077: Capacity is Key with Michael Keating - MGAA

Changing the Conversation: The People in Insurance

Are you concerned about the hardening of capacity? Would you like to develop current or new relationships with MGAs or insurers?

In this episode, we’re thrilled to be speaking with Michael Keating, CEO of the Managing General Agents’ Association, about the upcoming MGAA Capacity Exchange. The event is being held at the Hilton DoubleTree in London, on September 14th. As one of the MGAA’s flagship annual events, it offers a fantastic opportunity for MGAs and insurers alike to meet, and extend pre-existing relationships or enable new ones to flourish.

Quote of the Episode

“Any MGA will always tell you that capacity is the number one key pillar that their business is centred round. Frankly, if you haven't got capacity as an MGA, you have no business. So, it cannot be any more important than that.”

Capacity, for Michael Keating, is the most fundamental element of any MGA. As such, the importance of forming partnerships around capacity cannot be understated, and thus the opportunity afforded by the MGAA Capacity Exchange should not be turned down. In a period where capacity is hardening exponentially, such relationships can be extremely productive for both insurers and MGAs.

Key Takeaways

The MGAA Capacity Exchange invites insurers to exhibit and MGAs to attend, in a speed-dating-style environment. MGAs are enabled to speak to different insurers, and engage in productive conversations about their risk appetites, current market trends, and opportunities to partner up going forward. As such, it gives a great opportunity for MGAs to re-engage with insurers they already know and to discuss ideas and potential partnerships with insurers they aren’t yet familiar with.

Similarly, insurers are enabled to converse with MGAs they may not have had contact with previously, to better understand their product lines, business model and strategy, thereby enhancing networking in the MGA community as a whole.

Face-to-face contact is utterly essential in the insurance industry. For mike, it cannot be beaten or exchanged for virtual conferencing and networking. Communication is key in insurance, and the opportunity to meet and network on the basis of such a crucial element of business for insurers and MGAs alike should not be missed, particularly following a lengthy period in which such vital conversations were impossible. You can register to attend the event by clicking the link in the Resources section below.

Best Moments/Key Quotes

“What we want to be able to do is for our MGAs and our insurers to meet and greet as many people as they possibly can. So, as a capacity exchange event, it is not for someone, effectively, to sit down with an insurer and say, ‘Right, let’s talk for the next thirty minutes, here’s our business presentation, etc. It really is a case of… ‘this is our business, this is our product line, this is what we currently do, is that within your risk appetite? Is that something you’re particularly interested in?’”

“You cannot beat face-to-face contact and networking, seeing the whites of people’s eyes, and building a strong relationship on that basis. Face-to-face is, and will always be for me, the right way to take the Capacity Exchange.”

“Fundamentally, what this capacity event provides both for insurers and MGAs is a real opportunity to have a rich conversation, albeit in a limited time span, and to identify whether you could be partners in the future.”

Resources

MGAA – https://www.mgaa.co.uk/

The MGAA Capacity Exchange Registration – https://www.mgaa.co.uk/events/capacity-exchange/

About the Guest

Michael Keating is the CEO of the Managing General Agents’ Association (MGAA), having previously held executive positions at AXA, UK General and Qlaims. Throughout his 35 years’ experience in the industry, he has worked for insurers, brokers and MGAs in both commercial and personal lines markets.

Michael's LinkedIn Profile: https://www.linkedin.com/in/michael-keating-230b8424/

About the Host

Sarah Myerscough is the Sales and Marketing Director of Boston Tullis Group. The founder of The Insurance Brokers Podcast, she brings a wealth of marketing experience and a fresh perspective on marketing in the insurance sector.

Website: https://bostontullis.co.uk/

Evaluation Link: https://s.bostontullis.co.uk/s/podcastevaluation