APRIL Canada, the largest independent MGA in Canada, revealed exciting insights it obtained about the MGA market through an online survey carried out recently. The survey, carried out by the independent Montreal based market research agency, Callosum, revealed how brokers choose their MGA partners and the key attributes they look for from an MGA.
Shaping our strategy
“We were very excited to obtain these results”, states Katharine Baker, Strategic Marketing Director at APRIL Canada,” Gaining critical insights into the things brokers most value, will help us to shape our strategy to best meet their needs in the coming years!”
“A lot of time and energy was put into ensuring the database was independent, and asking the right questions to best understand our brokers behaviors and needs” Adds Nick Kidd, CEO APRIL Canada.” This information will help us provide the best products, services and broker offering in the market going forwards.”
Partnering with Brokers
Amongst other things the survey revealed how brokers go about choosing their MGA partners and the potential size of the non-standard risk market. The results revealed that 75% of brokers shop for a non-standard risk at least two times a month and 50% at least once a week. This re-enforces that a trusted MGA partner for these risks is a must.
“Partnering with Brokers”, say Nick, “is extremely important to APRIL`s continuing success. What we strive for is partnership. Putting brokers at the heart of the business is critical to our growth goals and direction. Open dialogue, two-way interaction and true partnership are key to developing our company strategy.”
With ongoing dialogue in mind, the MGA also recently launched a broker panel through its monthly newsletter. Through this Brokers can ring the company directly to give their advice or ideas and discuss their thoughts on the company’s direction. They will also receive a couple of open questions, to be able to shape the company’s thinking. They can additionally opt-in to receive the monthly company newsletter and email communications, which have been very well received across the industry, and access an insurance news blog with a number of articles posted online and in social media in the last year.