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What you expect from MGA
Posted: Thu Apr 13, 2006 12:47 am
by bindscott
I would like to know what motivates brokers to deal with a certain GA. (Please list as many as you can in order)
Re: What you expect from MGA
Posted: Thu Apr 13, 2006 11:04 am
by InsAgentSF
Quick Turn around
Dealing with MGAs
Posted: Thu Apr 13, 2006 11:14 am
by Forum Reader
These aren't necessarily in order ...
--The markets they represent and the MGA's relationship with that market.
--Experience and knowledge of the MGA's staff brokers. I don't want to waste my time with unskilled brokers.
--I love it when an MGA broker can tell me what he/she can do (coverage and price)--and then deliver. I can't stand it when someone promises the moon then comes up empty-handed.
--Ease of doing business and people you can develop a relationship with.
Posted: Thu Apr 13, 2006 11:57 am
by txinsurancemanager
I agree with the points made by Forum Reader.
I really appreciate an MGA broker who appears to understand what an agent faces from clients and competition.
I'm also coming to understand that just because an MGA has a lot of "on line" capabilities, it really does NOT matter if the broker who reviews your input before passing it on to the company just doesn't have the necessary experience and knowledge.
In short, technology does NOT outweigh insurance knowledge and experience, the ability to prioritize, nor THOROUGH knowledge of their own markets. It's very frustrating to wait for answers from underwriters through brokers.
What to expect from an MGA
Posted: Thu Apr 13, 2006 2:54 pm
by hipokets
1) That they have experience.
2) Knowledge of their markets.
3) Definitely "work with you" on an account.
4) Be responsive.
5) Able to deliver.
6) Reputation.
7) Talk to agents/marketing people/account managers with some respect. I can say I've dumped more MGA's for this than anything.
They are not all necessarily in the "order"..but all should be there.
Posted: Sat Apr 15, 2006 2:03 pm
by bindscott
I really appreciate all your input.
Apparently, none of you listed "Commission" or "Fee Schedule" as important factors when choosing MGA's. Another thing that I noticed is that "Program" is what forces some producers to do business with certain MGA's despite their lousy service and occasional rudeness plus lack of experience.
Unlike most other ventures, insurance is all about RELATIONSHIP, RELATIONSHIP, RELATIONSHIP. Unfortunately when that "Program" folds, so does the relationship. I sincerely hope that we could have more frequent "I DAYs" and work together as a team.
Once again, I'd like to thank all of you who read and replied to this post.