How Do You Know the Right Size MGA Insurance Agency to Choose?

If you are an insurance advisor, you know that there are several different ways to build your portfolio. However, as an insurance agent working for a major company, you are no doubt aware of the problems that also exist; challenges that make it difficult to increase your earning potential or to provide the best services to those clients. Once you have recognized these challenges, you might be questioning whether your position as an agent at one of these companies if the best fit for you.  

One of the best ways to ensure your future career goals and your clients’ needs is to become an advisor with an MGA insurance agency that is the right size and offers the best resources and compensation. An MGA insurance agency that is too big may not offer you the support you need because they are too busy to return your calls, while an MGA that is too small may not offer you the support you need because they simply don’t have the resources to. 

Working with a mid-sized and well reputed MGA insurance agency has many perks. These can include company sponsored events, team building, and training. Moving your insurance license from one insurance company or MGA to another can be quite simple, so there’s nothing to worry about. Just like with insurance rates, time is not on your side. If you are unhappy now, chances are you will be unhappy in the future. The longer you continue to build your portfolio under a particular company, the more complex it can become to switch.   

Working with an MGA that is large enough to offer all insurance products from all companies, while attending to your needs and professional development, will lead to increased success in the long run. It will mean greater success because you will be more agile, will be able to work your files faster and more efficiently, and most importantly you will be able to provide your clients with all of the insurance products offered by all companies to get them the most competitive deal. 

Because an MGA that vests your clients to you immediately means that you are able to begin building a strong portfolio that is yours right away, instead of dealing with the restrictions that come with working directly for an insurance company. This puts time back on your side because every client you develop is a building block in your empire.  

When making the difficult decision to move your license to a new company, and if you think that an MGA insurance agency is the right choice for you, there are some further things that you may want to consider:

1.       Do they employ the necessary tools to allow you to profit from continued learning and best business practices?

2.       Do they offer the types of products that you favour?

3.       Do they offer training and support?

4.       Do they offer a good compensation package?

5.       Do they offer a commitment on turnaround time for both applications and call backs?

6.       What is the culture like? Does the MGA insurance agency feel right for you?

Do your due diligence and you will quickly be able to determine the right fit for you. If you are ready to make the switch to becoming an advisor with the right MGA insurance agency, you know that that is a smart choice. Not only will you be able to encourage a stronger clientele base, but you will be able to provide the best services to keep them happy, while still beefing up your bottom line. 

To find out more about becoming an MGA insurance advisor, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

Working with a Managing General Agency - How to Retain Control of your Clients and Work in their Best Interests

If you are an insurance agent who works for an insurance company, you may often feel as though you are restrained in your ability to get the most from your relationship with your clients and to provide them with the best service possible. Being tied to one company often means that you are forced to give up your independence as far as your ability to do your best for your clients. If you are thinking about trying to end this often one-sided relationship, it may be time to start thinking about working with a Managing General Agency.

There are many benefits to working with a Managing General Agency. One of the most important is being able to be an independent broker while still reaping all of the benefits of working with a company that offers the support that helps you provide the best service to your clients. By joining a Managing General Agency, you get this!

Customer service is key. In order to be able to provide the best service to your clients, you should not be shackled to one insurance company. Relying on being able to only provide their services greatly limits your ability to present the best deal and keep your customers happy. By tapping into the available services of a Managing General Agency, you have the power to offer a greater number of services to your clients and at the best rate.

Being told versus being in the know. What kinds of learning opportunities are provided by an insurance company? Are they ones that teach the best customer service techniques in the industry, or are they ones that cater to the needs of that insurance company alone? Most likely the later! Working with a Managing General Agency allows you to get the latest knowledge in the industry, thus increasing your ability to provide the most effective customer service to your clients.

Who owns the client – you or the insurance company? One of the most notable downsides to working for an insurance company is the control that is lost by the agent with regard to their clients. If you are an independent advisor working with a Managing General Agency, you are the one with the power. By working with different insurance companies, you take the power from their hands and keep it within your own. Don’t let the insurance company run the show.

Another important consideration – how long does it take to have your clients vested to you? With big insurance companies, you may have to wait years to have your clients vested to you. However, if you find the right Managing General Agency, your clients are vested to you immediately, helping you maintain your independent status and giving you control of your career.

Nervous that venturing out on your own will decrease your ability to bring in the sales that you were garnering while working for an insurance company? Don’t be. By working with a Managing General Agency you still get all of the perks of working within an office atmosphere, the support of colleagues, training to help you continually improve, and incentive programs to help keep you motivated.

If you want more information about working with a Managing General Agency and how it benefits your career to switch, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com