038: The Future in our Industry - with Mike Keating

On today's episode, we’re excited to be speaking to Mike Keating, CEO of Managing General Agents’ Association (MGAA). Mike has been in the industry for a number of years, in various different roles and is here with us today to talk about the Lloyds market, the future of Lloyds and where 2021 might take our industry.   LEARNING OBJECTIVES: The pandemic and lockdown has meant that MGA’s have proved their worth in terms of their ability to be nimble and show innovation. The insurance industry can expect a market reset in that the dynamics of how corporate firms work will not go back to the way it was. Research data found that between 2019-2020, the company market was seen as a preferential market to go to compared to Lloyds. The digital system market is competitive in itself and brings all types of challenges for businesses.   BEST MOMENTS: ‘’I think brokers also have that great adaptability and nimbleness. Some of the larger brokers have bigger challenges, because they're very close to being corporate operations. But they adapted…’’   ‘’…Given that we have honest, tangible feedback, it's clear that a project such as this, alongside the other work streams which links a future of Lloyds and continues to make it extremely attractive for both capacity and for Lloyds stakeholders, it's right that these projects are in place.’’   ‘’…it's shouting from rooftops, this needs to happen, the cost needs to come down, we need to remove this acquisition cost and the frictional costs in order for us to remain competitive and also to provide even more value to our customers.’’   ‘’The first thing which the whole market does effectively is it tests and challenges all relationships. It will challenge a brokers’ relationship with their capacity or their insurance in terms of the strength of that relationship, the transparency, the collaboration and effectively shine a very, very bright light on the underwriting performance of that brokers account with insurance.’’   RESOURCES: MGAA’s website: https://www.mgaa.co.uk/ Mike’s Linkedin Profile: https://www.linkedin.com/in/michael-keating-230b8424/ Project DARE Link: https://6point6.co.uk/insights/lloyds-market-association/   ABOUT THE GUEST Mike Keating is the CEO of Managing General Agents’ Association (MGAA). With over 35 years’ experience in the industry, he has worked for Insurers, Brokers & MGA’s in both the Commercial & Personal Lines market. Mike has held executive positions within big firms such as AXA, UK General and most recently Qlaims before becoming Managing Director at MGAA in September 2020.   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