Stere Drives Growth as the MGA Market Flourishes
Digital ecosystem is an efficient market – cutting carriers’ and reinsurers’ scouting time by 50 percent
NEW YORK, NY, August 16, 2021 – Stere, a digital ecosystem designed to tackle speed-to-market, capacity sourcing, and other challenges faced by managing general agents (MGAs), announced today the addition of two key executives as the company expands to drive growth in the surging MGA market. Rick Wiseley, with deep insurance underwriting experience working at Hiscox, QBE, Markel and Hannover Re, joins Stere as the Head of Business Development from Relay Platform, Inc., and Adib Saad joins as Head of Technology, also most recently with Relay. Both are new roles at Stere as it expands its offering bringing MGAs and carriers together through a highly efficient digital platform.
The MGA and program business market is booming as carriers and other risk capacity providers seek to grow in new market segments, new territories, and new products. However, the process of matching MGAs and program administrators with capacity providers is inefficient – mired in convention and decades-old processes and technologies. Additionally, many MGAs and their capacity partners are not benefitting from new technologies that lower costs and improve the insurance-buying experience. Launched in May 2021 by program insurance professionals, Stere is a digital ecosystem that efficiently brings together carriers, reinsurers, and other risk capacity providers with reinsurance brokers, MGAs, program administrators, and embedded insurance platforms. The Stere ecosystem also encompasses underwriting, claims, policy administration, and other technology-driven service providers.
“Despite inefficient processes, the MGA and program business marketplace is experiencing robust growth,” said Dogan Kaleli, CEO of Stere. “With Stere, this segment of the insurance market can grow even faster with less friction and greater stakeholder satisfaction. We’ve signed on 23 MGAs in just six weeks, who generate $900M+ in premium through their programs every year. Clearly, there’s a need for a better approach. We are delighted to have Rick and Adib aboard to help take us to the next phase of our development.”
Wiseley is an accomplished, senior insurance professional with a proven track record in underwriting and program business. Over the course of his career, he held leadership roles at Hiscox, QBE, Markel, and Hannover Re, building primary insurance and reinsurance portfolios through strong nationwide client relationships. As Client Executive at Relay Platform, Wiseley was responsible for developing and supporting business for both facultative and treaty products.
Saad is a software engineer specializing in SaaS start-ups – and as the Head of Technology is leading the platform development and product design at Stere. Prior to joining Stere, he was the Senior Software Engineer for Relay Platform where he worked on all facets of the business ensuring seamless client delivery. He began his career at Onclusive, a Silicon Valley-based PRtech start-up, where he participated in the development of the flagship products.
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About Stere.io
Stere.io is a digital ecosystem for insurance programs. With Stere, program leaders source insurance capacity and access digital tools to launch sooner and grow smarter. Stere clients are MGAs, insurtech MGAs and embedded insurance programs, and their ecosystem partners such as carriers, fronting carriers, reinsurers, brokers, program consultants, and technology providers. Visit www.stere.io or email hello@stere.io for a demo.