239. David Gritz on Why Bespoke MGAs are Changing Insurance

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Speaker 5 In a crude laboratory in the basement of his home.

Speaker 6 Hello, everyone, and welcome back to the show. Today, we have a tremendous episode for you, a conversation with David Gritz, the co-founder and managing director of InsurTech New York.

Speaker 6 And David and I have connected over the last few months just chatting about all things InsurTech. And

Speaker 6 I really enjoy David's perspective.

Speaker 6 He has worked in

Speaker 6 the equity space in the past,

Speaker 6 done

Speaker 6 a bunch of different things as partners in different development firms, and ultimately settling here in the InsurTech space.

Speaker 6 He has has a unique perspective and specifically with an expertise in the MGA, MGU space.

Speaker 6 And these types of products, these managing general agency products, have been listed as one of the kind of future trends in our industry, these specific companies that focus on very niche opportunities, very niche risks, and provide what I believe are independent agents with a very important set of tools in their tool belt.

Speaker 6 Maybe not necessarily a tool they're going to use every day, but something that they can have when they need it or they run into a great opportunity that they can grow in or if it is something that they want to focus on.

Speaker 6 And MGs and MGUs are filling the gaps where many traditional carriers just maybe aren't interested in working in a particular space or don't have necessarily the capacity to be as micro focused as they need to be.

Speaker 6 And, you know, I agree with David. And what I wanted to know was, where do these companies come from? How are they created? What do we need to know as independent agents about MGAs and MGUs?

Speaker 6 And Insured Tech New York has their MGA lab, and David talks a lot about that, which is a place to cultivate, incubate, and nurture MGAs and MGUs as they're released into our space.

Speaker 6 So this is a tremendous conversation.

Speaker 6 If you are interested, particularly in the commercial space, I think MGAs and MGUs are going to play a huge role, but this also goes in personal, right?

Speaker 6 Property accounts, investment property accounts, et cetera. There are a lot of MGAs focused on that.
And David gives a lot of great examples.

Speaker 6 And I just couldn't be happier to have him on the show and just be getting to know David and learn more about his expertise. So guys, I'm going to leave you with that.

Speaker 6 Before we go, just want to give a quick shout out to the new program that I have going, this free course. It is how to build a foundation around your YouTube channel.

Speaker 6 The first 10 videos, absolutely free. The first 10 videos that you need to create to grow your YouTube channel.
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Speaker 6 Having these 10 videos as the foundation of your YouTube channel are going to make it so that when someone Googles you and sees your YouTube channel, what they find is a clear, accurate, and valuable representation of you and or your brand, which is what we're trying to do here.

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Click on that, enter your name and email, and you'll get the course for free.

Speaker 6 It's 12 videos breaking down these first 10 videos that you need.

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Speaker 6 And otherwise, guys, I love you for listening to this show.

Speaker 6 Let's get on to David Gritz.

Speaker 4 What's going on, man?

Speaker 7 Hey, Ryan, you have a pretty nice setup there with like the background and everything.

Speaker 5 Oh, thanks. Yeah, I um

Speaker 5 can't help myself. I

Speaker 5 uh so so if you were to look, so so basically the way I set it up is just in the framing of the shot.

Speaker 5 If you were to

Speaker 5 look at

Speaker 5 like even like right here, it just looks like a regular office. I mean, it's just, you know, whatever.

Speaker 5 The only weird part is I have like sound dampening blankets that hang from all the walls to keep the

Speaker 5 to keep the sound from echoing in the space.

Speaker 7 Nice. And that works well for you?

Speaker 5 Yeah, yeah, yeah. Yeah, they're pretty cool.
They,

Speaker 5 you you know, they're just actually, they're moving blankets. I say they're sound dampening blankets.

Speaker 5 If you go to Amazon and you can buy like six moving, if you, if you type in sound dampening blankets, they'll send you the same exact blankets as if you type in moving blankets, they're the same exact thing.

Speaker 5 And um, they're like maybe 50 bucks for five or six of them, and they're kind of heavy. And I just drape them from the walls, uh,

Speaker 5 and it makes it so that you don't get that equity signed.

Speaker 7 That's great. No, I think I do need to kind of upgrade my equipment at some level.
So when we started doing Amplified, I got this mic and,

Speaker 7 you know, I used the headphones to at least prevent some of the reverberation, but I think there's definitely a lot more I can do to up my game. I have one of those.

Speaker 7 So this also has an XLR jack.

Speaker 7 I can go out and I have, I forget what it's called, but it's basically a mixing box for one to two mics and i could probably clean up the audio a little bit from that too

Speaker 5 when i grow up i would love to be do you know chris williamson do you know his podcast have you heard of him i've heard of him but i haven't i listened to his podcast so i i

Speaker 5 not that he listens to the finding peak podcast but if he did i would want him to take this as a compliment he to me is like

Speaker 5 he's like a younger joe rogan he's like a 20 years younger joe rogan Rogan. Like the way he approaches it is much more calculated

Speaker 5 in so much as like, um,

Speaker 5 you know, he spends a lot of time thinking about the presentation of it, the questioning, that kind of stuff. Rogan just kind of like is a curious individual, hits and goes.

Speaker 5 I'd say Chris is thoughtful. He's got notes.
He has a laptop up that he, you know, has notes on and questions and different things he wants to talk about.

Speaker 5 But like

Speaker 5 the presentation, the visual and audio presentation that this dude puts out is so good. Like just,

Speaker 5 you know, and he's, and he's gotten to the point where he's got a couple of people that help him on every show, but like two people, they're usually in a fairly large room with a smaller table.

Speaker 5 So it's like this very kind of like intimate, but open feel. The audio is just like deep and rich and crisp.
And man, I like.

Speaker 5 Sometimes I will watch, I don't particularly care for listening to podcasts on YouTube, but I will sometimes like watch the YouTube version

Speaker 5 of the podcast just because it's like so good. It's like watching, it's like watching

Speaker 5 an interview on like what used to be like the major broadcast channels. And I'm like, man, that's, that's aspirational right there.

Speaker 5 Like, it'd be pretty freaking cool to have like a team and a setup and like this cool place. And like the people came in and did it live with you.
Like, that's pretty awesome.

Speaker 7 Yeah, I know. I follow a bunch of YouTubers that have pretty good quality.
Like, I don't know if you ever follow Andre Jick. He's one of the millennial money

Speaker 7 people.

Speaker 7 And he does magic tricks in the middle of some of his

Speaker 7 videos. Most of them are, you know, one person.
He doesn't really do interviews, but.

