Freedom of Independence: Your Career as an Insurance Advisor

The freedom of independence that can come from a career as an insurance advisor is a big draw for many individuals. The flexibility and choice can mean big gains if you are willing to perform – but what if your MGA is not as willing?  You need to be sure that the managing general agency you choose to work with is the right one. There are vast differences even between individual managing general agencies, so it is important to do your homework to ensure that your choice is one that will allow you to maintain your independence while still helping you achieve your future goals. 

Independence innately implies a level of autonomy, but that shouldn’t mean you have to do everything alone. By working with the right managing general agency you can have access to the support that helps you achieve without taking away your self-sufficiency or freedom. Office space is also important – if you work from home the majority of the time, or on the road, it is still important to have that space available. The best MGA should provide this.

Another part of this independence involves your clients. At the right MGA, your clients are your own, and they are vested to you immediately. That is the only way that you can ensure continued stability. When you have worked hard to gain a strong and stable client base no one should be able to take that away from you. By having your clients vested to you immediately you save yourself the hassle of trying to get them back if you ever decide to leave, and you can be sure that those clients are always receiving the highest level of support that you pride yourself on.

Responsiveness is crucial in the industry, no matter where you are, and it can make the difference between lost sales and made sales – every time! Make sure that one of the commitments your managing general agency makes is to respond to your calls promptly. After all, if your clients have to wait for you to return a call they may not be satisfied with the level of service they feel they have received. Your applications also need to be processed quickly, so your managing general agency should have a plan in place to ensure this as well.

As an insurance advisor working with an MGA your independence should not be an impediment to success. Make sure that your managing general agency provides you with the tools necessary to earn while still remaining free from constraints.

For more information about how the right MGA can give you the freedom of independence please contact Independent Financial Concepts Group by calling 905 202-8430.

Diversity – A Managing General Agent’s Key to Your Success

In today’s insurance industry, being able to offer the best service to your clients is a crucial factor on your path to success. Diversity is a major part of this – so make sure that as an insurance advisor you are able to offer a diverse service. Working with a managing general agent is the best way to do this. The flexibility this offers, as well as the chance to work with a plethora of companies (rather than just one), will equal big gains.  

Diversity means the ability to access a wide range of insurance companies and offer a wide range of products to your clients. It is not difficult at all for a potential customer to head online and find a quote for insurance. So many customers, even after hearing about the ‘best price’ your company can offer, may jump online and compare. If your company’s best deal can be beaten, what is stopping that customer from choosing the competition? Nothing.

Working with a managing general agent gives you the flexibility to find clients the best insurance that meets their needs effectively. Clients that know that you are obtaining quotes for them, considering all insurance companies, are less likely to feel the need to jump online to shop around as they will be getting all the information that they need in one place.

While many consumers buy insurance based on price, price should not be the only deciding factor, so it is critical to be able to run through a variety of difference policies, explaining the benefits of each in order to help them make the most appropriate decision. It also pays to be able to work through the wealth of companies that your managing general agent works with to find your client the most suitable policy for the best price.

Diversity also means being able to offer a wide array of products. If your insurance company only offers one type of insurance, how can you attract those individuals looking for something different? You can’t. And what about returning clients looking to expand their portfolio? Many people will not go with a company that cannot offer everything that they need, or will need, and will switch if they find a company that can.

Working with a managing general agent gives you the power to offer a suite of services and products. Insurance, investments, etc. garner great end results for you – and mean customer retention. If your clients return to you for a new product and you are able to offer it to them, this means more money in your pocket and perhaps even more business in the future.

Working with an insurance company guarantees that company’s ability to make money – but not necessarily yours. Diversification comes with the power to work outside the box – something that you cannot do as an agent at an insurance company. Instead, join a managing general agency and see your success realized.

For more information about how diversification = big results, or why a managing general agent is the way to go, please contact Independent Financial Concepts Group by calling 905 849 1653.

