Videos
3rd September 2024
REG Insights – Join us as we interview industry leaders, uncover key trends, and deliver actionable insights that empower you to drive the insurance and financial services sector forward.
On July 11th, REG Technologies attended the MGAA Annual Conference as a key sponsor. As part of the day we spent time talking to key players in the MGA sphere about the challenges and opportunities in the market and how the ‘Power of Partnerships’ is crucial to advancing the sector forward.
Questions Included:
1. How crucial are partnerships in shaping the insurance sector’s future, and what qualities ensure alignment with your business goals?
2. How emerging technologies, such as Al and machine learning, can be leveraged to enhance compliance and risk management in the insurance sector?
3. How can tech advance the insurance sector forwards?
4. What are the general and regulatory challenges facing in the insurance market?
5. What are the key barriers to adopting new technologies in the insurance industry, and how can these barriers be overcome?
Key Takeaways:
– Partnerships drive innovation and growth by leveraging diverse skills, ensuring openness and transparency, and providing expert guidance for digital transformation.
– Technology enhances risk analysis and monitoring and improves processes throughout the supply chain if adopted properly.
– Regulatory challenges include navigating the complex regulatory regimes in different jurisdictions and the constantly changing compliance requirements.
– New technologies, especially AI and ML, can transform compliance processes, provide reliable, real-time and strong data and improve reporting.
As sponsors of this year's MGAA Annual Conference, centred around the Power of Partnerships, REG proudly presents, Marketing Manager Zoë Parsons and Head of Customer Success Nathan Banfield. Watch below as they share their insights on leveraging relationships to drive strategic initiatives and elevate customer experiences, demonstrating our commitment to innovation and community-driven success.
The relationship between Managing General Agents (MGAs) and RegTech companies is reshaping the insurance landscape and partnerships between the two are not just beneficial—they are essential. As proud sponsors of this year’s Managing General Agents’ Association (MGAA) Annual Conference, we are thrilled to embrace the theme, 'Power of Partnerships.' Our goal is to underscore the transformative potential these collaborations hold for staying ahead of the competition and driving the entire industry forward...
It’s nearly 20 years since statutory regulation of general insurance placed the acronym TOBA into everyday insurance talk. Agency application processes have developed little in that time, with brokers still reporting that their onboarding journeys with suppliers are slow, repetitive and leave business opportunities missed. Many MGAs limit the number of brokers they trade with, simply because of the drama associated with opening an agency! With online bank account opening, mobile onboarding, e-signatures, and pre-filled forms we ask…How can MGAs use tech to rapidly find, engage, sign and trade with new producers in an on demand, global, digital marketplace?
Today, the insurance industry faces a myriad of challenges that are constantly developing, ranging from economic and geopolitical factors to internal discrepancies like data silos and team fragmentation – and MGAs are not exempt. Traditionally, MGAs would rely on archaic processes to conduct their due diligence and regulatory processes, collect data and collaborate with their team. Now, this is no longer sustainable, and MGAs must embrace digital transformation if they want to stay ahead of the curve. In this article, we’ll dive deeper into the different data hygiene challenges MGAs are faced with, their impact on team fragmentation, and how technology can help surmount these struggles and achieve team cohesion...
With constant economic uncertainties and a fluctuating political landscape, MGAs (Managing General Agents) are now faced with bigger regulatory and compliance burdens than ever before. Clyde & Co reports that 50% view the increase in compliance obligations as an obstacle to entering the market. These burdens significantly hinder MGAs' capacity to start new business relationships with potential trading partners, halting growth and slowing innovation. 66% of insurance and financial services firms believe that regulatory and statutory obligations inhibit starting new business relationships, which in turn affects profitability. This is why it is imperative for MGAs to leverage new innovative technology that reduces regulatory challenges and facilitates streamlined onboarding of partners...
MGAs play an irreplaceable role in the insurance sector, and while it’s crucial for them to be on top of all their regulatory and compliance duties, they also need to ensure seamless customer experience (CX) and retention. At the end of the day, customers should always be at the heart of every business decision because without them, no firm would survive. In addition, MGAs need to ensure they’re always treating their clients fairly. According to Forrester, 41% of customer-obsessed firms achieved at least 10% revenue growth in 2023, compared to only 10% of less mature firms...
With the biggest event in the MGAA calendar only a week away, and REG being the official 2023 App Sponsor, we sat down with Michael Keating, CEO of the Managing General Agent’s Association (MGAA) to discuss all things MGAA and how the Association is evolving the insurance landscape and shaping the market for its members...
