"No silver bullet" to fix industry reputation after BI backlash, says MGAA's Keating
Keating discusses the business interruption test case and the FCA's £7.5m special levy to recover the costs as he urges brokers, MGAs and insurers to pull together and rebuild trust in the sector.
Everyone will need to work together to rebuild the reputation of the insurance industry after the business interruption crisis, according to Mike Keating, chief executive officer of the Managing General Agents’ Association (MGAA).
Keating noted that the process of rebuilding trust in the sector would take time and that all players in the value chain, including brokers, insurers and MGAs, will have to show consistency of service, product performance, and fair claims handling.
“There isn’t one
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