50 Reasons Why Retail Agents Choose Managing General Agency Partners

May 4, 2009
  1. As a large broker, this is decided based on relationships, successes, volumes, commissions levels, service. In other words we are dictated by volume.

  2. Service, service, service, markets, price, service.

  3. Personal relationships.

  4. Must know their products and give quick turnaround on quotes.

  5. It’s very important to work with someone who will walk me through situations I may be unfamiliar with.

  6. Basically we have two MGAs with relationships but will use others for exclusive specialty programs. Sometimes response time can be an issue as to who we write the business with.

  7. If they have been in business a long time and have markets that we know are competitive and cutting edge, we give them a chance. If they do their job quickly and accurately, we continue to use them. If their underwriters are fickle and sometimes incoherent, we go elsewhere. We prefer to not swim upstream. Any difficulty in dealing with them is the quickest way for them to lose our interest.

  8. What other agents say about the MGA and how they are treated and services offered.

  9. Contract with known brokers. Specialty programs influence use. When known agents move, we will follow them to their new MGA.

  10. Early response to my needs extremely important. In the future being able to quote online with MGAs will become more and more important.

  11. Their honesty, expertise, quickness, and quality of the carriers they offer. Their pleasantness in personality is also always preferred.

  12. I work with MGAs who respond quickly to our requests and try to earn our business by strong communication.

  13. Reputation and how quickly they respond to inquiries along with market availability. Customer service has been decreasing over the years.

  14. To place business that can’t be written in the standard market. Most of our MGAs have been around for many years. We only pursue new MGA relationships to gain a market for placement.

  15. Continuing to place additional business with an MGA does depend on the relationships and service that are given.

  16. Length of time in market. Reputation. Good reports from other agents that use them. Good working relationship with the underwriter staff.

  17. Most important factors are the ability to have the most attractive markets for our clients, in conjunction with providing top level service and to believe that the number one priority is taking care of the client.

  18. Dedicated underwriters is crucial.

  19. The more the MGA can automate their services including upload and download the more we would want to work with them.

  20. Ease of submission. Sense that MGA understands nature of risk and will respond accordingly.

  21. Financial ratings of companies used, expertise and knowledge of products/markets by brokers/assistants, ease of doing business with my CSRs after I have bound the business as the producer.

  22. I like MGAs that are in the Midwest because that’s where my agency is. I feel that puts me in touch with an underwriter who may be feeling the same issues as my customers.

  23. I consider those who can provide good service, quick response time and a good selection of companies.

  24. Expertise and ease of doing business.

  25. The three things all agents want: competitive markets, ease of doing business and the highest rate of commission possible.

  26. I choose them based on commitment to service, response time and access to markets.

  27. We prefer to limit the number of E&S brokers andMGA/program administrators with whom we work; believing that carefully selected relationships will be more rewarding in the long term.

  28. Experience and expertise are very important. They need to have good markets and they need to respond quickly.

  29. Most important to me is the ease to work with a particular MGA.

  30. Here’s the priority list: 1) availability of markets; 2) reliable response; 3) expertise; 4) price; 5) compensation. Everything else is a consideration, but not critical.

  31. The relationship with a wholesaler/MGA is dependent on the carriers they represent as well as the responsiveness of their organization.

  32. We go to an MGA because we have a client with a need that our markets cannot handle.

  33. Consistent quality level of service is most important.

  34. Service, response time and and a competitive premium are a must.

  35. Ease of doing business, service, and financing.

  36. We discuss with similar agencies outside our marketing territory and also evaluate their market representation.

  37. Recommendation of peers is very important and the input of company reps who pass along comments and/info from multiple sources.

  38. Three reasons: expertise, product or price.

  39. I choose them via peer referrals. I stay with them according to the response time.

  40. Service, reputation and recommendation of other agents.

  41. I only want to work with a couple. We receive tons of e-mail, mail and advertising, but I tend to stay with MGAs I have used in the past.

  42. We select our wholesalers based upon their expertise, references and our employees’ past working experiences with a wholesaler or MGA.

  43. Met personnel at convention or conference, gained insight to their markets and experience. Tried and liked.

  44. Print ads.

  45. I work primarily with construction related accounts so even in the soft market it is important to work with brokers and MGAs who know the markets, have good relationships with the companies and understand the need for a timely response to all requests. Those that can do this will keep our business even when their price is slightly higher.

  46. In my experience, over many years, wholesalers make a lot of promises in their ads that they will respond quickly to quote requests but for the most part they do not. Their underwriters are overwhelmed and do not respond to newly appointed producers. This is counterproductive and I don’t have time to deal with them. My quote requests die on their desks.

  47. We work with the brokers who have expertise in a niche and expect quick response and results.

  48. I look for a firm who has good relationships with their carriers and can provide expertise when it comes to questions regarding the quotes. I also look for a good response time for new business, renewals and for everyday service problems.

  49. I appreciate brokers that take the time to help me understand the some of the peculiarities of a particular coverage form or company’s way of doing business.

  50. Choice. Variety. Access. Today, the little guy can’t obtain many appointments by himself/herself. Agents must band together to meet quotas via MGAs.

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Insurance Journal West May 4, 2009
May 4, 2009
Insurance Journal West Magazine

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