Speaker 7 It's just really interesting how he flips between the different formats and the different views. Like he has a dark style view and a light style view.

Speaker 7 And he just must put a lot of energy into post-production.

Speaker 5 I think that, so I was listening to someone the other day talk,

Speaker 5 a thought leader on one of these channels. And they were, you know, there's this, there's, there's two schools of thought on this.

Speaker 5 And I think it goes for everything when it comes to branding and marketing.

Speaker 5 And, you know, you and I have been having some conversations about different stuff lately, which have been really interesting.

Speaker 5 And I want to talk a little bit, get into a little bit in our space and as we talk into the industry a little bit, but there's two schools of thought on this side. There is the

Speaker 5 raw,

Speaker 5 I'm going to do air quotes for those watching on YouTube, like authentic

Speaker 5 version where it's just get it out and get the message out. And if the message is good, people will come and listen.
And I think there's merits to that.

Speaker 5 And then the other side of it is like, like this Chris Williamson guy that I really like, where he part of his presentation is how much thought and effort and time he's put into the sculpting, right?

Speaker 5 Like the guy that you just mentioned. And I go back and forth, like I kind of vacillate between the two because

Speaker 5 I think both can be right.

Speaker 5 I think what we don't do is spend enough time figuring out which one is right, if that makes sense. Like, is our brand raw and uncut and fast and furious and get it out and tell the story?

Speaker 5 Or is a little more methodical, a little more planned, a little more, you know,

Speaker 5 higher quality post-production, et cetera.

Speaker 5 We just kind of pick one and go with it. And I don't know that we always properly align that with where we want to be.

Speaker 7 Well, and I think there's even some nuance there, because I think there's a lot of delineation between the person and the brand behind them. And I don't think people take advantage of that separation.

Speaker 7 And to use, you know, my two examples, the raw guy that I follow is like James Alticher. So he's kind of famous

Speaker 7 for basically being a digital nomad, even to the point where his kids were kind of embarrassed to be around him.

Speaker 7 And then on the other side, I listened to some pretty professionally done podcasts on NPR, like Radiolab is one of them, even to the point where they have like a full-time sound design person.

Speaker 7 And I think if you think about your brand or business, like in some sense, you know, we want Insure Tech New York to be the polished brand and the experience they get when people come to our events or participate in activities that we have, like formal programs.

Speaker 7 But then, you know, me personally going out on other panels or meeting people in person, you know, I would prefer to be genuine, not reserved, and not methodical about everything.

Speaker 7 I mean, obviously thoughtful, but everything doesn't have to be planned out in appearances. And I think people are interested in who you are, right?

Speaker 7 So, you know, having the opportunity to go skiing with me at insurtech slopes is very different than people that you know hide behind eas in order to get access to the simple conversation with them yes it i i uh it's funny i

Speaker 5 i don't know that i have a

Speaker 5 solid personal philosophy on this yet it is is definitely one area of my life that i find i'm

Speaker 5 it tends to be like

Speaker 5 what day of the week it is or what season or which way the wind's blowing from because there's part of me that loves like the the Cody Sanchez

Speaker 5 be easy to find and hard to get a hold of. I think there's a lot of merit to that, especially when you are heads down building.

Speaker 5 And I was reminded of this a little bit because now that I'm in this kind of consulting role, advising role, et cetera,

Speaker 5 I want to be. I want people to have more access to me.

Speaker 5 I want to make myself both easy to find and easy to get a hold of because part of what I want to do today is have tons of conversations, figure out what companies I think I can help, what companies I want to invest in, what companies I can connect with other individuals.

Speaker 5 And that's the value I'm bringing today.

Speaker 5 During my rogue wrist days, when I was heads down on a, you know, a startup agency pulling out of COVID, I didn't want, if you weren't contacting me to buy insurance from me, I did not want to speak to you.

Speaker 5 Like I did, you know what I mean? Like I didn't put content out into the world that was whatever.

Speaker 5 So I feel like we have to, I think a part of it, a factor in what you're saying is also like, what season are you in? If you're in build mode, a lot of times being difficult to get a hold of is good.

Speaker 5 But I think there are other times, seasons in our career or our lives when that's not, it doesn't help you.

Speaker 5 Like if I'm trying to get a hold of you to do business with you, or I want to make a connection with you, like, hey, dude, I got this great person over here that I'd love to connect you with that I think could help your business.

Speaker 5 And you're like really hard to get a hold of. I'm just, I'm going to be like, you know, whatever.
I'm not going to bother because it's like, now it's work. Now you're making me do work.

Speaker 7 I mean, the funny thing about that, Ryan, is you pull up almost any InsurTech website. And I would say, you know, 70% of them don't have a phone number.

Speaker 7 And they're paying a lot of money onto Google Ads, going to conferences, and people might meet them, but forget their email.

Speaker 7 And now they're stuck, like when there could be an easier channel to get a hold of them. And, you know, it's not that hard to set up Grasshopper.

Speaker 5 Yeah, I, I mean, this is a rabbit hole. I'm happy to go down if you want to.

Speaker 5 But I

Speaker 5 find that

Speaker 5 so many InsurTech founders

Speaker 5 are incredible product designers and just awesome nerds and just so bad at distribution of their product. Just

Speaker 5 horribly, comically bad at distribution of the product. Like you just said, like basic stuff, like

Speaker 5 if you want people to buy stuff from you, having a way to call you is probably a good idea. Like even if it's your cell phone, like early days, like just have a phone number.

Speaker 5 Maybe say, look, like the best we can do today is text me or something, right? If like you're, if it's, but some way to get a hold of you.

Speaker 5 I remember we were trying to purchase a tool one time back at Rogan, and I can't remember that, and I wouldn't say the name of the tool, even if I could remember. And I can't remember what it is.
So,

Speaker 5 but we were trying to purchase a tool and for whatever reason the like credit card thing

Speaker 5 wasn't working you know sometimes stripe isn't connected properly or whatever it was for some reason and i was like but i still wanted the thing so i was like okay i told my person i'm um i told my my uh operations person i was like oh well just give them a buzz and she's like there's no number and i was like

Speaker 5 okay we'll email him and she's like i can't she's like the contact form isn't working. She's like, I don't know what to do.

Speaker 5 I'm like, and like, we're literally having a chuckle on a Google meet about how like we want to give this company money. And they're, they like, there's no way to do it.

Speaker 5 Like, there's no way to give them money to do the thing. And eventually we end up getting a hold of them and it ended up being fine and whatever.

Speaker 5 But I, I mentioned to the founder, I'm like, dude, like, if I didn't really want to use your tool.

