I was fortunate enough to be asked to participate in this episode of The Insurance Broker Podcast. I've had a lot of learning since embarking upon my Mulberry Risk adventure and in this podcast I talk frankly about expertise within actuarial modelling, pricing and reserving for commercial and niche markets. You can find the podcast player below and you might need to scroll down a little to find my episode!
KEY TAKE AWAYS:
Understanding and having the ability to support client challenges is a fundamental part of your business.
Securing capacity is a top challenge in the MGA market and we need to recognise this as an active market.
The MGA market has been a hard market. Now is the time to create and clearly communicate a corrective strategy.
Having constructive feedback from your employees helps your business to grow, your employees to flourish and your clients to remain your clients!
Your marketing strategy is what gets your brand out there. It’s about experimenting but also looking for concise results and using that to its advantage.
‘’It's very easy to sit there and think ‘what value does the broker bring?’ but a broker’s job is incredibly difficult. They've got to satisfy their clients - and that's quite a vicious world.’’
‘’… So as an MGA, don't hide your results. You've grown your business and if your results aren't quite where they should be, then own those numbers.’’
‘’We constantly try to put ourselves in our client’s shoes… what are their challenges? What keeps them awake at night? How can we help support them around that? And I think, from both a broker and MGA perspective it is to really put yourself in your client’s mind and say, what is it that they're challenged with and how are the services I'm offering helping? How can my services help them? And I think when you do that, it all of a sudden starts to change the relationship.’’
‘’But actually, when you understand that underwriting philosophy, that broker's strategy, it all fits. It all fits basically, that specificity that idea of really being focused, and they're not trying to be the biggest MGA… they’re trying to be the best…’’
The author, David Hughes, is the founder and CEO of the Insurance Data & Analytics consulting business www.mulberryrisk.com