How MGAs are helping brokers place construction risks

Whether you struggle to secure sufficient insurance for high-risk projects or get slowed down by complex underwriting requirements, we know that with the right people by your side, the challenges you face can quickly be turned into opportunities.

The importance of MGAs

The insurance world has changed dramatically in recent years, making MGAs like Geo even more valuable than ever before. But what exactly do we have to offer that’s different from traditional insurers?

MGAs fill the gaps in traditional market cover options, focusing on specialised risk. Unlike larger insurance companies that typically focus on standard, high-volume business, we aren't held back by the same rigid processes and risk aversion. This allows us to respond quickly to your needs with targeted solutions and expertise.

This comes in particularly useful when it comes to niche sectors like construction insurance, where taking a standard approach often doesn’t accommodate the unique risk profile and cover requirements. Considering the government’s current support for the growth of the industry, many brokers will be keen to strengthen their proposition to ensure they don’t miss out on potential opportunities.

Are you trading with Geo in the most efficient way?

Many brokers only use MGAs when they need them, approaching each risk as it comes. While this works in some instances, there are more strategic approaches you can take. This includes portfolio transfers, which can help to improve service and cover levels for your construction clients.

What are portfolio transfers?

Portfolio transfers or ‘rollovers’ can be an excellent tool for the right broker focusing on their construction insurance book of business. They involve moving a book of business from one or more insurer / capacity provider(s) to another specialist insurer / capacity provider in a bulk transfer.

Advantages

Efficiency - Rather than presenting each case individually, the entire portfolio undergoes a full review at once.

Enhanced coverage – It can be easier to negotiate better cover features when dealing with a portfolio and may result in exclusive terms for that book.

Strategic growth – Wanting to target a specific sector? A portfolio transfer may be for you, helping to encourage growth in key areas aligned to your business.

Relationship development - Working closely together can help improve the relationship between the broker and the MGA, opening up the potential for targeted marketing and cross-selling opportunities.

Making portfolio transfers work

Despite the benefits, portfolio transfers don’t work for everyone. They require a lot of time and effort and if it’s not the right fit, may not yield the results you expect.

• Due diligence - It takes thorough preparation and data analysis for a successful transfer; it can’t be rushed.
  
  
• Data compatibility - The portfolio details need to be available in a format that is clear, accessible and works for both parties.
  
  
• Realistic expectations – Due to complex processes and detailed underwriting reviews, it’s essential both parties are clear in setting out requirements and agreed timeframes from the outset.

Why choose Geo Construction?

Geo's construction team offers a wealth of industry experience and an in-depth understanding of this niche sector.

Working with us, you can expect:

• Specialist risk appetite - We specialise in high-risk trades and hazardous locations, often avoided by other insurers.
  
  
• Rated Insurer partnerships - We have strong relationships with A-rated capacity providers.
  
  
• Underwriting expertise - Our team's extensive experience means we truly understand construction risks, allowing us to arrange tailored solutions.
  
  
• Service excellence - We’re proud to offer fast quote turnarounds and consistently high service levels.
  
  

In addition to this, by working with Geo you benefit from an aligned team of underwriters and sales personnel who are eager to support you along the way.

Want to know more?

If you're having difficulty placing construction insurance or believe your current trading approach could be more efficient, we’re ready to help. Whether you're considering a portfolio transfer or simply want to discuss your options, our sales team can provide guidance on the most appropriate route forward.

Either speak to your development manager, or contact our sales team at sales@geounderwriting.com to get started.