Being an insurance agent is hard enough without adding the pressure of finding new markets and trying to place specialty business. As a retail agent, you can’t specialize in EVERYTHING. That is where a managing general agent (MGA) comes in.
- Knowledge. MGAs usually specialize in certain markets and have vast knowledge about carriers and appetites. Insurance underwriting is complex and the knowledge an MGA can bring to the table is invaluable, especially when placing business that the general market does not regularly write.
- Customer Service. MGAs pride themselves on having an underwriter available to speak to you any time. The more complex the business, the more critical it is to have immediate access to your underwriter.
- Multiple Carriers. The majority of MGAs have relationships with many mainstream and specialized carriers. The underwriters understand appetites and products from all the carriers, allowing them to give you products that are right for your clients.
- Less Paperwork. How much time do you (or your agency) spend on answering questions and sending information on endorsements? Imagine if that time were spent selling. An MGA has dedicated staff to handle the policy changes and endorsements that can so easily clog up your inbox.