012: Actuarial Modelling, Pricing and Reserving for Commercial and Niche markets - with David Hughes

On today's episode, we chat with Managing Director of Mulberry Risk, David Hughes. David has over 20 years’ experience working for various Lloyds syndicates such as AIG and Marsh. He talks with us about his expertise within actuarial modelling, pricing and reserving for commercial and niche markets. David has been busy putting together a unique offering for the MGA marketing in the form of Mulberry Risk – he explains more about this on this podcast. LEARNING OBJECTIVES: Understanding and having the ability to support our client’s challenges is a fundamental part of your business. Securing capacity is a top challenge in the MGA market and we need to recognise this as an active market. The MGA market has been a hard market. Now is the time to create a corrective strategy and be clear on that particular strategy too. Having constructive feedback from your employees helps your business to grow, your employees to nourish and your clients retain in business. Your marketing strategy is what gets your brand out there. It’s about experimenting but also looking for concise results and using that to its advantage. BEST MOMENTS: ‘’It's very easy to sit there and think ‘what value does the broker bring?’ but a broker’s job is incredibly difficult. They've got to satisfy their clients - and that's quite a vicious world.’’ ‘’… So as an MGA, don't hide your results. you've grown your business and if your results aren't quite where they should be, then own those numbers.’’ ‘’We constantly try to put ourselves in our client’s shoes… what are their challenges? what keeps them awake at night? how can we help support them around that? And I think, from a broker’s perspective and an MGA is to really put yourself in your client’s mind and say, what is it that they're challenged with and how are the services I'm offering helping? how can my services help them? And I think when you do that, it all of a sudden starts to change the relationship.’’ ‘’but actually, when you understand that underwriting philosophy, that brokers strategy, it all fits. It all fits basically, that specificity that that idea of really being focused, and they're not trying to be the biggest MGA… they’re trying to be the best…’’ RESOURCES: Mulberry Risk Website: https://www.mulberryrisk.com/the-team ABOUT THE HOST Sarah Myerscough is the Sales and Marketing Director of Boston Tullis Group. The founder of The Insurance Brokers Podcast, she brings a wealth of marketing experience and a fresh perspective on marketing in the insurance sector. Boston Tullis works with insurance brokers to offer solutions to business development ceilings, particularly in the rapidly developing fields of video marketing and thought leadership. If you would like Sarah to help you develop an integrated marketing strategy, using state of the art concepts, then please book a free 20 min call via Calendly    Website: https://bostontullis.co.uk/ Evaluation Link: https://s.bostontullis.co.uk/s/podcastevaluation   ABOUT THE GUEST David Hughes is the Managing Director of MGA focused firm, Mulberry Risk. A specialist agency providing technology, analytical/actuarial and capacity management services to the MGA and small insurer sector, David boasts of 20 year’s experience within the industry with a wealth of knowledge in helping his clients outperform incumbent insurers. LinkedIn: https://uk.linkedin.com/in/dapahughes Evaluation Link: https://s.bostontullis.co.uk/s/podcastevaluation