A Managing General Agent (MGA) is a specialist insurance agent which has been given underwriting authority by an insurer and can negotiate contracts and administer programs for an
insurer. Working with an MGA can be beneficial to insurers for a number of reasons, including adding value and innovation to insurance practices, policies and contracts.
MGAs can be active in any line of insurance and work with all kinds of insurance companies. Often MGAs’ specialist knowledge is required to underwrite policies and deal in lines of coverage that insurers lack technical specialty. With specialist expertise, knowledge, and experience, collaborating with an MGA means that insurers have access to the expertise their team might not necessarily possess.
MGAs can also be extremely effective in writing business in remote geographical regions where insurers are unwilling to open an office, as, due to its relative isolation, would not warrant the
investment of opening an office. By working alongside an MGA which has strategic distribution in place, an insurer would have access to new customers and the ability to write business without the expenditure of opening a new regional office or underwriting expenses.
The modern MGA is are associated with driving innovation in the insurance industry. By spotting gaps in policies and striving to become market leading in coverage, MGAs provide insurers with the ability to develop responsive, flexible, streamlined and cost-effective solutions a specific market requires.
Instant Underwriting is an MGA and Lloyd’s of London Coverholder, well-rehearsed in providing insurance markets with tech innovative solutions to reach new audiences.