Portfolio underwriting - the future of the specialist insurance industry
This was the message from Roger Bickmore, Tokio Marine Kiln (TMK), who welcomed a record number of delegates to the MGAA conference this month. He spoke of the long-term strategic value of MGAs and TMK’s commitment to strengthening the MGA channel and the trade association that represents them.
In particular, he commended MGAs on their entrepreneurial style that he views as a great source of product innovation in the industry. Roger acknowledged the significant challenges faced because of the adoption of Solvency II and Conduct Risk regulation, neither of which designed with delegated underwriting fully in mind.
He encouraged MGAs to embrace the market modernisation effort in order to eradicate clunky processes and lower transactional costs so that MGAs are better positioned to compete more effectively with direct insurers. He hoped that the MGAA might raise awareness of new technology so that its members could operate more effectively and seamlessly share data with partners.
Roger was personally involved in the formation of the MGAA, serving on the original committee. He is proud that TMK are the MGAA’s principal sponsor and recognises MGAs as an important and growing distribution channel in the UK.