It is no secret that getting up every day and going to work, for some people, can feel like a chore, no matter what your job is. This is especially common if you find yourself dealing with a company that often does not take your best interests into consideration or makes it difficult to do your job to the best of your ability.
If you are an insurance advisor working with a managing general agency, you need to be able to count on the support of your managing general agent. But what if their support is lacking? In the incredibly fierce insurance industry, if you are not receiving the encouragement and assistance that you need, you can quickly fall behind.
Here are the top 5 pain points that insurance advisors face with their managing general agents.
1. It takes a long time for applications to get processed: If your managing general agency does not have a policy in place to ensure that everything is done to get applications processed in a reasonable amount of time, this can cause major problems as far as finalizing deals and keeping your clients happy.
2. Calls get returned far slower than you’d like – and need: If it takes your managing general agent a long time to get back to you when you have questions, or if they cannot provide you with the answers that you need, this can equal huge frustrations for you, or even worse, the loss of a client’s business.
3. Equal (or more) work doesn’t mean equal pay: If you find yourself being paid less than others who are not performing at the same level as you, this can be a huge source of demotivation. You work hard to garner those clients, and you should be paid appropriately. Bonuses should reflect the level of work you put in, and should be transferrable for things like the use of various office spaces. Also, a good managing general agency should pay for production. If you produce more, you should get paid more – that is just common sense.
4. Switching MGAs seems more hassle than it is worth: If you have tried to switch MGAs but find your managing general agent gets their back up right away, chances are you think of switching as a nightmare too. It shouldn’t be that way. Since your career is what is ultimately the most important, you should be working with a managing general agency that respects that independence. Instead of entering into a relationship with a managing general agent fearing what may come if you decide to switch, go with one that offers you a release letter at the very beginning so that you know that they can appreciate your decisions right from the start.
5. Getting in touch with underwriters is next to impossible: When you want to close a case but your managing general agent refuses to let you speak to the underwriters or even contact them on your behalf, you are often left with no choice but to wait. Some managing general agents worry about damaging a relationship with underwriters by ‘bothering’ them, but in the end this is not the most important relationship – your relationship with the client is. So make sure that your MGA assures quick and easy access to underwriters.
If you find yourself dealing with one or more of these issues, and know that it is time for a change, please contact Gary Mandel at Independent Financial Concepts Group today by calling 416-849-1653 or visit www.joinifcg.com.