Mike Keating takes ‘relentless engagement’ approach to new MGAA role

In September, industry veteran and former Qlaims chief development officer Mike Keating took the helm at the Managing General Agents’ Association (MGAA), replacing outgoing managing director Peter Staddon.

Speaking exclusively to Insurance Times two weeks after starting his new post, Keating explained that he planned to kick off his tenure with a “relentless engagement” strategy in order to better understand the relationship between the association and its three tiers of membership, which includes insurers, suppliers and – of course – MGAs.

Keating’s focus on engagement will also be used to gather member feedback, to “ensure the membership benefits that you are providing are fit for purpose” and “are the best that they can possibly be”.

To achieve this high level of engagement, Keating plans to send a question set out to members in October, as well as arrange virtual Q&A sessions where he can outline his leadership plans and members can issue direct feedback.

“You look at areas which you’re not providing, you listen, and you look to find ways to fill those gaps. The only way you can do that is relentless engagement,” Keating says.

This work will also help to inform Keating’s second priority at the MGAA – ensuring that the association’s MGA membership is truly UK wide.

He says: “We are a UK association and I want to ensure that the membership has got representation across the UK, not necessarily just in London and the surrounding counties.”

Sector challenges

For Keating, today’s MGAs have three key challenges: capacity, Brexit and the ongoing requirement for more forensic level data.

In terms of Brexit, Keating feels this discussion has been “under the radar because of Covid”. He continues: “We’ve got a Brexit Forum Panel in the MGAA, but I would suggest there’s some concern in terms of the fact that what does it look like post 01/01 if there’s not an extension on the agreement between the government and Brussels? That seems to have been lost a little bit within the Covid cloud.”

Although Keating describes capacity as a continuing challenge that “we cannot step away from”, he adds that “for MGAs it brings fantastic opportunities, not least the fact that they’re able to adapt very quickly”.

He says: “The Covid era has brought opportunities around product design – MGAs are very quick to deliver that product design to their customers. Tough market conditions, but opportunities exist within those market conditions, especially for MGAs.”

Keating also believes that “insurers will continue to push for more forensic data and I think MGAs will meet that challenge. That challenge will continue in terms of the level of data which informs their risk appetite and pricing to satisfy their capacity partners.”

Furthermore, detailed forensic data may have a greater role to play following the FCA’s General Insurance pricing practices market study, published on 22 September. Keating says the report leaves him with “unanswered questions” and that he will need to discuss the potential implications with the MGAA membership.

“The observations I would have is that are there any exemptions, not in terms of unfair pricing, but a lot of MGAs are very successful in terms of non-standard home and non-standard motor, so things like thatched properties, properties in flood areas,” he explains.

“A lot of underwriting earnings and profit is generated from renewal portfolios and not from new business. If you’re equalling those two up in terms of delivering underwriting profit, then decisions are going to have to be made.

“It’s going to have a significant impact, but it’s too early to say in terms of what direction that’s going to go in.”