We interviewed Matthew Dover, Head of Underwriting and Compliance at Renovation Underwriting.
Matthew describes that the main value MGAs bring to the market is offering capacity providers expertise they may not possess in-house. This way, capacity providers are able to participate in profitable business lines without having to buy in the expertise. Technology definitely helps MGAs to stay on top of their business. For example, benefits for Renovation Underwriting have been automation, efficiency, and relationship building.
Have a read and find out Matthew’s point of view on our questions.
Is every MGA’s dream to become an Insurer themself?
It’s hard to speak for other MGAs, but that is not a specific goal of ours. The dream is to grow to the point where you dominate the market. The business model may need to adapt to meet that challenge, which might include becoming an Insurer.
What is the biggest challenge of running an MGA?
The biggest challenge is servicing growth. It requires huge amounts of commitment, innovation, money, and a strong team to sustain growth.
What is your view on why an MGA is a value-adding player in the insurance value chain, not just an unnecessary intermediary that adds to the final cost of insurance?
MGAs offer capacity providers expertise they may not possess in-house. This way, capacity providers are able to participate in profitable business lines without having to buy in underwriting teams and expertise.
What is the greatest benefit that embracing technology has provided for your MGA?
Renovation Underwriting has benefitted from technology the most in automation, efficiency, management information, integration, and relationship building.
Where would you suggest a person who wants to establish an MGA to start finding a capacity provider? What other challenges lie ahead on that journey?
They could have a look at Capacity Place, which is an online meeting place for seekers and providers of capacity. Beyond that, they might establish a relationship with the MGAA and start networking.
About
Matthew Dover is Head of Underwriting and Compliance at Renovation Underwriting, an MGA specialised in the provision of all risks contract works solutions to the high net worth, ultra high net worth, and commercial sectors. He is very involved in the development of bespoke software packages, which meet both underwriting and finance needs.
Stay tuned for more insurance influencer stories! Don’t forget to check out interviews with Richard Finan, Scott Brown, Hugo Barker, Andreas Nemeth, Marco Del Carlo, and Hedi Mardisoo.
