News &
insights.

In the second of a four-part series, David Plummer shares his thoughts on AI adoption, governance and long-term sustainability for MGAs.

In the first of a four-part series, David Plummer shares his thoughts on AI adoption, governance and long-term sustainability for MGAs.

It will not be a huge surprise to most followers of the managing general agent (MGA) and intermediary market that, with MGAs now making up 10% of the distribution chain, many sectors are either well or over-served, (see my previous article: MGA Zen – The art of building a well-run intermediary #4 – Markets).

Anyone following the managing general agent, (MGA), broker, and quote-and-bind broker, (QBB), markets in recent years will appreciate the importance of stability of their preferred insurance market(s).

In our previous article, [MGA Zen – The art of building a well-run intermediary #2 – Funding], I talked about the importance of growing value. Whilst this need not necessarily be the only goal of the stakeholders in an intermediary firm, I think it is quite important to explore, why planning for growth is a key factor in getting your big idea off the ground.

Perhaps one of the most important lessons I have learned running Bluefriars, the MGA and broker incubator, for over a dozen years is that a broker or underwriter, no matter how successful or how well-qualified, is not, or at least not yet, an entrepreneur.

Perhaps one of the most important lessons I have learned running Bluefriars, the MGA and broker incubator, for over a dozen years is that a broker or underwriter, no matter how successful or how well-qualified, is not, or at least not yet, an entrepreneur.