012: Actuarial Modelling, Pricing and Reserving for Commercial and Niche markets - with David Hughes

<p>On today's episode, we chat with Managing Director of Mulberry Risk, David Hughes. David has over 20 years’ experience working for various Lloyds syndicates such as AIG and Marsh. He talks with us about his expertise within actuarial modelling, pricing and reserving for commercial and niche markets. David has been busy putting together a unique offering for the MGA marketing in the form of Mulberry Risk – he explains more about this on this podcast.</p> <p>LEARNING OBJECTIVES:</p> <ul><li>Understanding and having the ability to support our client’s challenges is a fundamental part of your business.</li> <li>Securing capacity is a top challenge in the MGA market and we need to recognise this as an active market.</li> <li>The MGA market has been a hard market. Now is the time to create a corrective strategy and be clear on that particular strategy too.</li> <li>Having constructive feedback from your employees helps your business to grow, your employees to nourish and your clients retain in business.</li> <li>Your marketing strategy is what gets your brand out there. It’s about experimenting but also looking for concise results and using that to its advantage.</li> </ul> <p>BEST MOMENTS:</p> <p>‘’It's very easy to sit there and think ‘what value does the broker bring?’ but a broker’s job is incredibly difficult. They've got to satisfy their clients - and that's quite a vicious world.’’</p> <p>‘’… So as an MGA, don't hide your results. you've grown your business and if your results aren't quite where they should be, then own those numbers.’’</p> <p>‘’We constantly try to put ourselves in our client’s shoes… what are their challenges? what keeps them awake at night? how can we help support them around that? And I think, from a broker’s perspective and an MGA is to really put yourself in your client’s mind and say, what is it that they're challenged with and how are the services I'm offering helping? how can my services help them? And I think when you do that, it all of a sudden starts to change the relati