We’re excited to share the highlights of our participation at MGAA Conference 2023. With our stand positioned as number 1, we showcased our dedication to driving innovation and empowering insurance businesses in the ever-changing digital landscape.
This year’s edition, also called Community in Action and themed as Honey Bees – featured an enriching agenda, filled with insightful sessions (such as FCA update, broker pannel, session about Claims inflation, fraud and indemnity mitigation), engaging discussions, and thought-provoking presentations. It provided a platform for industry leaders, experts, and innovators to come together and shape the future of our dynamic field.
Here are the key aspects that made the MGAA Conference 2023 truly memorable:
1. Inspiring Presentations: Renowned speakers captivated the audience with their knowledge and insights.
Charles Manchester took the stage at the beginning of the conference and gave us all a powerful reminder of the resilience demonstrated by MGAs amidst the challenges faced over the past year. Despite these hurdles, MGAs have showcased their unwavering commitment to delivering exceptional products, services, and profitability to their capacity providers.
Some important takeaways were:
- We observed a significantly more mature and analytical approach to market challenges compared to what we would have witnessed 5 or 10 years ago.
- Despite the current testing times, insurers are displaying a pragmatic mindset, prioritizing the pursuit of favorable customer outcomes. They are diligently focusing on cost-effectiveness, utilizing strategies such as investing in technology and automated solutions that empower customers to self-serve. Additionally, insurers are swiftly and accurately channeling claims into triage, ensuring efficient handling and resolution.
- On the pricing cycle mistake pannel discussion, the speakers agreed that no-one benefits from the hard market: it’s expensive, unsustainable and damages the reputation of the profession. They should instead be working towards a more sustainable, customer-focused value market.
2. Cutting-Edge Topics and Trends: The conference covered a wide range of topics, including digital transformation, artificial intelligence, customer experience, cybersecurity, and data analytics
Looking towards the future, the speakers emphasized the importance of staying attuned to two critical factors as the market continues to evolve: technological transformation and talent.
These elements hold significant potential to shape the landscape, and it is crucial to closely monitor their advancements and implications. Recognizing the value of skilled individuals and fostering a culture of continuous learning and development will ensure MGAs remain well-equipped to tackle future challenges and seize promising opportunities.
3. Invaluable Networking Opportunities: The conference fostered a vibrant networking environment, enabling professionals from different sectors to connect, exchange ideas, and forge meaningful partnerships.
At the Softelligence stand, we actively engaged with industry leaders, long-term clients, and potential collaborators, paving the way for future successes that will shape our business.
During the event, we took the opportunity to showcase our solutions and services, empowering businesses on their digital transformation journey. Our team of experts: Daniel Jinga (Consulting Director), Kaiko Forouhar (Head of Operations) and Rob Head (Head of Delivery) engaged in meaningful conversations with the visitors, demonstrating how our innovative technology offerings address the unique challenges faced by insurance companies today.
We extend our gratitude to the MGAA Conference organizers for creating an exceptional platform for collaboration and knowledge sharing. This experience has reinvigorated our drive to continue pushing the boundaries of innovation in the insurance industry.
Moving forward, Softelligence remains committed to helping our clients embrace digital transformation, enhance customer experiences, and achieve sustainable growth. We’re excited about the opportunities ahead and look forward to connecting with our valued clients and partners on this transformative journey.
Stay tuned for upcoming updates and announcements from Softelligence as we shape the future of the insurance industry together.
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