Speaker 5 I would have just went someplace else. And, um, and he had no idea.
You know what I mean?

Speaker 5 He was so heads down on product design and that kind of stuff that, you know, the marketing and sales portion had had kind of

Speaker 7 been been left aside well and the funny thing is it's refreshing when you see someone that's aware of it because a lot of these insurtechs are direct to consumer we have one portfolio company that's direct to consumer called chase

Speaker 7 that is a marketplace for extended warranty for your car and just by random happenstance i was in the market for it and considering it and it was you know on a weekend weekend when I had the time to actually think about, hey, you know, I want to make sure I protect my car.

Speaker 7 So I texted one of the founders and we jumped on a call. We figured it out.
And then, you know, over the weekend, I was able to not just get a quote, but actually get a bound policy.

Speaker 7 So I think that's an example of what can actually work. And who knows, maybe one of your investors will become one of your customers if you make it easy to buy from them.

Speaker 5 Yes. Yeah.
No, that's a great point. i i've always said you could you could have an agency that

Speaker 5 was only open on the weekends and market it as such and probably do really really well because no one else is open on on the weekends um

Speaker 5 but well i don't want to i don't want to thrash insured techs and stuff because i uh again

Speaker 5 having just recently gone through

Speaker 5 my own entrepreneurial journey with rogue risk and growing it and selling it and all the things that i went through

Speaker 5 I understand how many different directions you're pulled in. And, and, and, you know, sometimes you could just, you could set something up.
It could be working today.

Speaker 5 You were like, okay, that's fixed. Let's go on to other checklist items.
It breaks and you just don't come around and even know, you know, and these are, these are hard things to stay on top of.

Speaker 5 But, well, dude, I want to, I want to talk about a whole bunch of stuff. I'm so glad to have you on the show.
And,

Speaker 5 you know, we've kind of recently got to know each other a little better and enjoying that and all that.

Speaker 5 And I'm going to be speaking in the, in the, in the fall at your event and um i'll be at the ai one that's coming up here in march uh which is going to be awesome um this will probably come out just before then so maybe the week before so if you're listening to this and you're and you're in the new york area or want to travel um

Speaker 5 incredible event in new york uh that's coming up uh on ai and other things um i'll be there i know a bunch of friends are coming so i'm i'm really looking forward to it and

Speaker 5 uh but you know i the thing the thing the kind of like first question that I wanted to get in, because you're, because you're so in this world, and a lot of the people who listen to this show in particular tend to be independent agency side.

Speaker 5 That's the vast, vast majority of the audience. But then, even inside of that, um, focused on retail

Speaker 5 agency side. So, so we do have wholesalers, we do have MGAs, carriers.
I got some carrier execs listening, and I love all those people.

Speaker 5 But the broad, you know, the largest individual demographic, I'd say would be agency owners, producers, et cetera. Okay.
And in that space, I think

Speaker 5 just because of the nature of their work and the nature of who they are as people, et cetera, and what they do,

Speaker 5 I know they often feel like they catch trends

Speaker 5 late. They catch.

Speaker 5 you know, things that are coming down the pipe, technological innovations, conversations that are happening that I think in your world are probably on point, relevant, this moment, you know, you're seeing down the future.

Speaker 5 And, and for them, you know, they're, they're a few years behind oftentimes, not necessarily because they're incapable of it. They just, it's just not the nature of their work.

Speaker 5 So I would love to just start our conversation with, and you could take this any way you want, but like in general, when you're looking at the companies you interact with, the founders, the conversations you're having, like what, what do you feel?

Speaker 5 And this doesn't have to relate to independent agents, just in general for our space, like, what do you feel, what excites you the most?

Speaker 5 What one kind of concept, technology, thought process that, like, when you hear somebody talk about it, you start, you know, you start veering towards that conversation? Where just for you personally?

Speaker 7 Yeah, so small preference that I have a little bit of an unfair bias in the sense that my functional skill is product management and product development.

Speaker 7 So, that being said, the area that excites me the most is MGAs, and specifically, MGAs that are making making products available to markets that don't really have good solutions.

Speaker 7 So I'll give you a handful of examples and we can definitely follow that rabbit hole down as deep as we want.

Speaker 7 So one that I think is a big pain for independent agents is you probably in the last six to 12 months have had a carrier that decided they wanted to drop one of your customers.

Speaker 7 And most likely it's because of

Speaker 7 inflation or social inflation or natural disaster risk. And it's probably a home or auto thing, especially if you have business in Florida, Washington state, California, or Colorado.

Speaker 7 And there's a number of insurtechs that have come on the scene and they said, look, you know, we're not deathly afraid of doing business in Florida or writing homes that might have exposure to wildfire risk.

Speaker 7 We believe that we can have a proprietary process to write the best homes, to reward the homeowners that actually focus on making their homes defensible against these natural disasters.

Speaker 7 And we're going to go and do it. So that's something that is immediately available to independent agents.

Speaker 7 I mean, obviously, you got to find them and be admitted to sell their policies, but it's something today you can act on. Beyond that, there's a lot of really cool products that we get to see.

Speaker 7 And that's one of the reasons why we built the MGA lab, because we felt that there was a gap between, hey, I'm really good at this type of business. Maybe you write a lot of churches.

Speaker 7 Maybe you do a lot of industrial warehouses. And there's just this need that's out there, but you just don't know how to build a product from start to end with the carriers and launch it.
So

Speaker 7 the MGA lab was our opportunity to help with that. And just to give, you know, a random sampling of some of the cool concepts we've had in the lab.
So one of them is called five by five.

Speaker 7 So for individuals that are pilots and they want to fly their own plane and not have to hire a pilot, oftentimes it's much more expensive to purchase the insurance given that it's not your job full time.

Speaker 7 5x5 is a telematics-based solution in order to help pilots get the right coverage for their hobbies. On the completely flip side of things, on the life and health side, we had a company called Flora.

Speaker 7 They're based in Canada, and they're trying to solve the fertility benefits problem, which is a lot of women are deciding they want to focus on career first and family second.

Speaker 7 And that could be very expensive down the road if you have to have treatments or medical support in order to have the children that you want. So instead of

Speaker 7 investing a ton of money today to freeze your eggs, you can buy an insurance policy. policy.

Speaker 7 So if you have to have any treatments, it's covered in, you know, you're paying the appropriate amount amount of cost for your age and, you know, the day that you decide that you want to have a family, but you don't want to necessarily have it today.

Speaker 7 So, I mean, these are just a few examples. I mean, we've also had companies that are in the crypto space to protect NFTs.

