Does bigger equal better in the prestige HNW market? Not according to Iprism’s Aaron Woodhams and Amie Wright.
Following news that Aviva had made a bid to buy Azur Underwriting’s HNW book, Aaron and Amie were asked by Insurance Age to share their views on the place of MGAs in the market, and it was clear that for high-net-worth clients and their brokers, speed, knowledge, and service are key. This is an area where MGAs shine like the jewels they cover.
“We understand the market, the requirements of the high net worth brokers and their clients and the challenges they face. Speed is important, brokers need to know they can get a quote or MTA processed in hours, not days or weeks; we turn around all quotes within four hours.”
— Amie Wright, Private Clients Team Manager
With consolidation clearly on the cards in this complex sector, brokers are likely to find themselves faced with less choice in the market. Add to that continuing rate increases driven by a hard market and claims inflation, and it’s clear that brokers are looking to build long-term relationships with stable providers, with the expert knowledge to deliver a valuable service at the right price—something MGAs are ideally placed to provide.
“We’ve already seen an increase in the number of brokers engaging with us as the wider market consolidates and brokers are faced with less choice in where they place their business. Over the past few months, we’ve had 20% more enquiries from brokers seeking cover.”
— Aaron Woodhams, Head of Underwriting
The importance of specialist knowledge and superior service was summarised at the foot of the article, which warned that “if the product or proposition is found to be wanting, even the biggest insurer can expect short shrift from the broking community…”
Click here to read the full article in Insurance Age (subscription required).
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