Prestige Underwriting’s latest broker survey reveals the critical role MGAs play in navigating non-standard insurance, while highlighting opportunities to enhance service delivery. Here are the details FYI;
According to the survey, an overwhelming 90% of respondents rated MGAs as either “very valuable” (54%) or “somewhat valuable” (36%) in helping brokers navigate the complexities of non-standard risk placements. Consequently, 42% of brokers now approach MGAs over traditional insurers as their primary option for placing non-standard risks, reflecting a significant shift towards specialist intermediaries.
The survey also indicates a positive trend in broker satisfaction with MGAs. While only 13% of brokers reported being “very satisfied” with industry-wide response times for non-standard placements, the majority (69%) said they were “satisfied”, marking an improvement from mid-2024 figures.
In Prestige Underwriting’s previous, mid-2024 survey, 48% of brokers had described response times for new business queries as “too slow,” and 57% felt inadequately supported by insurers in serving customers with non-standard insurance needs. This latest data suggests MGAs are filling critical gaps left by traditional insurers, evidenced by the significant majority of brokers now turning to MGAs for their non-standard business.
Tim Baxter, Business Development and Relationship Director, commented:
“The feedback from brokers underscores the crucial role MGAs play in the non-standard insurance sector. While we are encouraged by the confidence brokers place in us and other MGAs, for our part we wish to further improve results to achieve excellence throughout. At Prestige Underwriting, we are committed to refining our processes and deepening our partnerships with brokers to deliver exceptional support in this evolving market.
“As broker preferences shift decisively towards MGAs, our emphasis will continue to be on fostering trust, improving responsiveness, and driving innovation to meet complex client demands.”
Prestige Underwriting remains committed to strengthening partnerships with brokers by delivering tailored solutions and adapting to market needs. The company continues to focus on empowering brokers to capitalise on opportunities within the evolving non-standard insurance sector.
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