Speaker 7 We had a company that does battery warranty, one that covers, you know, I know, Ryan, you went through an acquisition of your company, but covers the financial risk of the buyer for the acquisition.

Speaker 7 So there's just so much possible opportunities out there.

Speaker 7 And I think for me, the entrepreneurs that are trying to build products that find a niche, help someone with a coverage area that, you know, just frankly is not available enough or doesn't even exist.

Speaker 7 That's what excites me the most.

Speaker 5 Yeah, I love that. So I want to go.

Speaker 5 I'm going to take this back a couple steps and talk a little more granularly about InsurTech MG specifically for the listeners at home or wherever they are, because I think we hear this term.

Speaker 5 And, you know, one of the things that I know for sure, especially in the independent space, and I do think this is changing rapidly and it makes me very happy.

Speaker 5 And it's why I'm excited to be coming to your events. And, you know, I'll go to ITC this year and I might go to InsurTech Hartford.

Speaker 5 And, you know, and I'm really excited about this next season of my career getting involved in some of the technology companies because

Speaker 5 I was very much their opponent in the 2015, 2016. I was one of the most outspoken opponents to the insurtech revolution when all these like, you know,

Speaker 5 we'll call them coastal dicks who had done regression analysis in their MBA classes came in and started telling insurance agents that they were dopes and didn't know what they were doing.

Speaker 5 And I was like, well, wait a minute. Technologically, you might be right, but you have no, you know, these people had no idea how the psychology of our insurance was purchased.
Okay.

Speaker 5 And I think that wave, many of that wave of insurtechs crashed up against the rocks and either evolved or fell apart.

Speaker 5 But this next wave is what is so exciting to me because it feels so, and there's obviously some D2C plays and I think that's great. But so many more of them are either have built an entire

Speaker 5 section to work with agents and maybe they have a D2C too, or they're just fully broker enabled, broker partner, and are not trying to tell everybody why we've done everything wrong for 442 years, although consistently made profit through that entire time period and more people have jobs and we have one of the highest, the best employment retention ratios

Speaker 5 of any industry in the world. So,

Speaker 5 okay, a big diatribe, because that's the show and I have no other way to ask questions other than really long-winded, is to come all the way back and say, just at a very base level,

Speaker 5 for the listeners at home. Is there a difference? And if there is,

Speaker 5 what would be some of the intrinsic qualities of it between an InsurTech MGA and say a traditional MGA that maybe some of these guys have used for 20 years?

Speaker 7 Sure. So, you know, I'll take one of these property examples, right?

Speaker 7 So, you know, in property space, there are a lot of traditional MGAs that have found a very tight niche.

Speaker 7 Like I gave the example of churches or maybe, you know, commercial real estate segments like industrial properties or vacant buildings.

Speaker 7 And there are traditional MGAs out there and many of them are great and they're friendly to work with and they're out there to help you and be good supporters.

Speaker 7 So the main difference behind an InsurTech MGA and traditional MGA is really just the perspective that they look at the world.

Speaker 7 So an InsurTech MGA looks at the world from a very digital and granular perspective. So they have,

Speaker 7 from their perspective, the highest amount of the risk that they want to have a deep understanding of because most of their understanding is coming from data opposed to experience.

Speaker 7 So traditional MGAs, many of those that were started in the 80s, 90s, or early 2000s, the reason why they were created is because it was a broker that got really good at a business.

Speaker 7 They were better than the underwriters of the carrier. So they told the carrier, let's do the underwriting for you.
Insurtechs don't have 10, 20, 30 years of legacy.

Speaker 7 So the only way that they can be as good or better underwriters than the carriers is by either selecting a niche of business that no one else really focuses on.

Speaker 7 Like we talk about pilots that want to fly their own planes, or they have some type of data advantage.

Speaker 7 So, like in the example of Batterize, the battery warranty company in our MGA lab, the founder is a battery scientist, you know, so their team is based in Oakland, California, where a lot of this green technology is being created.

Speaker 7 So they know better than anyone else what's going to cause a battery to fail or live longer than it's expected. So that data advantage.

Speaker 7 of having 30 years of selling insurance to companies that make batteries is not as much of an advantage as the insure tech that understands battery chemistry, knows how to collect data and can digitize that data for better underwriting.

Speaker 7 So I would say both are good good to work with, generally speaking, but you're trading in either data or digital underwriting experience or just pure raw expertise.

Speaker 5 Yeah, I love that. And I think, I think that's a wonderful way to separate it because you explained perfectly how a lot of traditional MGAs do evolve, right?

Speaker 5 They're just retail brokers who, like you said, I think you said it perfectly, get good at something almost better than the underwriting team, and then they get the pen and then it evolves from there.

Speaker 5 Um, so let me, let me just again, just framing some of these thoughts in my head.

Speaker 5 So, when, let's say, I have a great idea for a potential MGA,

Speaker 5 and you know, a market I want to go after, a problem I think I can solve, both from a marketing perspective and from a transfer of risk perspective, that will, you know, potentially yield profitable results.

Speaker 5 Maybe I have some history in that industry or I've worked with them, et cetera. Okay, all that's true.
So,

Speaker 5 if I'm going to base my underwriting and my ex,

Speaker 5 product on

Speaker 5 data, am I essentially doing like what

Speaker 5 mutual fund or hedge fund managers do or trading desks, where I take a data set and I go back and say, hey, let's run this algorithm over the last 10 years and see if it would have produced profitable results if we had underwritten it this way?

Speaker 5 Is that kind of how they're approaching it? Or how do they figure out, if you don't know what's going to happen in the future necessarily, right?

Speaker 5 Well, we don't. I think maybe probabilistically you can come close, but

Speaker 5 how do you get that data? How do you get to understand,

Speaker 5 okay, if we approach this warranty business, you know, you were talking about, and we do it this way and we price it in this manner and we go after this certain segment, we can actually have, like, how do you figure that out?

Speaker 5 I mean,

Speaker 5 at a high level,

Speaker 5 we don't need to get into the ones and zeros.

Speaker 7 Yeah. So, you know, I'll just give you an example.
One of our portfolio companies, The company is called Cerdis, and they focus on multifamily properties that's managed professionally.

Speaker 7 So think, you know, the 50-unit garden-style apartment, you know, down the street from you in any smaller metro area or, you know, the six-floor high-rise that has 100 units in it.

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Speaker 7 So essentially, you know,

Speaker 7 that data exists for traditional

Speaker 7 business. That data exists based off of claims history for a lot of the larger carriers.

