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Advertising feature: An open letter from Bernard Mageean, CEO of Q Underwriting

Open road

Bernard Mageean, CEO of Q Underwriting pens an open letter on the need for MGAs to adapt in an ever-changing market and what the future holds for the business.

It has been a tough year and the industry is not out of the woods yet, but there are green shoots appearing and a prospect of better times ahead.

As Q Underwriting wraps up our second birthday celebrations, I want to discuss some of the challenges and opportunities ahead, whilst reflecting on what Q has achieved and the future for MGAs like ours.

The growth of MGAs in recent years was always going to lead to a correction; this has been accelerated by the pandemic, and some MGAs find themselves facing tough times in relation to capacity and servicing. Despite this, MGAs are still a valuable part of a rapidly changing market. The sector expertise and distribution remain key, but equally important is the ability to adapt.

Do the basics brilliantly
MGAs must be disciplined in underwriting execution and performance management; Q Underwriting has invested in our MGU, led by Chief Underwriting Officer Matthew Schofield, and we’ve continued to secure new capacity, renew with existing partners and deliver profitable arrangements to our insurer partners. The focus of our MGU team on data and analysis is exactly what the capacity market is looking for and has set us up for a bright future. Keep an eye out for yet another exciting capacity announcement this week, with more in the pipeline.

We must invest in making trading easy for our brokers. Our broker portal Qtrade is a single view of Q Underwriting; an easy route into over thirty specialist commercial products. Whilst Qtrade allows you to quote and buy on many products, and request quotes on every product offered across Q, it does not replace case underwriting and our people will remain accessible for broker partners.

What’s next?
Digitalisation across underwriting and distribution, whilst retaining access to underwriters, is key – we have been able to strike this balance well so far and we will continue to develop the infrastructure for success. On the insurer side, improving interfaces between us and carriers, for bordereaux, claims and performance management data, is another focus – further improving our value as a partner. As we continue to invest in digital efficiencies our broker partners will see the benefits in service and proposition development.

Partnering for success with schemes is a key area of growth for Q and should be for all MGAs. Schemes with dedicated, experienced brokers, significant market share and good history and data are valuable. Q will partner with brokers to design product, secure, and manage capacity and sub-delegation.

We have plenty more plans, which we would love to tell you about. I encourage you to engage with us and join us on the journey.

I will leave it there for now; but please do get in touch with us if we can help you: [email protected].

Editor’s note: This piece is an advertising feature and not editorial.

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