{"id":12655,"date":"2020-07-09T16:52:19","date_gmt":"2020-07-09T20:52:19","guid":{"rendered":"https:\/\/www.resourcepro.com\/3-questions-carriers-and-mgas-should-ask-themselves\/"},"modified":"2024-07-15T10:14:54","modified_gmt":"2024-07-15T14:14:54","slug":"3-questions-carriers-and-mgas-should-ask-themselves","status":"publish","type":"post","link":"https:\/\/www.resourcepro.com\/blog\/3-questions-carriers-and-mgas-should-ask-themselves\/","title":{"rendered":"3 Questions Carriers and MGAs Should Ask Themselves"},"content":{"rendered":"\n

Consolidation is creating an eat or be eaten environment<\/strong><\/p>\n\n\n\n

M&A activity within the market has relaxed slightly<\/a> due to the current pandemic, but will likely resume its record breaking climb<\/a> once the situation winds down. We\u2019ve previously discussed how this trend is affecting independent agencies<\/a>, and it\u2019s of no small significance to carriers either, who are finding that the ability to offer a wide range of products\u2014often through M&A with other carriers\u2014is in even greater demand than before. This consolidation of the industry spells difficulty for some segments of P&C, who may struggle to compete with increasingly large and aggressive carriers.<\/p>\n\n\n\n

In order to continue doing business, carriers must fine tune their value proposition, re-examine their identity, and execute flawlessly. So, what steps can they take in order to differentiate themselves, innovate, and thrive?<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

DOWNLOAD WHITE PAPER FOR MORE INNOVATION STRATEGIES<\/strong><\/a><\/p>\n\n\n\n

Steps for continuous improvement<\/strong><\/h2>\n\n\n\n

Building an organization that can compete requires building a culture that is receptive to changing market conditions. Innovation, and the ability to develop market-leading solutions, will come naturally when you use the following steps as a basis:<\/p>\n\n\n\n

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  1. Capture market trends and listen carefully to your clients\u2019 needs.<\/li>\n\n\n\n
  2. Develop a value proposition based on the feedback.<\/li>\n\n\n\n
  3. Communicate that positioning back to the market.<\/li>\n<\/ol>\n\n\n\n

    Accordingly, you will want to consider whether you have an effective mechanism to listen to the voice of the intermediaries and insureds; whether you have clarified your market positioning and established a thoughtful process to develop your value proposition; and whether you communicate that proposition effectively to brokers and policy holders.<\/p>\n\n\n\n

    \"\"<\/figure>\n\n\n\n

    Questions for carriers to consider<\/strong><\/h2>\n\n\n\n

    This process isn\u2019t called \u201ccontinuous improvement\u201d for nothing. As you move forward, you should continue to evaluate your capabilities, offerings, and position. Ask yourself the following:<\/p>\n\n\n\n

      \n
    1. Have we aligned ourselves to our intermediary partners\u2019 strategic goals, e.g. agency growth?<\/strong> Example: Supporting production through trainings, tools, and analytics, or co-creating programs that are aligned with niche areas of opportunity in marketplace.<\/li>\n\n\n\n
    2. Does our unique value proposition save time and money for intermediaries and reduce risk?<\/strong> Example: Saving brokers time and money with accurate policies and E&O indemnification. ReSource Pro data suggests each policy contains 9 discrepancies.<\/li>\n\n\n\n
    3. What value can risk managers bring to their firms beyond just insurance program management?<\/strong> Example: SOX compliance support for the IT team of a client or accounting strategies learning for life sciences clients.<\/li>\n<\/ol>\n\n\n\n

      DOWNLOAD FULL WHITE PAPER<\/strong><\/a><\/p>\n\n\n\n

      \n\n\n\n

      The future will undoubtedly be difficult for carriers, but with strong talent management and a keen eye on the market, success is still possible. ReSource Pro can help you tackle your organization\u2019s greatest challenges through <\/em>analytics, automation, and accurate policy handling<\/em><\/a>. Interested? <\/em>Let\u2019s talk<\/em><\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

      Consolidation is creating an “eat or be eaten” environment and the impact on MGAs and carriers is vast. Do you know the steps you should take for continuous improvement?<\/p>\n","protected":false},"author":6,"featured_media":12656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"news-category":[],"insurance-segment":[],"services":[],"type-of-content":[38],"resource-type":[],"class_list":["post-12655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","type-of-content-blogs"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-04-19 12:26:37","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/posts\/12655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/comments?post=12655"}],"version-history":[{"count":1,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/posts\/12655\/revisions"}],"predecessor-version":[{"id":13751,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/posts\/12655\/revisions\/13751"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/media\/12656"}],"wp:attachment":[{"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/media?parent=12655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/categories?post=12655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/tags?post=12655"},{"taxonomy":"news-category","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/news-category?post=12655"},{"taxonomy":"insurance-segment","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/insurance-segment?post=12655"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/services?post=12655"},{"taxonomy":"type-of-content","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/type-of-content?post=12655"},{"taxonomy":"resource-type","embeddable":true,"href":"https:\/\/www.resourcepro.com\/wp-json\/wp\/v2\/resource-type?post=12655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}