Speaker 7 But the difference is with Cerdis is they're saying, you know, all of our operators need to use our software called Leonardo. And Leonardo is the checklist for the property manager.

Speaker 7 So they make sure, you know, the pools are properly maintained, the roof gets inspected at its regular intervals. People

Speaker 7 are able to report information about the property. So it gets fixed.
And ultimately, you can cut some of that potential liability out of the equation. So in that case, right.

Speaker 7 You don't necessarily know the impact of Leonardo. I mean, for them, it's a little bit unfair.
Leonardo's been out there for 10 years.

Speaker 7 So they could look at properties that have used Leonardo just as the software and see the performance.

Speaker 7 But I think what you can do is you can say, you know, what's the normal loss ratio for traditional multifamily property, let's call it 50 to 500 units, right? What does the top decile look like?

Speaker 7 What does the top quartile look like?

Speaker 7 And then you can say, what are some of the characteristics of the top decile and the top quartile of loss performance for these building owners or property managers?

Speaker 7 And what are those characteristics that determine that, right?

Speaker 7 Obviously, there's normal underwriting factors, you know, age of the building, crime rate of the area, or just impact of natural disasters, like how much convective storms are.

Speaker 7 But then there's these softer issues, like, you know, do the property managers actually follow the checklist? How often is the

Speaker 7 sidewalks inspected for major problems or divots? And, you know, how happy are the individuals that are renting renting from this specific building and that

Speaker 7 softer part there isn't a magic formula where you can go back and you know look at munich re's loss runs across all of their customers for those things but you basically have to take a leap of faith and say you know we know what the pricing needs to be to be competitive today if we're able to perform in the top median or the top decile, right, then we will make money for our carrier or reinsurer.

Speaker 7 And that's what most of the MGAs have to do: they have to find industry data to get the reinsurers excited or maybe match up with what the reinsurers already have, and then say, we are going to beat that industry data because we have these three other data points that we can kind of loss control for or manage against that we think is going to give us an advantage.

Speaker 7 And sometimes they're right and sometimes they're wrong.

Speaker 7 And if they're wrong, it could mean they go out of business, but it could also just mean next year they figure out better better data points that they can use.

Speaker 5 Yeah.

Speaker 5 So

Speaker 5 if they're looking at essentially the same, or have you, you'd have to assume a lot of these companies essentially have this access to similar data sets, or if they wanted them, the traditional carriers could get access to these data sets.

Speaker 5 Why do you think that

Speaker 5 more traditional or legacy carriers,

Speaker 5 why do they even allow these MGAs to exist? Like, why not just create these products themselves, box them out of the market?

Speaker 5 Why even open the door for these types of companies? And

Speaker 5 it does very much feel like we're heading towards what could be a golden age for MGAs. I mean, there's so many of them popping up.
They're addressing very unique needs.

Speaker 5 There's tons of new,

Speaker 5 it feels like there's tons of new MGAs popping up all the time that are finding different little niches to address and provide value in. So, like, why do you think the traditional carriers allow these

Speaker 5 entities to take space?

Speaker 7 Yeah, so I'll give you two reasons, and one of them, I'll give an example. So, the first reason is really just a scale problem.

Speaker 7 So, if you're Chubb, Travelers, Nationwide, or even Arch for that matter, you want your internal teams focusing on how they can take their books of business from 150 million to 200 million or 450 million to 600 million.

Speaker 7 Because if they only have a limited number of really strong leaders and really effective producers or underwriters, they have to push on the scales where incremental makes a big impact.

Speaker 7 But to go from zero to 150 million is very difficult. And most of the time, the underwriters that are sitting in the chairs are operators that have not done that or don't know what to do.

Speaker 7 So if an MTA comes to them and says, look, I can bring you a book of business and, you know, year one, it might be 10 million, year two, maybe 30 million and year 10 might be 150 million to match one of your other lines of business.

Speaker 7 Would you be interested? And a lot of the times the answer is maybe, or the answer is yes, because ultimately they don't have enough internal talent to incubate and produce all of theirs.

Speaker 7 There are some carriers that actually have a strategy, like Everspan is one of them, where they acquire and build teams to be able to do this. And I think more power to them.

Speaker 7 But most carriers do not have that ability. So it's much easier to say, you know, look, we're going to take a risk on a new emerging team.

Speaker 7 And maybe if we take a risk on 10 of them, three or four pan out, and it will kind of pay for the couple that we wasted a little bit of startup capital for because, you know, now we have a great book of business that we're writing for.

Speaker 7 So that's one, which is the scale. The other point, which maybe to challenge your assumption.
So your original assumption was the carriers have all the data and they can use it all. So

Speaker 7 my belief on that is the carriers do have all the data, but it may or may not be accessible, right?

Speaker 7 So oftentimes it might be locked up in some core system that is not easy to access, run queries on, or they just might not not have enough data scientists or IT people to be able to manipulate the data in a way that is useful or effective for them.

Speaker 7 So

Speaker 7 because of that access problem, it's much easier for a startup that has no legacy to just go ahead and say, you know, we'll create the data, we'll make it accessible in the easiest way, and, you know, we're off to the races.

Speaker 7 For a carrier looking at that, even, you know, allowing the startup to access some of their own claims data is probably worthwhile because they don't need to pay for the costs.

Speaker 7 And startups are scrappy. So oftentimes they can do the same thing with like one tenth the amount of cost, whether it's like data science or IT resources.

Speaker 5 So both of those things make a tremendous amount of sense to me. I really like this idea, and I just had never framed this in my head this way.

Speaker 5 Essentially, what carriers are doing with MGAs, MGAs, in a sense, is outsourcing scale for themselves. It gives them, it's almost like a VC placing bets.

Speaker 5 They might like the AI space, but they have no idea who's going to be the winner.

Speaker 5 So they take 10 bets and they say, here, we're going to help you support these programs and hope one or two of them hit and that makes up for the rest.

Speaker 5 That's essentially what you described and kind of a similar idea.

Speaker 5 I mean, maybe not exactly so calculated as that, but it allows them to maybe push into new markets or get insights into things they don't see without having to spin up teams or build expertise, et cetera.

Speaker 5 That's what I kind of hear you saying.

Speaker 7 Yeah, definitely. But the other thing is, like, to have one program manager that can manage five programs, and let's say after 10 years, some of the programs only get to 10 or 20 million in premium.

Speaker 7 you still only have one person managing five of them versus if you had to hire five underwriters so you're actually better off financially to do that as well even if it you don't have one that hits, because just the efficiency of

Speaker 7 managing programs versus running programs.

