Plus of the Week: MGAs - all the makings of a compelling story
This year's Managing General Agents' Association (MGAA) conference on the 4th July demonstrated just how far the sector has come in terms of growth, focus and opportunity. If one thing stood out from our conversations with the managing general agents who attended the event, it was that they certainly have a good story to tell. In actual fact, they are in a great position to make the story.
Against the backdrop of a sustained soft market - and with the number of managing general agents continuing to grow - having differentiating offerings and expertise to offer new and existing distribution partners is going to mean creating some compelling business stories.
MGAs are, perhaps, more uniquely positioned than other organisations in the insurance industry to take advantage of their underlying business model, and specialty focus, to make their stories and communication engaging and impactful.
The MGA model is predominantly built around an in-depth understanding and focus on niche specialisms; it is part of what makes them so attractive to insurers.
In the last MGAA Matters survey - a research project between the Association and Castel Underwriting Agencies - MGAs placed business development and marketing to develop new distribution partnerships as their key strategic priority over the next three years.
Their approach, using specialist knowledge and expertise, supported by nimble structures, means profitable growth opportunities for capacity provider and the MGA.
This is an important driver for the creation of a targeted and responsive - and increasingly important - connected communication approach.
Here's just a couple of reasons why MGAs are in a great position to build a connected communication strategy:
- Thinking like the customer - MGAs understand the needs of their customers. The niche focus of these businesses drives a customer-centric approach, purely by their design.
- Getting to the heart of the story -MGAs are specialists at getting to the heart of the story; knowing what it is important to their capacity and distribution partners comes naturally to them. When it comes to engaging content, understanding what is important to your audience makes all the difference.