place $47 billion in premiums—equivalent
United States, there are about 600 to roughly 7 percent
MGAs, of the overall commercial and
personal insurance markets
Commissions paid by insurers,
which typically constitute 60 to Insurance carriers grant them
80 percent of an MGA’s revenue underwriting power
Profitability contingents - Act on behalf of multiple carriers
underlying performance of the risk Revenue can quote and bind policies that fit
that the MGA placed within the agreed-upon risk
parameters Respond more rapidly than carriers
to market and industry changes
Additional services (for example,
claims administration and
inspection) Offer a “human touch” large
MGA carriers often can’t
cyber-insurance market is set to
grow from about $6 billion in
premiums to more than $20 wholly owned or majority-owned
Affiliated MGAs
billion by an insurer
Emerging
specialty coverage in personal lines Opportunities Type of MGA third parties and can establish relationships with
Nonaffiliated MGAs
Example : Pet insurance multiple insurers
pet, auto, homeowners, and Crop MGAs Multi-Peril Crop Insurance Program (MPIC)
Digital MGAs
small-commercial insurance
Underwriting
Policy Service
Solutions
Billing & Collection
Digital Contact Center
MGA
1. can quote and bind policies that fit within the agreed-upon risk parameters
1.1. Insurance carriers grant them underwriting power
1.2. Act on behalf of multiple carriers
1.3. Respond more rapidly than carriers to market and industry changes
1.4. Offer a “human touch” large carriers often can’t
2. Type of MGA
2.1. Affiliated MGAs
2.1.1. wholly owned or majority-owned by an insurer
2.2. Nonaffiliated MGAs
2.2.1. third parties and can establish relationships with multiple insurers
2.3. Crop MGAs
2.3.1. Multi-Peril Crop Insurance Program (MPIC)
3. Solutions
3.1. Underwriting
3.2. Policy Service
3.3. Billing & Collection
3.4. Digital Contact Center
4. Emerging Opportunities
4.1. cyber-insurance market is set to grow from about $6 billion in premiums to more than $20 billion
4.2. specialty coverage in personal lines Example : Pet insurance
4.3. Digital MGAs
4.3.1. pet, auto, homeowners, and small-commercial insurance
5. Revenue
5.1. Commissions paid by insurers, which typically constitute 60 to 80 percent of an MGA’s revenue
5.2. Profitability contingents - underlying performance of the risk that the MGA placed
5.3. Additional services (for example, claims administration and inspection)
6. United States, there are about 600 MGAs,
6.1. place $47 billion in premiums—equivalent to roughly 7 percent of the overall commercial and
personal insurance markets
