into all things related to the rapidly expanding MGA (Managing General Agent) landscape. With a diverse array of guests from within the insurance industry and beyond, our aim is to explore the challenges, opportunities, and personalities shaping the MGA community. Expect engaging discussions with prominent figures in the industry, including CEOs and innovators, offering first-hand insights into the dynamics of the MGA market. From the future of distribution strategies, such as partnerships with brokers, to the impact of insurtech and AI on the industry, no topic is off-limits. Regulation is another key focus, as we navigate the evolving landscape of compliance and its implications for MGAs. Through candid conversations and expert analysis, MGAA Conversations aims to provide listeners with valuable perspectives on current issues and future trends affecting the MGA community. But it’s not all serious business – expect lively conversations, off-the-wall guests, and a touch of humour to keep things entertaining. We invite you to join us on this journey, share your feedback, and suggest topics and guests for future episodes. Don’t forget to subscribe to MGAA Conversations on your preferred platform so you never miss an episode. Thanks for listening!
Episodes
Monday Feb 19, 2024
Monday Feb 19, 2024
In this episode, we’re thrilled to be speaking with Graeme Trudgill, the newly appointed CEO of the British Insurance Brokers’ Association (BIBA) as of July 2023.
Having recently completed his ‘tour of the regions’, speaking to over 700 members all across the country, Graeme shares his reflections on the key issues facing BIBA members and how they can be better supported.
Throughout the episode, Graeme notes that regulation needs to become more proportionate and reflective of the work of brokers and insurers alike. Brokers are keen to innovate, bring new products forward and find new ways to support their clients, but current regulatory constraints are arguably overly constraining, and could be reduced without compromising on high levels of client protection.
This is particularly key with regard to product value assessments and the volume of work required when reporting to the FCA. Additionally, Graeme outlines his ‘wish list’ for 2024 to reflect the upcoming BIBA Manifesto, and explains the potential for continued and increased collaboration between brokers and MGAA members.
Quote:
“I think we want a period of stability. If you have stability, that will bring growth. We've had so much new regulation; we've got the King’s Speech of legislative changes relevant to our sector. That stability is what we are looking for at the moment. Then when you get a period of stability, then you get growth on the back of that which is always really positive. I think if I was to look within that at specific things, I would say effective implementation of these new metrics on the growth and competitiveness objective of the regulator, so that regulation going forward is balanced and proportionate. I think that's what we all want to see.”
Resources:
MGAA - https://www.mgaa.co.uk/
BIBA – https://www.biba.org.uk/
BIBA - ‘What’s next?’ announced as the theme of The BIBA Conference 2024 – https://thebibaconference.org.uk/whats-next-announced-as-the-theme-of-the-biba-conference-2024/
About the Guest:
Graeme Trudgill is the CEO of the British Insurance Brokers’ Association (BIBA), appointed in July 2023, having worked in key roles across the organisation for over 20 years.
Graeme’s LinkedIn Profile: https://www.linkedin.com/in/graeme-trudgill-fcii-cert-mgmt-69157360/
About the Host:
Mike's extensive expertise in the insurance sector has allowed him to witness and adapt to the dynamic shifts within the industry. Throughout his 40 year career, he has navigated the traditional realms of insurers, brokers, and MGAs (Managing General Agents) across both Commercial and Personal Lines markets.
He has held Executive positions at AXA, Midas, UK General and most recently Insurtech start up Qlaims before becoming Chief Executive Officer at the MGAA in September 2020.
Mike is excited about the new MGAA podcast series, which aims to showcase key figures in the UK insurance industry and beyond, providing insight into the challenges and opportunities that the MGA industry encounters.
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