Richard Coyle, head of major accounts and capacity management at FloodFlash, tells Insurance Times why his MGA should win the MGA Initiative of the Year prize at the 2022 Insurance Times Awards
Explain your entry in the MGA Initiative of the Year category.
Our entry was focused on how FloodFlash provides great value at every step of the value chain.
On one hand, we’ve produced insurance that helps customers cover their exposures and gives brokers greater flexibility when supporting their clients. On the other, we’ve created cover that reduces insurer costs and underwriting uncertainty.
Creating a flood insurance product focused on higher risk clients must maintain a careful balance. Where others have struggled, FloodFlash has maintained that balance and protected businesses across the UK as a result.
What do you think makes your entry stand out or different from your competition?
For me, it has to be our new Smart Quote service launched in June 2022 that helps FloodFlash stand out. It’s a new feature on our underwriting platform that helps customers select their parametric triggers.
An invaluable asset for our customers, Smart Quote is clear evidence of our growth since launching in 2019.
What would winning this award mean to you and your firm?
In my eyes, winning this award would represent the end of our transition from insurance technology startup to industry-leading parametric MGA.
We’ll still keep our agility and willingness to innovate – but with a maturity and respect from the industry that will help fuel our long-term ambitions.
Read: Insurance Times Awards 2022 - MGA Initiative of the Year finalists announced
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