Speaker 5 Why do you think it is that

Speaker 5 you had said this before that a lot of these insure tech MGAs are not definitely afraid of risks like Florida property or California or insert, whatever other,

Speaker 5 you know, kind of traditionally

Speaker 5 risky.

Speaker 5 I almost said risky risk. You could tell it's the afternoon.

Speaker 5 Whatever high exposure risk you could add in there. Why is it that they're not deathly afraid? Like, what is it? Is it just the nature of an entrepreneur trying to attack a problem? Is it that

Speaker 5 with access to

Speaker 5 with accessible information and a better understanding of data science, they can actually maybe see things or see around corners that we haven't in the past?

Speaker 7 Like, like, what gives them what is it about these organizations or and or the types of individuals that makes them not deathly afraid of say florida property yeah so i'll give you the optimistic view and the pessimistic view okay yeah yeah i love that So the optimistic view is essentially the entrepreneurs can take advantage of hyper targeting.

Speaker 7 So let's just say you're Kettle, Greenshield Risk, or DeLos all doing wildfire in California. They are not state farm where they need to be available everywhere in the state.

Speaker 7 They can say, you know, of the thousand submissions, we're okay with taking like 25 or 50 a month because we're only interested in this area of Sonoma County, or we only want to write on one side of the 101 because we feel like the coastal side is better than the inland side.

Speaker 7 And when you're able to be that granular, one,

Speaker 7 if you're new, you're not necessarily going to upset all the independent agents because they can understand you're just really picky.

Speaker 7 Or maybe you tell them, like, we're only looking for homes that have no grass or shrubs that will actually burn. And they can look at their customers and say, okay, this is the rule.

Speaker 7 Like, if you want to get the coverage and don't want to be in the state fund, then you just got to follow these rules.

Speaker 7 if i was state farm and i said you know everyone has to remove their shrubs it's going to make the media so i think because because they can do hyper targeting, they can be more effective in their risk selection.

Speaker 7 I mean, DeLos in their first year of writing had zero claims and they're writing in wildfire exposed area and there were fires that year.

Speaker 7 So I think, you know, Kevin did a really great job of targeting, but he also didn't have to own everywhere in the whole state. So that's one optimistic view.
They can be more selective and picky.

Speaker 7 The pessimistic view is it's not their balance sheet, right?

Speaker 7 So if you're a founder of an MGA, typically the stack looks like, you know, front-end carrier is taking maybe 5% to 25% of the risk, and then you're reinsuring for all the rest of it, and then you're getting, you know, your MGA commission.

Speaker 7 So

Speaker 7 when you don't have as much skin in the game, I mean, they usually have sliding scale profit share. So they are getting upside from the underwriting profit, but they're not getting downside.

Speaker 7 Like the carriers are usually going to say your MGA commission is 25%, but they're not going to say you had 110 years and we're going to like take money back from you. So

Speaker 7 sometimes the founders just found a loophole in the system where they're ultimately getting access to somebody else's balance sheet.

Speaker 7 And yes, like ultimately they're taking risk in a sense that if it doesn't work out, they could lose their reinsurance and they're done.

Speaker 7 But, you know, how many years did Lemonade lose reinsurers a lot of money and they're still alive today? So some founders just look at this and like, you know, maybe they're not,

Speaker 7 you know, Daniel or shy, but they do have some of this kind of West Coast or East Coast arrogance there.

Speaker 5 Yeah. Well, if you look at lemonade stock price, you're not sure they're still alive, but I guess they are.

Speaker 5 The website still loads.

Speaker 5 That's,

Speaker 5 I still have not recovered from the shots that they took at the independent agency space when they took them.

Speaker 5 There's just a small amount of bitterness I retain from 2016 for that. But

Speaker 5 so I think it's incredibly interesting to me that

Speaker 5 is the barrier,

Speaker 5 how high is the barrier to spin up an MGA? You talk to some people, you know, I have. I have friends all over the space that play in all different regions, and it's so interesting to talk to them.

Speaker 5 And like,

Speaker 5 you know, some of them will be like, oh, you just, you just go get some reinsurance paper and, you know, talk to these guys.

Speaker 5 And they got this whole shelf of fronting stuff that you just pluck it off and put it together. And you got to put a brand on it and off you go.
And I'm like,

Speaker 5 that, I mean, I understand you're being very cavalier with your words right now, but it can't be that easy, right? I mean,

Speaker 5 but then when you describe really the relationship, you know, obviously you have to have the relationships, you got to have a business plan.

Speaker 5 They're not just going to throw reinsurance over the top of something for no reason. But, you know, what really is the barrier? You know, say someone's listening and they dominate,

Speaker 5 I don't know, farms that have large pig populations and, you know, they figured out some

Speaker 5 thing that gives them some advantage in farm insurance and they want to go find a reinsurer and some fronting paper that will put together a program that will allow them to write pig farm insurance.

Speaker 5 I'm just making that up. Like,

Speaker 5 what really is the problem? I mean, obviously there's 10 million steps, but just at a high level, like, is it it as simple as having these contacts, having a good risk, et cetera?

Speaker 5 Or, you know, is it, is it, is it much more in depth? Do you really have to be part of this world? Like, you know, you know, like being in the VCPE world.

Speaker 5 Like, you're either in that world or you're not. There are not a lot of people that just jump in, you know, at any given time.
So, like,

Speaker 5 how do you get into there? How do you make these contacts? Do you got to fly all the way to Lloyd's? Like, like, where do this, where do these things evolve from?

Speaker 7 Yeah. So I'll answer both parts of that in order.
First, is it hard? And then second, what are the overall steps in the process? So is it hard?

Speaker 7 I mean, I don't want to shatter people's dreams, but it's extremely difficult. And if anyone says starting an MGA is hard, just tell them, why don't you go do it first and come back to me?

Speaker 7 So there are a lot of founders that we've seen spend two to three years and either not make it or just barely get over the edge, like hanging on the cliff and figure it out. And

Speaker 7 one of the reasons why it's hard is because just like you said, Ryan, like you got to be in the world and in the network.

Speaker 7 And I'll just give you a maybe unfair example, and I'm not going to name the company specifically, but there was a company that pitched to our fund. They're based in the UK.
They focused on

Speaker 7 essentially helping people

Speaker 7 solve the sandwich in the middle caregiving gap where you're taking care of your kids and your parents at the same time and offering solutions to help

Speaker 7 mainly on the parent side of the equation as an employee benefit. And

Speaker 7 generally speaking, this is a new line of business in the UK. There are a couple of startups doing something similar in the US.

