Context
The Managing General Agents’ Association (MGAA) and the Association of British Insurers (ABI) have taken a significant step towards greater industry collaboration and a stronger working relationship by signing a Memorandum of Understanding (MoU). This agreement underscores their joint commitment to fostering mutual understanding, enhancing cooperation, and driving progress in key areas of the insurance sector.
Key points to note and next actions
The new MoU establishes a framework for collaboration in three strategic areas:
- Information exchange – the MGAA and the ABI will work together to promote mutual understanding by exchanging insights on key industry issues, including retail and commercial insurance, regulation, operational resilience, and technological advancements.
- Coordination of views – The two organisations will, where possible and within relevant and significant areas, coordinate views and approaches on key issues driven by governmental and regulatory bodies.
- Joint Events, Learning, and Research – The agreement paves the way for collaborative learning opportunities, networking events, and potential joint research initiatives that will benefit stakeholders across the industry