Insurance Times Q & A With Steve Cowman
2 September 2024
The following article featured in the Insurance Times on 2nd September 2024. Read the full interview here:
We are eagerly anticipating the results of this year’s Insurance Times MGA Survey. Over the past few years, we’ve consistently been on the cusp of achieving a 5* rating. Providing top-level service across nearly 40 different products is undoubtedly challenging, but we are confident in our ability to deliver exceptional results. We are excited to see how our efforts are reflected in this year’s survey results.
The Insurance Times 2024 MGA Survey is now open, exploring the service MGAs have provided to their broker partners – please tell us how you continue to develop service levels to match & exceed broker expectations?
As we know, MGAs play a crucial role in the insurance market by offering specialised expertise in niche markets and are generally able to provide tailored quotes much quicker than traditional insurers. This agility and specialisation are key advantages that we take advantage of at NBS.
Our commitment to enhancing service levels is unwavering. We invest significantly in our employees and infrastructure, ensuring we have the right balance of expertise to support our brokers effectively. Our underwriting and business development teams are expanding, allowing us to provide more touchpoints, which gives brokers a more personalised and efficient service from us.
We know that the speed of providing quotations is key for brokers. Our ambition drives us to be first to market, which is why we prioritise quick turnaround times for quotes, even for complex cases, aiming to process them within four hours.
Additionally, we invest heavily in training and technology, striking a balance between sophisticated question sets and access to real underwriters. This approach ensures that our brokers receive accurate, timely, and efficient service, reinforcing our commitment to excellence.
By continuously refining our processes and leveraging advanced technology, we strive to exceed broker expectations and deliver unparalleled service.
One of the areas the 2024 MGA survey is exploring is how MGAs can deepen broker partnerships and what is that next level of partnership that brokers want, what are you doing to take existing broker partnerships to that next level?
MGAs are uniquely positioned to build strong broker relationships through their flexibility and specialised knowledge. Brokers are increasingly looking for partnerships that offer not just products, but also strategic support, transparency, and collaborative growth opportunities.
Our core philosophy at NBS is encapsulated in our strapline, ‘making brokers’ lives easy.’ This principle guides every decision we make. We actively listen to our brokers through regular surveys and feedback sessions, ensuring we deliver what they need. This has led to the development of new products such as our commercial combined product, multi-location hospitality, and unoccupied commercial insurance.
As previously mentioned, we are investing in our development team to provide personal contact points for all our brokers. Every broker has access to specialist underwriters as well as a dedicated Business Development Manager, ensuring they receive personalised and efficient service.
This approach helps us build deeper, more meaningful partnerships with our brokers. By fostering open communication and understanding broker needs, we can tailor our services and products to better support their success, ultimately taking our partnerships to the next level.
Concern over the prospect of removal/changes to capacity arrangements is still very apparent in the MGA market. Should brokers have any concerns about the capacity arrangements at your MGA?
In the current MGA market, brokers are understandably concerned about the stability and continuity of capacity arrangements, given the potential for sudden changes or removals.
Brokers can rest assured that NBS is in a strong and stable position regarding capacity arrangements. We understand the importance of consistency for brokers, which is why our renewals are ‘true’ renewals with the same insurer.
We are privileged to hold long-term partnerships with several A-rated insurers, including Accelerant, AXA Insurance, Tokio Marine HCC, and Allied World. All our insurers are extremely pleased with the quality of our underwriting and our loss ratio results, which ensures the continuation of these long-term capacity relationships. Additionally, being owned by Accelerant places us in a uniquely secure position regarding capacity arrangements.
Brokers can have full confidence in our ability to provide consistent and reliable capacity. Our focus on maintaining strong relationships with our capacity providers and delivering high-quality underwriting results, ensures that we offer brokers the stability and reliability they need to serve their clients effectively.
What can brokers expect in the next 12 months from your MGA?
In the next 12 months, brokers can expect significant developments from NBS. We are doubling the size of our Business Development Manager team to enhance engagement and support for brokers. Our marketing team will also be more active in communicating with brokers, providing them with valuable information.
We are launching several new products, including unoccupied commercial insurance and multi-location products to complement our existing offerings. Additionally, we are expanding our Professional Indemnity acceptance and product set to reach a wider audience.
Rebuilding and relaunching our contractor product based on broker feedback will be coming, and we will be continuing to evolve our existing products to meet the changing needs of our brokers’ clients.
These initiatives reflect our commitment to innovation, growth, and providing exceptional service to our broker partners.
What technological developments have been implemented at your MGA to improve broker/customer outcomes?
In today’s competitive market, technological advancements are crucial for MGAs to stay ahead of the game. They enhance efficiency, accuracy, and overall service quality.
We have made substantial investments in smart underwriting technology. By utilising APIs, we can collect and integrate data to underwrite accurately and efficiently. This technology has significantly sped up the underwriting process and increased the number of automated quotes, allowing us to provide quicker turnaround times.
Our investment in technology enhances the quote journey, providing a true reflection of risks and improving overall broker and customer outcomes. This commitment to technological advancement ensures that we remain at the forefront of the industry, delivering superior service to our brokers and their clients. By continuously innovating and using advanced technology, we aim to streamline processes, reduce turnaround times, and enhance the overall experience for our brokers and their clients.
Many argue that the insurance industry faces a talent shortage, what are you doing to attract, develop and retain talent? What do you feel needs to be done to make the industry an attractive industry to work in to attract the next generation of talent?
The industry is indeed grappling with a talent shortage, driven by an aging workforce and the challenge of attracting new talent to insurance. As with most people in the industry most fall into it rather than it being their childhood dream.
To address this challenge, NBS has implemented several initiatives to attract, develop, and most importantly retain talent.
Our significant growth over the past few years has necessitated heavy recruitment across all areas of the business. We have established the NBS Training Academy, where all underwriters undergo comprehensive induction and training programs. We recruit individuals with underwriting experience and those with the right attitude, even if they lack insurance experience, and develop them into insurance experts.
Promoting from within is a key aspect of our strategy, providing immense motivation and satisfaction, resulting in a high employee retention rate.
Additionally, we invest in HR and employee wellbeing, creating a fun and supportive work environment.
To attract the next generation of talent, the industry needs to focus on providing clear career progression, comprehensive training, and a positive work culture. By creating a supportive and engaging environment, we can make the insurance industry an attractive and rewarding career choice for the next generation.