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 Oct 21, 2024
Monday Oct 21, 2024
Welcome to the latest episode of MGAA Conversations, in which we are delighted to be speaking with Rob Gibbs, President and CEO of SiriusPoint International.
Rob offers a glowing overview of the current state of the MGA market. He is highly confident that its current vibrancy and buoyancy will continue, as firms invest in new technologies and reap the benefits of new talent and expertise entering the market.
At SiriusPoint, Rob is keen to ‘redefine the rules of partnership’ with MGAs, asserting that a deep and broad partnership beyond pure underwriting, which provides individualised support and control to firms, will soon become the model that all successful carriers will move towards. To this end, he has created ‘centres of excellence’ in both the UK and Stockholm to serve the international MGA space. He notes that, due to value proposition coming to the forefront of MGA activities, and new talent joining the market, the general professionalism of the sector has never been higher. While some raise concerns regarding the (dis)proportionate nature of regulatory pressures, Rob suggests that the FCA’s standards are unlikely to continue rising at the rate of the past decade. Furthermore, he argues that if MGAs continue to invest in new technology and data analysis, they will more comfortably be able to satisfy customer needs in accordance with the FCA’s demands, which, too, are transitioning to a data-led approach.
Quote:
“I think [MGAs now are] less about volume and more about value. A lot of the research that I've done says that customers in the international space are less focused on brand. They're more focused on proposition and value of that proposition.”
“I think we've got this unique mix of value proposition coming to the fore, talent joining the MGA market and [new] trends around investment, which means that I think the sector will continue to grow and continue to deliver.”
Resources:
Clyde & Co MGA Opinion Report 2023 – https://www.clydeco.com/en/reports/2023/07/mga-opinion-report-2023
SiriusPoint International – https://www.siriuspt.com/
About the Guest:
Rob Gibbs is the President and CEO of SiriusPoint International, having joined the company in December 2022. He previously worked in various underwriting and management positions with RSA.
Rob’s LinkedIn Profile: https://www.linkedin.com/in/rob-gibbs-2658a92a/
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.
Mike's LinkedIn Profile: https://www.linkedin.com/in/michael-keating-230b8424/
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