The training is Insurance Distribution Directive (IDD) compliant and will provide individuals with continuous professional development (CPD), said the MGAA. (MGA Assess will be officially launched on June 11).
A recent survey of the membership of the MGAA revealed that professional development and education is important to MGAs, with a large number of MGA employees either holding or studying towards CII qualifications.
Moreover, the IDD requires it," said MGAA Chairman Charles Manchester, in a statement.
Source: Managing General Agents' Association (MGAA)
The MGAA said a steering group for Chrysalis has been established "to drive its future direction." The steering group includes members from 10 leading MGAs in London and "the regions." The group is chaired by Katherine Snedden, head of compliance at Dual Corporate Risks Ltd.
Peter Staddon, managing director of the MGAA, said Chrysalis will support career development and "enable those in the sector to benefit and learn from our combined experience." He added that "Chrysalis has the full support of the MGAA board and is aligned with the association's strategy to support the development of the sector's talent."
Membership for the Chrysalis group will be limited to members of the MGAA.
When the layered optimization strategy was applied to solve the problem, the computational time of the proposed method was smallest, whereas the computational time of the MGAA was largest.
Experimental results of the entire system with seven methods and two channels Items Methods MGAA MAGAS IGA OGA HGA GALS Objective Holistic 131.86 180.71 183.19 184.73 189.84 186.27 Function Layered 179.36 182.65 186.75 193.26 197.15 195.24 Simulation Holistic 886.51 99.86 98.14 130.69 95.12 96.17 Time (hour) Layered 270.39 55.18 71.39 85.67 73.19 78.62 Items OurMethod Objective 207.66 Function 239.81 Simulation 53.17 Time (hour) 9.19
"This latest survey highlights how MGAs are willing and able to adapt to the new and emerging dynamics of the market," said Peter Staddon, managing director of the MGAA