How do you stand out in the MGA market?
How do you stand out in the MGA market? | Insurance Business Canada
Insurance News
How do you stand out in the MGA market?
Lessons from a 5-Star MGA
Insurance News
By
Mika Pangilinan
Waterloo, Ontario-based ABEX was recently recognized as one of Insurance Business Canada’s 5-Star MGAs for 2023.
Among the other firms included in the list, ABEX stood out for placing stability at the forefront of its strategy.
Part of this strategy is its commitment to not slashing prices to win business, as well as its independent ownership model.
“We can be very selective in our approach to growth, which benefits our brokers by providing them with a stable MGA partner,” said president and CEO Jad McGregor.
“We have often seen our competitors undercut our pricing, which we know to be profitable, only to have their capacity reduced when poor underwriting results catch up to them.”
McGregor also highlighted the relevance of the “age-old line ‘you get what you pay for.’”
“We believe that the products we deliver should exceed everyone’s expectations,” he added.
Another side of ABEX’s strategy is its ownership model, which McGregor said is key to managing a profitable portfolio for their underwriting partners.
“We don’t have the pressure of multiple shareholders driving our growth,” he said.
In utilizing this strategy, ABEX received the highest rating in the technology/automation category, according to the brokers surveyed by Insurance Business Canada.
Discussing the firm’s approach to technology, McGregor said they’ve made investments that are focused on efficiency.
“Traditionally, our investments in technology have been to solve bottlenecks in processes, such as Lineage uploads,” he said. “Our technology has made it so that we can issue policies almost instantly, so our brokers don’t have to wait for policy documents from us.”
Other than investing in ways to streamline processes, ABEX has also been working towards distributing its products outside of Ontario.
“We are focusing the distribution of our products in other provinces as well to bring a more balanced approach to our brokers,” McGregor said.
Learn more about ABEX and the other 5-Star MGAs of 2023 by reading Insurance Business Canada’s Brokers on MGAs report.
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