Ernst and Young: Internet Transformative Influence on Insurance Industry. How Your Managing General Agent Can Combat This

The “2012 Global Insurance Outlook” report released recently from Ernst and Young revealed that the Canadian insurance industry is getting increasingly competitive. If you are an insurance advisor this probably does not come as a surprise. This competition stems from various different factors, one of the most important being the internet. With the growth of the web over the last decade, many different insurance companies have taken advantage of the opportunities that exist as far as selling insurance online. Ernst and Young predict that this will become even more common place as those companies still holding on to traditional means of selling adopt the strategies that allow them to sell online.  

But what does this mean for you? If you are an insurance agent that works with a managing general agent, you know that time is money, and so any time lost because of slow turnaround times can be a big deal, especially in the face of this competition coupled with the growing strength of e-commerce insurance.

You work with a managing general agent for a reason – for independence and to have the ability to offer a wide range of products. It can be extremely frustrating when your managing general agent is slow getting back to you or don’t seem to have the answers you need at all. You should expect your managing general agent to be able to provide you with the information that you need to respond to your clients quickly to provide the fastest most efficient service possible.

Rather than dealing with the hassle that can be a consequence of clients having to wait too long for the information that want or need, your managing general agency should be able to guarantee that they will help you find out exactly what you need to know, and within a reasonable amount of time. Instead of expecting a client to have to wait days for an answer, you should be able to rely on your managing general agent to get back to you within a few hours.

What if your managing general agent takes their time getting your applications processed? The longer those applications sit on your desk, the likelier clients are to search for insurance elsewhere.  Your managing general agency should also have a policy in place that makes it easy for you to provide a response to your clients within a reasonable amount of time.

As Ernst and Young points out, individuals’ preferences for buying insurance are changing, which, the report states, is “a profound transformation driven in large part by the internet.”  If you work with a managing general agent who takes too long to respond to your inquiries or process your applications, your customers are likely not going to wait. It only takes a few minutes to go online and get a quote for insurance. Your edge is knowledge and service so it is important to work with a managing general agent who appreciates the importance of time.

For more information about joining a managing general agency that recognizes that time is money, please contact Gary Mandel at Independent Financial Concepts Group today by calling 416-849-1653 or visit www.joinifcg.com.

Keeping it Confidential: Your Managing General Agent and Confidentiality

If you are an insurance advisor you know just how crucial it is to keep client information confidential. Whether you work for an insurance company or with a managing general agency, you are no doubt aware of the hazards that exist should your client information make its way into the wrong hands – or any hands other than yours for that matter! Client confidentiality should be one of your top priorities, so when you are thinking about switching to a managing general agency it is important to know where they stand and what they do to help you keep your clients’ information confidential.  

Let’s look at an example of how client confidentiality can be breached. You’ve been working hard with a new client, working with your managing general agent and finding the client the best deal. They have purchased a product, given you all of their information (which of course includes all of their medical and financial data). You keep it all on your personal laptop, and back it up regularly. Unfortunately (and it is common knowledge that laptop theft is a real issue) that laptop gets stolen. Although you still have all of that information on that back-up zip drive – now the thief has it too!

In this case, an experienced computer hacker will have no problem getting through your password protection and getting access to all of those credit card numbers, bank account numbers, social insurance numbers, etc. that your client provided to you in confidence. Clearly that phone call is going to be an awkward one…

So how will working with a managing general agent help protect you from this threat? By providing the most up-to-date software and training, your managing general agent will be able to provide you with the tools you need to keep this from happening. ­­­­­­­­­­­­­­­­­­­­­­­­For example, does your managing general agency enable you to host your data on a secure network? This is a huge asset to an independent insurance agent who may not have their own resources to set up a secured network for this purchase.

Not only should your managing general agency be able to provide you with the tools you need to keep client information where it belongs, by offering seminars and coaching sessions, your managing general agent can teach you the methods that their years of experience have garnered.

Working with a managing general agency often offers you far more freedom and independence than working for an insurance company. Great benefits, clients vested to you immediately, and the ability to offer top-notch service are just some of the things that come with working with the right managing general agency. Confidentiality is another important benefit. Taking advantage of the expertise and technology offered by the right managing general agency will allow you to take advantage of their experience and help keep you out of court and your reputation intact.

For more information about how to tackle confidentiality while working with a managing general agency please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.joinifcg.com.

Can a Managing General Agent be the Driving Force Behind Success?

If you are an insurance agent, you are no doubt aware that working for an insurance company may hold many challenges as far as reaching your greatest potential. Keeping up with current technology trends and offering the best products and rates to customers is often very difficult when working for an insurance company. However, if you have noticed these challenges and are thinking about switching to working with a managing general agent, you have clearly recognized that a managing general agent can often be the driving force behind your success. 

Working with the right managing general agency can provide you, as an insurance advisor, with the tools and strategies that will allow you to provide the best service to your clients as well as the means necessary for you to reach your full potential. 

So how can a managing general agency help you achieve the success you want to meet your own goals? There are several things to consider.  

1.       How will your managing general agent support you? If you are working for an insurance company, you are probably well aware of how long it can take to receive a response to your inquiries or to have your applications processed. Instead, the right managing general agent will provide you with a guaranteed turnaround time on both, giving you the support you need to be successful.

2.       How will your managing general agent ensure you have the tools you need to succeed? By providing you with access to the newest tech advances in the industry, hosting training seminars and continuing education to ensure that you do not lag behind when it comes to keeping up to date with the latest trends.

3.       How will your managing general agent allow you to garner and keep clients easily? By choosing the right managing general agent, one that works with not one or two but several of different insurance companies, you will be able to research and find the best rates and products to offer your clients. Instead of being confined to a small selection of services, the right managing general agent will provide you with a vast portfolio from which you can draw to ensure that your clients are happy.

4.       How will your managing general agent keep you motivated? Sometimes we all need that little extra push to keep us going, and a good managing general agent will take recognition and compensation seriously to keep you continually performing at your best.

It is important to remember that a good managing general agent will take pride in their agency, therefore taking the time and providing the resources to let you succeed. By investing in you, the right managing general agency is in turn investing in their own company. 

To find out how you can succeed by working with a managing general agent, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com