The MGA Executive Role: Strategy
This is the fourth in a series of blogs containing excerpts from my forthcoming publication, 'The MGA Book'.
The Executive Role: Strategy
Setting a strategy sounds complex. But keep it simple!
If you haven’t set one, don’t worry, you're not on your own. Why not use our MGA lifecycle model?
Identify where you are, and how you get to the point that borders the next stage.
Your strategy needs to be underpinned by a value proposition. And stay focused!
The Levers to a Successful MGA
To be a successful MGA you have one purpose. To add value.
Value can be created in many ways, but I've broken this down into five simple levers.
Generate a brand that is more trusted than existing insurers'.
Identify a customer segment that is either not serviced or under-serviced by existing insurers'.
Underwrite a segment more profitably than existing insurers'.
Overcome technology barriers that existing insurers struggle to conquer.
Create a product that is more trusted than existing insurers'.
The Five MGA Value Levers
Make sure you have at least one of the five MGA value levers in your MGA proposition.
The author, David Hughes, is founder and CEO of the Insurance Data & Analytics consulting business mulberryrisk.com