Insurance broker partners with CAMGA as gold sponsor

Insurance broker partners with CAMGA as gold sponsor | Insurance Business Canada

Technology

Insurance broker partners with CAMGA as gold sponsor

Move will look to bolster its reach

Technology

By
Miko Pagaduan

International insurance broker, Consilium, has announced its partnership with the Canada Association of Managing General Agents (CAMGA) as the association’s Gold sponsor.

With 90% of Canadian Managing General Agents (MGAs) represented by CAMGA, the partnership will offer CAMGA members Consilium’s global footprint, delegated underwriting authority (DUA) capability, and digital actuarial services.

Executive director of CAMGA, Steve Masnyk, said that Consilium is leading the way with technology in the field of actuarial forecasting and reporting, providing valuable technology and expertise that is in high demand by CAMGA members.

“Consilium and its in-house data and actuarial firm Mulberry Risk promise to change the status quo for MGAs, offering valuable technology and expertise that is in high demand by our members,” said Masnyk.

Joint CEO of Consilium, James Baird, added that Canada is one of their key strategic regions for international growth and that the partnership with CAMGA broadens their network in the MGA community, providing Canadian MGAs with strategic access to their global network of capacity providers through their dedicated broking and MGA advisory team.

Baird also said that Consilium is a digital broker with technology at the core of its services and that with market-leading digital actuarial services in-house, it will provide Canadian MGAs with a differentiated proposition and service.

Consilium’s parent company, Aventum, acquired Mulberry Risk last year, bringing significant actuarial data changes to Aventum and the wider MGA space, introducing new actuarial services driven by automation and artificial intelligence.

Mulberry Risk is a technology platform and consultancy providing actuarial, analytical, exposure, and capacity management services to MGAs. Its platform makes leading actuarial insight affordable for all MGAs, using AI to manage data processes and deliver automated modelling insights, analyzing portfolios to identify less profitable segments, and making informed recommendations to improve the overall performance of a book.

The speed and accuracy of AI-powered performance information reduce delay and friction with insurers, and more regular ULR forecasts give insurers confidence, providing a full audit trail on every piece of data and protecting MGAs’ capacity longer term.

Consilium and Mulberry Risk will exhibit at the CAMGA Trade Show in Toronto on June 08, where they will showcase their innovative solutions and technology to CAMGA members.

With Consilium’s expertise and technology, CAMGA members will be able to manage their portfolios affordably and efficiently, securing, growing, retaining, and protecting their capacity.