2024 was a busy year for the OneAdvent team. In the 12 months since our MBO in November 2023, we have successfully launched six MGAs, grown our team by a third and, in the case of our CEO, Tim, celebrated a new baby, the youngest member of the OA family!
Reflecting on the past twelve months in a series of end of year articles, Tim took the opportunity to explore the successes and challenges faced by OneAdvent and our MGA clients in 2024.
The insurance market has certainly weathered a serious storm of competition in 2024. When speaking to Insurance Times, Tim shared his thoughts on how MGAs have remained both unique and valuable in an increasingly busy market, and how they can stay ahead of the game in 2025;
“My message is to be bold and be ambitious, but be meticulous.”
He also championed the value of MGAs in Insurance Post’s MGA Review of the Year:
“MGAs have continued to stake their claim as a key piece of the value chain.”
Considering the shifts in the MGA market, OneAdvent clients have remained competitive through continuous innovation and with the support we provide from launch and beyond.
One way in which we’re helping our clients to achieve more is through the sophisticated tools we have on offer. The launch of our data analytics platform, OneView, earlier this year allows our MGAs access to enterprise-level data and analytics to help them better understand and manage their business performance. Speaking in an Insurance Age review of the year, Tim explained:
“We’ve spent the last year arming our MGA clients with sophisticated tools and insights to help them compete on a level playing field with larger insurers, and to aid their conversations with capacity.”
In 2024, increased flexibility in the market, and the growth in alternative forms of capacity, have supported the development of smaller MGAs. However, as the market begins to soften and regulatory pressures increase in 2025, MGAs must remain vigilant in demonstrating the importance of specialism.
In a final thought from Tim in Insurance Age:
“The bar has undoubtedly been raised for MGAs and we have seen how key it is for these businesses to have access to real-time data. It’s ok to be small and specialist if you have up-to-date performance metrics that you can act on immediately and also use to enhance your capacity relationships.”
To read more about OneAdvent’s successes and challenges in 2024, as well as our aspirations for the coming year, find each article below (subscriptions required).
Insurance Times Advent Calendar
Insurance Age Review of the Year
Insurance Post MGA Review of the Year
About OneAdvent
Focused on getting insurance businesses to market – and fast – OneAdvent brings its sector expertise and technical know-how to bear for forward-thinking insurance businesses around the world. Collaborating with established industry players and entrepreneurial start-ups alike, we help our clients turn innovative ideas into genuine success stories.
We’re committed to challenging the status quo in a traditional, highly-regulated environment. With continued investment in our business and an empowering, hands-off approach, we’re ready to take advantage of the changing face of insurance. Bringing agility, flexibility and creativity to the market, OneAdvent is the industry’s innovation accelerator.
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