In the sixth episode of MGAA Conversations, Mike Keating sat down with the fantastic Michelle Taylor, Director of Strategic Accounts at Aviva, to discuss the ever-evolving MGA landscape, the growing importance of the sector, and why collaboration is needed across the market to enhance service delivery.
Giving a brief summary of her view of today’s MGA sector, Michelle pointed out that sentiment towards MGAs has changed dramatically in recent years. Rather than being seen as niche industry outsiders, many insurers now recognize that partnering with MGAs allows them to accomplish tasks much quicker than previously possible, such as bringing new products to market.
Michelle also surmised that this, coupled with the specialist expertise they possess, makes working with MGAs a very attractive proposition for those looking to expand into more niche markets.
She then explained that Aviva is keen to grow its MGA partnerships and explore key specialist markets in a “controlled way,” focusing on MGAs that are effectively using the latest technology and possess market-specific knowledge that Aviva may not already have within the business.
Speaking more generally about the rise of the MGA space, Michelle added that the sector “really is in a great place, born out of entrepreneurialism and people who have expertise but have been frustrated because they know they can do it better—and I think they can.”
Aviva’s Broker Service Strategy
When asked about the issues still facing large insurers regarding their broker service levels, Michelle suggested that many still have a way to go to ensure they are not just talking about improvements but are actually taking action.
She explained that Aviva has a comprehensive strategy in place to continuously provide the level of service their broker partners need, informed by extensive broker research and barometer surveys.
“Our strategy is that we need to be visible, we need to be responsive, and we need to execute. It’s really simple. But what we’ve done is, we’re not just saying that — we’ve got actions behind each of those headings.”
Michelle added that while having a strategy in place is great, insurers must be able to draw tangible actions and insights from it that will ultimately help them maintain and grow their relationships with brokers in the future.
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