Managing general agent

So let's just take a couple examples.

Let's say you're an MGA versus you're a carrier, and let's say the MGA is retaining none of the risk, of course, as MGAs do.

Carrier might, uh, retain 50% of the risk.

Um, there's a variety of different elements to how their economics work.

Um, and so that's essentially what we've built.

I mean, it took us years to build it, uh, so I can't say we did it overnight.

But, um, but that is essentially the core of the Soteris engine that allows us to deliver policy-level insights on pricing profitability, et cetera, to P&C carriers and MGAs.

I, I don't want the negative connotation, so I don't mean it with any negative con- conno- with any negative connotation, and I could cut it off if, if you...

Uh, so Norm, I don't want to steal your thunder, so I'm gonna...

Like, why don't you tell us a little bit about your background, how you started, uh, uh, with Staffboom for the insurance agent bus- uh, ins- insurance agencies, MGAs, MGUs-

Sure

... and kind of the direction y- you know, you're going in.

And so for anyone that's there in terms of the larger reinsurers, all the way down to smaller reinsurance MGUs, we've worked with everyone on the entire spectrum.

We're we're not for every single person i would say that there's a there's a reason for our system and there's a reason why the system costs a certain amount of money the reason why the system works in the way is we can be quite picky but the system works and i think that's the biggest thing and It can work for the right people with the right buy-in, the right carriers, the right reinsurers, the right MGAs.

If we've got that right buy-in, we'll give everyone the time of day.

We'll always talk to anyone.

But, you know, so finding ways to accept that failure is part of the learning process and that's a normal way of having progress in the industry is something that I think there just needs to be a lot more, I guess, cultural understanding of in the industry.

If you want like MGAs to become the, I guess, the innovation arm of the insurance industry, you have to accept that some of those MGAs are going to fail or they're going to fail on the way to success because that's really the process.

And

it's about having the rails to make sure that the failures aren't too catastrophic, for example.

i think it what will expose itself is if people haven't harnessed the tech that's at their fingertips and those that don't are more vulnerable but not not the overall commoditization of the marketplace

One of the sort of clear trends that we've seen over the last decade, maybe decade and a bit, is the growth of MGAs.

You know, you're obviously well-placed to sort of advise on that, as well as obviously delegated authority platforms.

Why do you think the market has moved so heavily in that direction? Because, I mean, I've been doing this sort of almost two decades.

And for as long as I can remember, people have been prophesying the death of the MGAs.

And yet, here we are.

in a position where actually there's so many new ones, very, very innovative.

And underwriters will typically tell you in the market, I spend more than 50% of my day not underwriting.

I did get slacked.

Running amok trying to launch this MGA without you again.

That

part did not happen,

be

clear.

We will launch the age of the MGA at some point.

Do we just go with NGA