OneAdvent

The OneAdvent UK Compliance Conferences Tour 2024 continues with Olivia Burns and Richard Palmer attending the The AML & FinCrime Tech Forum hosted by FinTech Global! Hearing from experts at the Financial Conduct Authority, Dow Jones and a number of major banks and finance houses they've discovered; 1️⃣ #compliance now accounts for between 5 and 10% of firms' total expenditure 💰 2️⃣ 2024 has been the most significant year ever in terms of elections, with more than 50% of the world's population going to the polls in over 70 countries 🌍 3️⃣ #AI can be used to relieve some of the administrative burden of financial crime as long as there is a 'human in the chain' to maintain control and oversight 🤖 Oh, and they've also been told that, where financial crime is concerned, compliance departments should be happy with the supposedly pejorative description of themselves as 'business blockers'! 😂 #financialcrime #compliance #aml #insurance #brokers #MGAs

✨ Congratulations to Elizabeth Fisher on her workiversary! ✨ Today marks Elizabeth's 6 years at OneAdvent and her dedication and commitment is awe-inspiring! She's passionate about delivering excellent results to our clients and is an inspiring team leader who goes above and beyond to ensure her team are supported and encouraged in every way possible. #OAFamily #insurance #MGAs #service #operations

94% of #brokers say that #MGAs form a strategic part of their overall placement strategy according to the 5th MGA Survey conducted by the Insurance Times. In the report brokers emphasised several ways MGAs can help enhance customer retention: 💡 Start the renewal conversations early 💡 Accelerate the response time of quote requests 💡 Increase transparency on product offering 💡 Collaborate with brokers to assess and price non-standard or complex risks instead of declining outright 💡 Review renewal pricing on an individual basis and reward long-term customers https://lnkd.in/eesJ3tDa

Last week Insurance Times released their annual MGA market report, which explores MGA and broker relations and highlights the MGAs who have hit the magic 5-star rating. AM Best maintained its market segment for the MGA sector as positive due to its “sustained growth and niche expertise”. A new report from our client, Cowbell, revealed the businesses and industries most likely to experience cyber incidents. https://lnkd.in/edJvmiKz #MGAs #brokers #insurance #reinsurance #cyber

In a boost for MGAs, AM Best has maintained its positive market segment outlook for the delegated underwriting authority sector due to its "sustained growth and niche expertise". “The DUAE distribution channel continues to increase its market share, supported by strong and sustained premium growth globally" said the rating agency. Get the full story here: https://lnkd.in/egwtTpJQ #MGAs #DUA #distribution #insurance

In this week's newsletter there’s a powerful endorsement for the MGA market in an interview with Michael Keating at the Managing General Agents’ Association (MGAA). He is passionate about what #MGAs can bring to the table and it’s a great watch, so make sure you take a look. A new report from the Lloyd's Market Association and Oxbow Partners explores the role of Enhanced Underwriting (e.g. augmented and algorithmic underwriting), which seems to overwhelmingly show that “there is almost universal belief that it will be a fundamental part of Lloyd's’s future”. https://lnkd.in/dUG2P8CS #MGAs #enhancedunderwriting #underwriting #augmentedunderwriting #underwriters

The MGA world is "thriving, absolutely thriving". It sure is Michael Keating! Check out this interview in which Michael talks about how the MGA market is booming, what MGAs can do to navigate a soft market (don't abandon underwriting discipline for one!) and how new talent can be brought into the industry. PS we empower ambitious people to launch and grow successful MGA businesses, get in touch if you want to find out more... #MGAs #insurance #underwriting #MGAA

Our very own Richard Palmer is down on the ground at #Risk A.I. London in St Pancras, hearing about the latest advances in AI across the world; its uses, dangers and regulation, especially in the UK, EEA and the US. The laws are changing but the dangers are still there. For example, did you know about the resignation of the Dutch government due to an AI related scandal? Or have a clue what the new ELVIS Act in Tennessee is all about? The overriding message is that boards need to start taking steps now to put policies and procedures in place to address the subject of AI. #AI #risk #insurance #regulation

🆘 What help is available to MGAs looking to launch and grow? 🆘 A recent article from Insurance Times takes a look at how incubators (like OneAdvent...) can provide the right resources and support to entrepreneurs wanting to get an insurance business off the ground. Read it here: https://lnkd.in/eTCG-ib5 #MGAs #incubators #insurance #entrepreneurs

In this week's weekly roundup we explore more views on the 1.1 renewal season, see what came out of COP29 for the insurance industry and find out why Lloyd's plans to outsource tech and ops roles. https://lnkd.in/e6ukVW-C #insurance #MGAs #renewals #reinsurance