As MGAs tap into Retail Brokers further up the distribution chain, the Retail world is now looming ever closer to the Wholesale and London Market. Where the Wholesale to Insurer chain hasn't got data flow sorted yet, it's only compounding an existing problem with more players and more systems, without a data standard between them!
There’s been an explosion of MGAs that handle binders or facilities in a variety of classes, from traditional property to forestry, liability, packaged commercial insurance, caravan, sports, after the event, PI, and everything in between. The data from these Policies may, passing down the chain a link or two, end up in the wholesale London market. This means that the move to collect data at source and pass that along, unfettered by human hands means that the structures and constraints of the London market need to be considered in the retail world, or the retail world structures need to be adopted in the London market. Either way the two camps need to consider how the flow of data can move through what may be a number of parties on a complex split placed risk on multiple Binders.