Speaker 7 And it's a... arguably nice to have, not need to have.
If you're a benefits broker selling to

Speaker 7 mid- to large size companies, they're not like, oh, I'm i'm really worried about my employees i have to take care of their parents and that's causing so much absenteeism this is my number one priority above like having a slightly better dental plan it's just not true so

Speaker 7 this this founder pitched to us and he said you know we got capacity and the carrier was you know a very good carrier based in new york which we've talked to and asked to participate in the mga lab and they were always super reticent about doing anything with startups.

Speaker 7 And I just like, also, the founder was in his younger 20s and never had started an MGA before. So I just, after the first call, kept racking my brain, like, how did this happen?

Speaker 7 Like, how did he do this? Is this guy magic, right? So, second call, we get on for a diligence call. He also brings his dad on the call, who happens to be.

Speaker 7 the chairman of the UK division of the carrier that is in New York. And it all clicks for me.

Speaker 7 You know, if you have that in, of course you can get the board to approve it because ultimately you might not have as much skin in the game, but you're, you know, in this case, dad has a lot of skin in the game that if he's betting on his son, it's going to pretty much wreck his career if it doesn't turn out well.

Speaker 7 So having a good connection on the inside makes a big difference in the viability of you being able to pull this this off.

Speaker 7 The other thing, which I would say is this number one success factor that all the independent agents have an advantage over the founders is if you have a book of business in the space, like you have five, $10 million in premium in the space, the carriers will instantly give you credibility because they know you can get that book over to the program versus a startup that's completely starting from zero.

Speaker 7 So I wouldn't get discouraged if you're an independent agent because, you know, just grow your book in the way that you know how and then start the process.

Speaker 7 You don't have to start from zero like every startup. And like you really should leverage those connections, right?

Speaker 7 Like if you know a really great underwriter and nationwide, like it's going to be much easier to get the programs person than you know to just cold call them. So that's the hard piece of it.

Speaker 7 So, I mean, that's one of the reasons why we created the MVA lab is because we know how hard it is. We saw how much founders struggled.

Speaker 7 So we wanted to try and create all the ingredients and be the ones that could be your kind of inside reference, so to speak, to get you over that hump. So that's easy or hard.

Speaker 7 Second component is what are the major steps? There's three primary steps, and we can dig into more, Ryan, if you want to. But the first step is ultimately the financial model.

Speaker 7 So there's two components of this. One is how to get to scale, and the other is profitable underwriting.

Speaker 7 So how to get to scale, ultimately, very few carriers are going to care unless you can prove within two to three years you can get to 10 million in premium.

Speaker 7 And I understand, like, if you're starting at one or two, it can be really hard. But if it's a good enough idea, good enough product, a lot of people are going to want it.

Speaker 7 And it won't be necessarily as difficult as you think because you're not going to be the only one that's selling it. So that's one part.
The other part, the underwriting side of it.

Speaker 7 So this can be broken up into three major components. First is the actuarial model, aka the pricing.

Speaker 7 How can you price it in a way that is interesting enough that people will buy it and will still make money? Then is the underwriting guidelines. What's in the box? What's out of the box?

Speaker 7 What will you make special exceptions for? And how do you make sure that your underwriter follows those rules?

Speaker 7 If you can't write it down in an extremely explicit way and hopefully find a similar filing, then the carrier or the reinsure is going to look at you and say, like, come back to me when you figured out what you're going to accept and not accept, because that's how you protect their balance sheet.

Speaker 7 If you don't have strong underwriting, they will lose money and they're going to assume that from the gate. And then the third component is ultimately figuring out your regulatory strategy.

Speaker 7 Is it an admitted product? Is it an ENS product?

Speaker 7 Are you starting in one state and expanding? Do you quickly want to do a 50-state strategy? Is it going to be something that's offered in like an affinity way?

Speaker 7 Or is it going to be offered, you know, directly through the traditional agent channel? So you got to figure all those things out,

Speaker 7 you know,

Speaker 7 theoretically and then start to execute on them, which could be, you know, expensive from the legal perspective. So you have to be efficient at that.

Speaker 7 I mean, we've seen 10 to 20 X order of magnitude of startups in terms of how much it costs them to get, you know, license licensed to sell their product in a state.

Speaker 7 And all comes down to how well did you think about it ahead of time. So that's first step in the process, the financial model.
Second step in the process is ultimately building your risk stack.

Speaker 7 So, you know, if it's admitted and for some ENS products, you're ultimately going to need to find a front-end carrier or hybrid carrier that's willing to let you use their paper and licenses, right?

Speaker 7 Because my guess is you're not trying to start and become a carrier because you just need so much capital. So you're going to find someone that wants to put their name on the front of the policy.

Speaker 7 Second component of that, of that stack is the reinsurance component. Most common for MGAs is to set up some type of quota share.

Speaker 7 So you want to find equal or unequal reinsurance partners that are going to take anywhere from 10 to 90% of the risk.

Speaker 7 And maybe you guys want to have some skin in the game where you set up a captive or an offshore reinsure that allows you to participate in that.

Speaker 7 It makes it more interesting to the reinsurers if you have money to lose.

Speaker 7 But that's not a necessary, that's more of a nice to have. And then the last part is probably the part that you might be the best at, which is how you're going to distribute it.

Speaker 5 Who,

Speaker 7 you know, what process and what timeline.

Speaker 4 Yeah.

Speaker 5 When you,

Speaker 5 geographically speaking, when you're you're talking to, and again, I know every project is different and there's nuances, but as a rule of thumb,

Speaker 5 do you see it better to start regionally and expand? Do you, I've seen like, um,

Speaker 5 um,

Speaker 5 I had, and I'm going to, oh my gosh, I'm blanking on his name from Branch Insurance, Steve.

Speaker 5 Yeah, Steve. Yeah, yeah, great guy.
Loved having him on. Um, when he was on, you know, they were talking about their expansion strategy.
And this was about a year and a half ago,

Speaker 5 maybe even longer. They've come quite a long way since he was on.
It may even be, geez, it might even be longer than that. But, but if you go back in the files, guys, you can see it.

Speaker 5 But he was, you know, they were in like six states at the time. And he's talking about how, you know, then we're going to jump here.

Speaker 5 And if you like looked at a map, it would look very frenetic, you know what I mean? It was like all over the place.

Speaker 5 But, but obviously he had a very, you know, they had done their research and he had a very detailed plan on how they were expanding. So like,

Speaker 5 you know, I think to a neophyte, you might say, oh, we'll start in Pennsylvania and then we'll add these five, you know, and then we'll just grow and grow and grow, where

Speaker 5 I haven't seen that. It seems like everyone kind of jumps around.
Maybe that's because the regulatory environments are easier to deal with or they're less expensive or whatever.

