According to investment banking and financial advisory firm Sherman & Company, program managers (“MGAs,” see here, here, here) are increasing their involvement with insurance technology companies (“Insurtech”).
As noted in the 3Q 2020 Program Manager Market Overview, program business is growing faster than the overall insurance market, increasing 12% from 2016 to $40.5 billion in premium in 2018. The report also noted:
Program managers are reporting increased involvement with insurance technology companies, and applying tech to product development and business processes such as underwriting, data collection, and policy delivery.
The proportion of program managers involved with Insurtechs has increased to 80% in 2018.
Innovate Insurance – Innovation & Entrepreneurship in Insurance
Also, see the related Specialty Insurance Blog – News & Commentary on Specialty Insurance – with an Emphasis on Professional Liability Insurance