How to Use Social Media Effectively: Everything an Advisor Needs to Know

Social media is an essential tool in the insurance industry, and as a result your managing general agency should use it to its full potential. If they are not, chances are there are others out there that are. But just taking advantage of it and using it effectively are two different things – so we’ve compiled a list of tips to help ensure that you are getting the most from this cost-saving, client engaging, mass marketing resource.

Firstly, if your MGA isn’t on social media, they are missing a huge market to establish recognition of the brand which impacts your online credibility as you are trying to land new business under that brand. If the company you work with can’t be found online, and we don’t just mean your company website, your credibility can take a nosedive. Clients now rely heavily on social media when making purchasing decisions and the influence of those in their social networks.  In our social world, clients like to search on platforms such as Facebook and Twitter to see what others are saying – so you have to make sure that they can find you there.

But just having a presence doesn’t cut it anymore, and in order to be effective there are a number of tasks that need to be accomplished. Your MGA should be releasing unique and relevant content on a regular basis, to a number of different sites.

Having a well-rounded presence on major sites like Facebook, Twitter, LinkedIn, Google+, Pinterest, etc. is very important. Most people prefer a particular site or two, so if your MGA has not cast a wide net, recognition of the brand will be diminished.

LinkedIn is an important social media resource that insurance advisors should take advantage of. This professional platform allows you to connect with professionals in related industries which can result in a gold mine of referral business. LinkedIn is also fantastic for establishing your own credibility. Properly linking your page to your corporate brand, pursuing recommendations and skills endorsements can not only ensure that prospects can find you LinkedIn but can also validate your professional credibility.

Also, your MGA’s conduct on social media and your personal conduct when using social media is very important. Remember that both you and your MGA should ensure that your conduct is professional and non-combative. It is always to consider that posting is similar to standing on the street and shouting out the information. Think before you post. Is what you are posting something that you would verbalize if you were face to face with someone? If your MGA is posting polarizing opinion pieces on social media this could not only be damaging to you but also damaging to the brand you are representing.

Internally, social media is also a great tool. The independence garnered by working with an MGA can come with pitfalls if your MGA doesn’t manage them correctly, but by giving you access to different company social media platforms you can keep up to date on current events within the company and direct clients to pertinent articles. This keeps the level of engagement up even when you are not in the office.

The power of social media can no longer be ignored, and to avoid it can mean dangerous consequences. Make sure that, as an advisor, you are taking advantage of all that it has to offer and using it effectively.

To find out more about how to use social media effectively in the insurance industry, please contact Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com.

New to the Insurance Industry? Why an MGA Might be The Right Fit

Starting a new career is often accompanied by an overwhelming sense of choice. This is no different in the insurance industry and if you have just joined the advisor pool you are no doubt aware of the choices that exist. One of the most important choices that you will make, one that can dictate your entire career, is whether to join the right kind of organization.
 

As a new insurance advisor you have three choices:

1.      Work for insurance company which can provide you with an opportunity to be associated to a recognized brand but can come with many limitations.

2.      Work with a managing general agency which can result in incredible flexibility and opportunity if you choose the right managing general agency.

3.      Go on your own which is by far the steepest climb up.  

If you are keen on retaining your independence, keeping things flexible and also having the support of an established organization behind you, then the best choice may be joining an MGA. There are several great benefits to this – but you need to go forward prepared. You can’t just join the first MGA you stumble upon. Do your due diligence because you do not want to make the mistake of signing on with an MGA that is primarily concerned with their own needs is not going to equal solid career growth for you. 

Here are some important factors to consider when choosing an MGA as a newcomer to the insurance industry:

Reputation means everything. In insurance, if you can’t be trusted or relied upon, chances are pretty good that your portfolio is not going to be very strong. It is important to check out the MGA’s online presence, client reviews and contributions on professional social sites like LinkedIn.  

Is the MGA technology savvy? It is important to work with an MGA that gives the tools you need to be successful. When you are starting out every dollar counts so working with an MGA that provides you with your own website, CRM, resources to protect your client’s data and more will set the stage for you to compete in an age where almost everything is done digitally.    

Supported independence means not having to do everything on your own, and professional support is crucial if you want to succeed. Things like a professional office space provided by an MGA gives you the ability to bring clients into an office environment and schedule meetings in an atmosphere that is both professional and welcoming.

