The UK MGA sector is one of the most advanced in the world, boasting over 300 businesses, which currently underwrite over 10% of the country’s £47 billion general insurance premiums. Inspired by the rapidly evolving risk landscape and the power of new technologies, new MGAs are constantly emerging to fill gaps in the market. At the same time, existing players must keep innovating and refreshing their offerings to retain and grow their market share.
This has made for an exciting mixing pot, supporting growth across the wider insurance market, while providing cutting-edge products and experiences for customers. MGAs are leading in offering highly specialised policies for emerging risks, and enhanced personalisation through telematics and data, while proactively helping companies manage risk, and streamlining the claims process for maximum convenience.
Here is our pick of the UK MGAs that are leading the market for delivering cutting-edge products and customer experience:
Altelium
The UK Government has set tough targets for electric vehicle sales, with 80% of new car sales and 70% of new van sales set to be EVs by 2030. Yet despite this massive growth, until recently, there was no way of insuring EV batteries for their performance and longevity, to support the sales process and give confidence to buyers. Altelium is addressing that gap, drawing on the expertise of electro-chemical engineers, data scientists, underwriters, and actuaries, to provide a combined battery testing service with a battery warranty product. So battery and EV manufacturers can provide full assurance when making a sale.
Flock
A trailblazer in the motor insurance market, Flock has found its niche offering tech-powered insurance to fleets of vehicles, spanning taxis, long-term rentals, and couriers. Its data-driven, real-time approach can price connected vehicles on a per-second basis, for more accurate and competitive pricing, along with the potential for premium rebates, and more personalised renewals. Through its portal, it also proactively helps fleet owners to manage risk, through digital safety insights and recommendations. Plus, its claims process is fully digitised, offering a variety of channels for making claims along with online claims tracking.
Hokodo
A Lloyds coverholder, Hokodo empowers B2B buyers and sellers, by enabling merchants to offer credit terms that were traditionally only available to larger businesses, or via third parties following lengthy application processes. With Hokodo B2B traders can bypass these roadblocks, with a Buy Now, Pay Later solution for B2B, which is integrated into their sales process in a streamlined and secure way. It’s clearly on to something, having recently secured an £85.75M debt facility to facilitate £1.28B of B2B transactions over the next 2 years.
Intangic
The global cyber insurance market has tripled in volume in the last five years yet many policies are purely responsive, paying out following a breach, rather than helping businesses to minimise and manage the risk. Intangic launched in March 2023 to change that, by combining technology and insurance cover. Its Intangic CyFi™ Dashboard provides companies with data-backed predictions on the likelihood of a breach, plus the associated productivity and financial loss. The technology has correctly predicted 80% of large cyber attacks over the past four years and, as the insurance cover guarantees to pay out within 30 days, it enables companies to stay on top of small breaches, minimising the chance of a larger, more costly incident.
Moonrock Drone Insurance
Unmanned aerial vehicles (UAVs) are increasingly being deployed for commercial reasons, from capturing aerial imagery, video, and sensor data to transporting and carrying goods. Yet, when Moonrock founder and registered UAV pilot, Simon Ritterband, tried to get drone insurance, he struggled to find what he was looking for. This led him to build a solution, and the company now offers the most comprehensive drone cover on the market, including invasion of privacy, breach of data protection, and sub-contractor use of drones. The company has also just achieved Lloyds Coverholder status.
Renovation Underwriting
Renovation Underwriting has built the most comprehensive range of insurance for high-value renovation and construction projects, filling an important gap in the market. Recently named an “All Star MGA” in the 5-Star Awards from Insurance Business magazine, the company leads the market for its marketing support, technical expertise, product knowledge, and technology/automation, as judged by brokers. As an Insly client, Renovation Underwriting’s back-end processes are also top-notch.
Superscript
Formerly known as Digital Risks, Superscript was founded with the mission of offering better insurance for digital businesses. But the MGA has come a long way since then, now offering online insurance to a whole spectrum of small businesses plus fully tailored cover for fast-growth companies with more complex risks. A tech-led business, Superscript built a proprietary platform to provide a personalised quote in just minutes. The strength of its offering is demonstrated by recent exclusive deals signed with TSB and Checkatrade.
Tapoly
Tapoly founder, Jantharna Kaenprakhamroy originally had the idea when she couldn’t get insurance for a short-term let through Airbnb. The business has since branched out to offer flexible, on-demand insurance to businesses and professionals across the ‘sharing economy’ and beyond, with a fully digital quote process. The strength of its technology has also enabled Tapoly to offer white-labelled, end-to-end SaaS solutions for wholesale and retail customers, to help them enhance their operations and distribution.
Zego
Founded in 2016, Zego was a trailblazer in offering more flexible motor insurance, and the insurtech MGA has now sold over 58 million policies, insures over 500,000 vehicles across five countries, and became the UK’s first insurtech unicorn in 2021. It has found its niche in allowing self-employed drivers, such as taxi drivers and couriers, to purchase car insurance by the hour, month, or year while offering a telematics option, Zego Sense, which rewards good driving. Like any innovator, it is also constantly updating its products and services, bringing its claims handling in-house in July 2023 and recently launching business van insurance.
Accelerate Underwriting
Specialising in bespoke commercial and personal lines, Accelerate Underwriting has moved away from the traditional MGA model, instead focusing on selling insurance exclusively via its online broker platform, the AcceleRATER™. This enables the company to write a higher volume of smaller policies profitably while spreading the risk more broadly.
Its partnership with Insly to automate its back-end systems helps boost efficiency further, enabling the company to run with a much smaller headcount than would otherwise be possible. Constant innovation is critical as an MGA but it is only possible with the right mid to back-office systems to drive operational efficiency, reduce manual administration, and provide data visibility and reporting.
Insly’s low-code software is built by insurance specialists for MGAs, and it is flexible and scalable to your business needs. With a modular approach, the Insly platform covers the entire insurance lifecycle and integrates seamlessly with existing software and systems.
We work with several UK MGAs and the benefits are clear, with clients seeing fast ROI through improved processes, reduced overheads, a shorter sales cycle, and greater profitability.
Find out more about how Insly can help your MGA on its innovation journey below:
