DOA Underwriting Ltd’s director Phillip Oliver tells Insurance Times why the business interruption crisis demonstrated that ‘very little’ is known about insurance as well as discussing this year’s MGA survey
As UK brokers respond to the 2021 MGA Survey, Insurance Times take the opportunity to speak to MGAs on the current and future challenges they face.
The following Q&A explores the 2021 Insurance Times MGA survey addressing broker concerns surrounding capacity, innovation, underwriting and more.
Here Insurance Times speaks to Phillip Oliver, director at David Oliver Associates Underwriting Ltd (DOA)
In the MGA survey brokers will be expressing their concerns and challenges for the year ahead. What are your concerns and challenges in the year ahead and how do you aim to alleviate these challenges?
The challenge is for the industry as a whole to raise it’s reputation. The industry has been absolutely battered by the media portrayal of its response to Covid-19 business interruption (BI) claims. This whole crisis has shown how very little is understood about Insurance policies and what they cover.
We must all look at what we do and decide how it can be done better, how can we get the policyholder to understand what they have purchased.
The role of the retail broker has never been more important for commercial clients as it is now, and as underwriters we must work alongside our retail brokers to provide them with the support needed to communicate the scope of our products to their clients.
Brokers are coming forward to rate their MGA partners in the 2021 Insurance Times MGA Survey, what do you feel sets your MGA apart from your competitors?
DOA is an independent family owned business with a passionate and dedicated team at its core. The model is to provide the very best expertise alongside digital platforms to deliver products to all trading partners that add real value.
The 2021 MGA survey aims to investigate the service levels of MGAs over the last 12 months, please tell us about the last 12 months at your MGA? How has your MGA adapted to the challenges faced over the last 12 months?
DOA has continued to ensure service is totally unaffected by the challenges of the last 12 months. It’s systems allow the team to work from home, the phone system allows calls to be taken anywhere and digital platforms provide an additional method of communication for brokers.
The team has expanded to cater for the increased demand of it’s products and DOA continues to build on its team of experts, seeking regionally based underwriters to provide dedicated support to brokers and their policyholders.
Please tell our readers why you feel the underwriting process used at your MGA stands out?
DOA employs real experts empowered to make decisions, supported by technology to help them rather than replace them.
In the MGA survey brokers will be expressing their concerns & challenges for the year ahead. What are your concerns and challenges in the year ahead and how do you aim to alleviate these challenges?
The challenge is for the industry as a whole to raise it’s reputation. The industry has been absolutely battered by the media portrayal of its response to Covid-19 Business Interruption (BI) claims. This whole crisis has shown how very little is understood about Insurance policies and what they cover.
”We must all look at what we do and decide how it can be done better, how can we get the policyholder to understand what they have purchased. The role of the retail broker has never been more important for commercial clients as it is now, and as underwriters we must work alongside our retail brokers to provide them with the support needed to communicate the scope of our products to their clients.
There are concerns of the potential scenario of the reduction or removal of capacity from an MGA. Should brokers have this concern whilst working with your MGA?
DOA are celebrating its 25th anniversary, a milestone that has seen it develop many long-standing relationships based on the principle of ‘working together to help each other’. At the heart of this principle is delivering added value to it’s trading partners, both insurers and brokers.
This principle has allowed DOA to continue long-standing relationships alongside brand new ones, delivering continuity and reassurance to its broking partners. DOA is excited to be working on new products and relationships alongside digital development as part of its next 25 years.
The quality of support provided to brokers was a major factor for why certain insurers performed well and not so well in the Insurance Times commercial lines survey. Please tell us in more detail what brokers can expect from your MGA when it comes to quality of support?
David Oliver’s vision was to be a team of experts dedicated to providing great service, this continues today, with digital platforms running alongside a team dedicated and highly experienced underwriters.
What new developments do you have in store for your broker community across the next 12 months?
DOA shall be launching new products in the next 12 months and continuing to enhance its core products and digital platforms.
If your MGA took part in last years survey, please answer the following question. What was the reaction to the star rating awarded by brokers and what impact did it have on your MGA going forward?
DOA received overwhelming support from its broking partners, achieving a fantastic five star rating. It was great to see such recognition of all the hard work that comes from the passionate team at DOA and specifically the notes of praise that had been received from trading partners when the results had been announced.
No comments yet