The survey polled 1,850 UK-based brokers, who scored 26 MGAs on service and different elements
Eight managing normal brokers (MGAs) have been awarded a 5 star ranking from brokers that took half in Insurance coverage Instances’ annual 5 Star Ranking Report: MGAs 2023/24 survey.
Click on right here to view the general outcomes desk
The MGA 2023 microsite might be revealed in November with the total report back to observe in December
This yr’s outcomes, which can be found now, revealed {that a} whole of 26 MGAs met the report’s threshold to be awarded a star ranking by their UK-based dealer companions.
That is the fourth yr that Insurance coverage Instances has carried out its unique MGA survey, which informs its annual 5 Star Ranking Report: MGAs 2023/24 publication – to be revealed in full later this yr.
The survey investigated brokers’ opinions, attitudes and ranges of satisfaction with the providers they obtain from their MGA companions.
This yr, 1,850 brokers participated within the MGA survey.
For the survey, Insurance coverage Instances has given MGAs a star ranking out of 5, linked to their efficiency.
Highlights
The MGA survey was open to UK brokers between June and August 2023. Brokers throughout the UK had been requested to determine and charge the MGAs they’ve commonly positioned enterprise with in the course of the previous 12 months.
The MGAs that attained the utmost 5 star accolade from brokers this yr had been EUNA, MPR Underwriting, Renovation Underwriting, Lorega, KGM Underwriting, DOA Underwriting, Nexus Underwriting and Manchester Underwriting Administration.
Out of the remaining 18 MGAs, brokers awarded 10 an total 4 star ranking, seven obtained a 3 star rating and one was awarded one star by their dealer companions.
Insurance coverage Instances’ head of analysis Savan Shah stated: ”MGAs play a pivotal half within the insurance coverage market and have been much more integral over the past 12 months of enterprise exercise.
”Their providers, merchandise and help have been so important to brokers over the past yr – perhaps extra so than ever earlier than.”
Shah added that the report would assist brokers justify their collection of MGAs to shoppers, permit MGAs to benchmark themselves on service and help MGAs to enhance their total proposition.
He stated: “An enormous thanks to all of the brokers throughout the nation that got here ahead to take part within the survey – your views and suggestions will certainly steer the MGA market by way of difficult instances over the following yr.
”The year-on-year improve of brokers collaborating within the survey is testomony to the expansion of the MGA market and reveals extra brokers every day are establishing new relationships with MGAs throughout the UK.”
The 5 Star MGAs 2023/24 microsite might be accessible to Insurance coverage Instances subscribers this November, whereas the 5 Star MGA Ranking Report 2023/24 might be accessible to subscribers in December.
The complete report will present additional insights into MGAs’ particular person efficiency ranges and supply info across the services and products the 26 MGAs supply.
For MGAs, insurers and different organisations eager to obtain superior in-depth evaluation of the MGA survey, the MGA Knowledge Perception Ebook might be acquired by emailing Aisha Roberts at Aisha.roberts@insurancetimes.co.uk.
