In the latest episode of MGAA Conversations, we’re joined by Gary Humphreys, co-founder and Group Underwriting Director at Markerstudy Group. With Markerstudy’s recently approved merger with Atlanta and a successful year of M&A activity, Gary shares his insights into integration, innovation, and the evolving challenges facing the insurance industry.
Integration and the Path to Unity
Gary describes the ongoing process of bringing Markerstudy and Atlanta together. Integration goes beyond systems and data—it’s about creating a cohesive culture and seamless customer journey. By unifying their approach, the group aims to deliver better service and drive innovation.
Reflecting on the personal lines market, Gary highlights its stabilisation after a turbulent 2022–23. He sees a more competitive and healthy market emerging, with MGAs taking on an increasingly vital role, particularly in specialty areas where they excel in agility and precision.
Harnessing AI and Machine Learning
As the industry embraces AI and machine learning, Gary discusses their transformative potential. These technologies can revolutionise processes, offering unmatched efficiency and delivering improved customer outcomes. However, he warns of the risks:
“It could be quite scary if you end up in a black box world where AI and machine learning is effectively doing all the decision-making in the background… The right technical price isn’t always necessarily the best value or the right value for the customer.”
Gary stresses the need for human oversight in leveraging AI, ensuring that the technology complements rather than overrides the foundational principles of insurance. The industry must navigate the fine line between innovation and maintaining fair value.
Collaboration on Regulation
Regulatory pressures remain one of the insurance sector’s biggest challenges. Gary advocates for greater collaboration between industry bodies like the FCA, ABI, and BIBA to create consistent regulatory standards. A collective approach will ensure clarity and fairness in how rules are applied.
“As an industry, we need people like the ABI and BIBA and the FCA to work together to try and get as much commonality around the application of the rules as we can, so that you can have a consistent standard that people can report to.”
With regulators closely monitoring the integration of AI into insurance, this collaborative effort will become even more critical in shaping the future.
Reviving the Human Element
Another focus of the conversation is the war on talent. Gary highlights how Markerstudy is working to make insurance a more engaging and rewarding field. Their renewed focus on fostering innovation, creativity, and a sense of fun aims to attract and retain top talent in a competitive landscape.
A Thought-Provoking Discussion
From the intricacies of integration and the promise of AI to the importance of regulatory collaboration, Gary’s insights offer a compelling view of the insurance industry’s future. His balanced approach to innovation, human oversight, and market stability positions MGAs at the forefront of these changes.
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About the Guest
Gary is the co-founder and Group Underwriting Director at Markerstudy Group, the UK’s largest MGA. With 24 years of experience at Markerstudy, he has been instrumental in shaping its strategy and growth
Connect with Gary on LinkedIn.
📻 How to Listen
Catch this episode on Podbean, Apple, and Spotify Podcasts.
💻 How to Watch
Watch the full conversation on the MGAA YouTube channel.
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