Chief executive says ’MGAs are well-positioned to fill gaps’
Managing general agents (MGAs) have emerged as “key players” in the insurance industry, with advancements in technology having “revolutionised” the way they operate.
That was according to Tapoly’s chief executive Janthana Kaenprakhamroy, who made the claim after joining Biba’s Networks and Managing Agents Advisory Board (NetMGA) last week (10 May 2023).
The board provides advice and guidance to Biba to help it represent its full spectrum of members.
Kaenprakhamroy told Insurance Times that the MGA landscape was “promising and presents significant opportunities”.
She added: “MGAs have emerged as key players in the insurance industry, offering specialised expertise and tailored solutions to meet the unique needs of different markets.”
Technology
Tapoly is a UK based insurtech MGA which provides on-demand insurance for freelancers, contractors and small businesses.
Read: Tapoly chief executive joins Biba NetMGA advisory board
Read: Insurtechs poised to prosper from post-pandemic business models
Explore more insurtech-related content here or discover other news stories here
The firm works with insurance companies to provide customised insurance policies for its clients.
Kaenprakhamroy said that as an MGA, she had witnessed an ”increasing demand for innovative and niche insurance products, driven by evolving customer preferences and changing risk landscapes”.
“MGAs are well-positioned to fill these gaps by leveraging their deep market knowledge, agility and ability to develop customised insurance offerings,” she said.
Kaenprakhamroy added that advancements in technology have “revolutionised the way MGAs operate”.
“[This enables] streamlined processes, data-driven decision-making and improved customer experiences,” she added.
“With the right blend of expertise, technology adoption and market understanding, MGAs can continue to thrive and contribute to the growth and transformation of the insurance industry.”
No comments yet