Blog: Why a collaborative approach for MGAs will be key for philanthropy

When it comes to philanthropy, I’ve always been a big believer that to make a real difference requires a collaborative approach. As a market, there is a good track record of collaborating, participating in associations and networks, and forming successful partnerships. But that’s business.

When it comes to working together for a good cause there are no boundaries and no hidden business agendas. Competition is not an issue and size does not matter. The insurance market is fortunate that corporate social responsibility is fairly well embedded into our culture. However, in order for efforts for the greater good to achieve their full potential, everyone needs to play their part. There is a growing sector of the insurance market that has huge potential, which has to get involved and play a valuable role in driving the CSR agenda, namely the managing general agent community.

When it comes to working together for a good cause there are no boundaries and no hidden business agendas. Competition is not an issue and size does not matter.”

One of the biggest shifts in distribution in the London Market over the past decade has got to be the rapid expansion of the MGA community. To quote a Managing General Agents’ Association statistic, with more than 300 MGAs in the UK alone, the MGA community currently writes in excess of £6bn gross written premium worldwide – not an insignificant figure.

Typically, MGAs are smaller than their insurance company peers, but are very agile, fast-moving, keen to make a mark and driven by entrepreneurial spirit. Although the majority do not have a dedicated resource to manage a CSR programme, this doesn’t mean they lack the desire to support the wider community. The MGA community is an untapped wealth of enthusiasm, talent and innovation – all vital attributes needed to create a unified platform for CSR. 

The MGA community is an untapped wealth of enthusiasm, talent and innovation – all vital attributes needed to create a unified platform for CSR.”

The International Insurance Charitable Foundation exists to bring together the insurance market in a common cause. For those that are unaware of the IICF and its work, it is a unique non-profit organisation that improves the lives of vulnerable and disadvantaged people by bringing the industry together in grant giving, volunteering and leadership. It works because it’s a collective of like-minded companies all wanting to achieve the same goal: to inspire the insurance market to make a positive difference.

For Connect Underwriting, our membership of the IICF is our CSR department. We are able to contribute to community and social programmes, gain access to volunteering projects, and support employees with developmental opportunities through one single platform, which is more than we could ever achieve by working alone in a CSR silo.

Having recently launched a category of Affiliate Membership, the IICF has invited SMEs, independent and regional companies where the core business is, within the insurance industry, to join to amplify the local community impact. This is the perfect opportunity for companies to get involved, and I encourage my MGA colleagues to get in touch as we can accomplish profoundly more together as part of a wider group.

To learn more about IICF and membership opportunities, please visit www.iicf.org.uk.