Insightful article by Patrick Vice on InsBlog titled; “MGAs: on the Edge of Digital?” Our favourite quote “it’s the attitude not the tech, stupid.” We couldn’t agree more. When it comes to innovation one of the hardest parts is having the desire and will to change, to enter the unknown and to create the future. MGAs and speciality insurers are very interested in new and innovative ways to increase distribution, increase efficiency for themselves and their broker partners and seem to be less inhibited by how things have been done in the past.
Our conversations with MGAs and smaller insurers seem to start around digitizing existing product but then quickly move to “what if” scenarios. Innovation in distribution makes innovation in product much easier. When Brokers and their Insurance partners, specialty or not, start thinking about how to meet a customer’s risk management needs, regardless of premium, some really interesting stuff can happen. Technology is an important tool, but remaining and becoming more relevant to more markets will always drive the best business performance.
This seems to go around LinkedIn every few months, “The 7 most expensive words in business today are: ‘We have always done it that way.’” Likely because there’s some truth to it.