Speaker 5 You know, how do you, how do they, how do they think about geographic expansion?

Speaker 5 Because I know that can be frustrating for agencies sometimes where like they see this great product that they love to write, but maybe it's not in their state yet, or it's only in one of the states they write in in and not in two of the other states, and that becomes hard to manage.

Speaker 5 Like,

Speaker 5 what is the general philosophy behind geographical expansion for MGAs?

Speaker 7 Yeah. So there's three layers to it.
And just to give you them up front, it's market, regulatory, and then ultimately

Speaker 7 network, right? So first is market. Where are your customers, right? So let's just say you come up with an oil and gas product.

Speaker 7 You know, you definitely want to be in, you know, Texas, Louisiana, probably, you know, if it's fracking related, Pennsylvania, North Dakota, the places where your customers are.

Speaker 7 But does it make sense to be in Vermont where they won't even let pipelines go through their state? Probably not.

Speaker 7 So, you know, from a market perspective, you might be able to eliminate a bunch of states because either they're too small, like if it's personal lines, there might not be enough humans in that state.

Speaker 7 If it's a certain type of risk that doesn't exist in certain states, then you don't have to write it.

Speaker 7 Or you might want to just figure out like who are your top three areas geographically and focus there first. So that's the first piece.
Second piece is regulatory strategy.

Speaker 7 So if it's excess and surplus lines, right, it's a lot easier to get set up in those states because you don't have to file. So it might be much faster to expand everywhere.

Speaker 7 If it is an

Speaker 7 admitted, then what you want to think about, right, is what the cost is to go to the states that you ideally want to go to, right?

Speaker 7 So, you know, New York and California are usually very difficult states, more expensive, more time consuming.

Speaker 7 Maybe you want to prioritize doing those first because you have to go through that, or maybe you want to do them last because they're such a pain in the ass.

Speaker 7 And the other thing is thinking about what type of state are they, right?

Speaker 7 Are they a file and use state are they used in file state or are they a traditional you know file and approved state and based off of that that might change your sequence because you know that you can get approved a lot faster and let's say you know arizona versus california um even though california might be a bigger market you know i might as well be wanting to start selling right away so i'll start in arizona so that's you know how I would look at the two major factors.

Speaker 7 And then the third factor is important, but not as significant, which is where is your network right like where do you know distributors so you might think ideally like one i'll give you an example right there's a startup that um was one of the finalists in our competition called Sego.

Speaker 7 They sell auto insurance to primarily Spanish-speaking audience. So English is a second language.

Speaker 7 So naturally, there's certain states that are going to be great, you know, Texas, Florida, Illinois, New York, New Jersey, right?

Speaker 7 And for them, you know, one of the challenges they had regulatorily is that some of the states did not actually allow policies to be in Spanish. They had to be in English.

Speaker 7 So if they have to do some lobbying to change the laws, you could probably start in the states where it's legal to sell Spanish language policies and then do your lobbying and bring on the other states.

Speaker 7 Obviously, like there's ways that they can sell without fully adapting their strategy, but that's one way that you would definitely think about your network.

Speaker 5 It's really interesting.

Speaker 5 I like, you know, I think that

Speaker 5 this segment of our industry plays such a crucial role in

Speaker 5 how we operate

Speaker 5 program business, captive business, MGAs, et cetera, these niche-focused products, people that are trying to attack risk from different angles.

Speaker 5 While, you know, our,

Speaker 5 I do give legacy carriers a hard time because it's fun. Obviously, they're a tremendously important, you know, crucial.
I mean, they are the suppliers of all suppliers are our traditional carriers.

Speaker 5 However, there are so many instances like you, like you mentioned, around Florida property, California,

Speaker 5 California wildfires. I have a buddy that runs

Speaker 5 a program focused on flood insurance, particularly in California, because of the kind of odd and unique nature of flood insurance from California versus what I, you know, what I would have to deal with here in New York versus him is so much different.

Speaker 5 And,

Speaker 5 you know, there's

Speaker 5 it's so important that these, that these organizations exist. And I think that what oftentimes happens is, and this is one of the reasons why I stuck with this topic through our entire conversation.

Speaker 5 I know we could have gone so many different directions, and it gives me a reason to have you back on, but

Speaker 5 I feel like this segment of our market is often overlooked and often undervalued.

Speaker 5 We see a MGA and we go, ah, well, you know,

Speaker 5 I can't put any contingency income on and, you know, it's all fronted or reinsured paper. So how good is it?

Speaker 5 You know, there's all these like kind of colloquial, dismissive things that are thrown at these types of

Speaker 5 organizations.

Speaker 5 And

Speaker 5 it has not been my case. I mean, there's always going to be bad apples.
There's always going to be people that make bad decisions that come and go. But it does not seem to me like

Speaker 5 our industry is going to become

Speaker 5 right now. It feels like we're in a contraction phase from our large legacy carriers.

Speaker 5 I mean, that's obviously been the case, but it feels like this seems like it's going to probably last a little longer.

Speaker 5 The Fed just came out and said they may actually increase interest rates instead of drop them in 2024, at least

Speaker 5 in the first meeting. And if that happens, being able to place risks with

Speaker 5 these types of MGAs is going to be more and more necessary to properly serving your customers. So I'm just, I'm glad we got to spend so much time on it.

Speaker 5 I know there are a million topics we could have gone down, and I'm sure maybe you would have, but it'll give me, like I said, it'll give me a reason to have you back on.

Speaker 5 And I really wanted to press this button because I do think it's important.

Speaker 5 If people want to learn more about you, about what's going on in Sure Tech New York, about the lab, about some of the companies in your portfolio,

Speaker 5 where do they go? Where should people who are listening to this that are intrigued? How do they get on your email list, et cetera? Like give them the pitch for how to get deeper into your world.

Speaker 7 Yeah. So the best place to go is insuretechny.com.
And you can find more about the MGA lab, our spring conference coming up, and, you know, all of our events throughout the year.

Speaker 7 And, you know, if you're listening and are curious about this MGA topic, feel free to, you know, reach out and connect with me on LinkedIn.

Speaker 7 As Ryan puts out, like i do definitely want to talk to more aspiring mga founders and you know happy to see if there's a way that we can help you whether it's advice or you know formally through the program yeah i love it dude uh so glad we've we've been uh connecting here and uh look forward to that continuing and glad we had a chance to have you on the show

Speaker 7 thanks

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