06
LONDON MARINE | The MGA model In association with Falvey Insurance Group
The rise and rise of the MGA
Megan Bell, Director of Marketing, London MGA Falvey Insurance Company describes how the company’s growth and success has shown that the MGA model works and has a bright future in the marine insurance market From the humble beginnings of Falvey Cargo Underwriting as a managing general agent (MGA) 25 plus years ago, to its evolution into Falvey Insurance Group as it stands today, we have witnessed the transformation in attitudes and perception of the MGA.
THEN…
In the early days, there were far less insurance binders in the marine insurance market. The opportunity was more common for general, property & casualty property risks. The way of conducting business was also much different. Business came to the Box, no one was marketing themselves – this was a new concept. The Marine Insurer | March 2022
There was nearly no mention of positioning oneself for growth and winning business. A Lloyd’s underwriter once told someone at Falvey, “You mean you actually go out and sell!?” MGAs were merely seen as an alternative distribution channel.
NOW…
The perception of MGAs has improved in time as a result of their ability to adapt to the ever-changing needs of customers and more importantly perform, for the betterment of capital providers. While insurance companies change their interest and strategies, MGAs offer stability to the market by their ability to interchange the insurance companies that back them. This allows the MGA to survive through various cycles of the insurance market. Additionally, MGAs are a great platform for developing digital processes and new technologies. These are particularly well received in today’s market of providing a winning customer experience. MGAs that invest in technology offer a solutions-focused advantage to some of the common challenges they face in cost, administration, and resources. Today, MGAs are developing, or are partnering with third parties, to offer solutions for claims management, self-service payment, customer service, and more.
