MGA Industry Trends 2024: Insly Market Outlook
MGAs are known for their resilience and agility, in a world where staying competitive means moving quickly and keeping up with the latest trends. Despite economic headwinds, there are still plenty of opportunities for MGAs to innovate and grow, through developing new products, reaching new customers, and digitising insurance systems and processes.
Want to know more about the changing tides that will shape the MGA landscape in 2024 and beyond? Then check out our latest guide. We’ve interviewed three of our Insly MGA experts: Risto Rossar, CEO; Martin Kosk, Head of Sales; and Chief Sales Officer, Andrea Boetti, to gather their views on the key MGA trends that will dominate and emerge in 2024.
Key insights include:
- Consolidation drives innovation: It’s testament to the strength of the sector that investors are increasingly looking to MGAs for M&A opportunities. The resulting consolidation will help businesses to scale, reach new markets, and maximise operational efficiency through digital tools.
- Tentative steps into artificial intelligence (AI): Generative AI was THE buzzword of 2023 but finding viable use cases is harder than it may seem. This could change in 2024 as pressure mounts on MGAs to prove their innovative credentials and get ahead of the competition.
- Cryptocurrency insurance: The SEC’s approval of bitcoin ETFs in January 2024 not only paves the way for a bitcoin bull run, but also crypto-related insurance products, covering a range of risks, including theft, hacking, and market volatility. As usual, MGAs will be leading the market for innovation.
- Risk mitigation for financial Black Swan event, plus inflation: Alongside the opportunities, MGAs must also be aware of the risks that could lie ahead, with the potential for a ‘perfect storm’ of economic events on the horizon. Time to get prepared for all eventualities.
- Digitisation will mark out sector leaders: And as uncertainty reigns, maximising the potential of technology and digitisation is more important than ever, to differentiate MGAs for customer experience, while streamlining operations, maximising talent, and strengthening carrier relationships. Those who invest in new tools will be at an advantage.
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