 

Speed matters. Your MGA should have a policy in place to expedite applications so that no clients are lost because of the process taking too long, and should give you access to underwriters instead of being blocked from them.

Continuous professional development through training provided by an MGA allows you to keep up to date with the newest technology and software. It also means that you can learn from others in the industry and gain their knowledge in a way that will help you perform. Training on sales tools and lead generation will help you garner sales and create relationships with clients.

Before you make the choice of whether to join an MGA or an insurance company, find out about the benefits that come with working with an agency that not only provides the tools to succeed but also to help you remain independent.

If you are new to the insurance industry and are thinking about working with an MGA, please contact Independent Financial Concepts Group to find out more. Call 416-849-1653 or visit www.joinifcg.com.

 

Staying Competitive: The Importance of Processing Insurance Applications Quickly

The old adage time is money is nowhere more truly accurate than in the insurance industry. Taking your time and dragging your feet won’t put money in your pocket. If you are a serious insurance advisor you know how important it is to get your applications processed quickly. Competition in the insurance industry is as fierce as ever, and one of the only ways to stay competitive is to get things done quickly. 

When a client calls you to set up insurance, they are likely thinking that the process will be a quick one – especially with the online insurance options, online quoting and the ability to arrange insurance online all available at the click of a mouse. Once the client has selected an insurance plan and the paperwork is filled out, the rest is in your hands. How you handle your client from here on out is crucial.

But what if it really isn’t in your hands, and instead is in the hands of your insurance company and they are the ones that decide to take their time. What if they drag their feet when processing your applications? This is something that you may have very little control over – but that doesn’t mean that the impacts are not very real.

In this competitive environment, while some loyal clients may wait on you, other less patient clients simply won’t and why should they? After all, there are countless other companies out there that can easily offer the same or similar products without the wait. There really is nothing stopping a client from turning to the competition if you take too long processing their application. Taking too long will mean lost business and a decrease in customer retention.

The internet and the sheer abundance of online insurance companies offering quotes make this competition even stiffer. It is a very simple thing for a client to jump on the internet and find a quote that they feel meets their needs and offers the same benefits as the plan they originally chose from you.

The impacts of processing times are not just short term. Processing applications quickly can also mean a big payout in the end in the form of future business. Even if you manage to land your client even after providing a slow turn around, if a client feels unsatisfied with their initial dealings, when the time comes to purchase additional insurance products they may look elsewhere. However, if they feel as though their needs were met efficiently and effectively, and all in a timely manner, they will not hesitate to turn to you with their business in the future.

If you work for an insurance company that takes forever processing insurance applications, or if you work with a managing general agency that does not recognize the importance of expedience, maybe it is time to consider switching.

At IFCG we appreciate the importance of time, and if you want to learn more about our process and its many benefits, please contact us by calling 416-849-1653 or visit www.joinifcg.com.

The Top 5 Pain Points That Insurance Advisors Face with Their Managing General Agents

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.

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.

The Benefits of Personal Development: Does Your MGA Provide an Insurance Training Program?

Are you thinking about switching to an MGA but can’t decide what the real benefits are? Can’t decide whether or not to become an independent broker without the constricting ties of an insurance company? Although it may seem overwhelming, it doesn’t need to be! Switching to an MGA should be an easy decision. Knowing the benefits that come with working with an MGA can help.

What are you getting by remaining with an insurance company? Job security? Support and assistance? All of these things should be offered by a good MGA – plus more! Access to a much more diversified portfolio of insurance companies, your clients vested to you immediately, and the independence and ability to choose your own path for the future are all the things that come with working with the right MGA.

What else should your MGA be offering you? The right MGA should allow for personal development and growth to help you achieve your own goals and be able to offer the best services to your clients. An important question that needs to be asked before switching, therefore, needs to be whether or not your MGA provides an insurance training program.

What type of training should you expect from your MGA? A structured insurance training program has many benefits. Working with a team of experienced advisors, with both the background and knowledge that you can add to and gain from, you should have access to an insurance training program which offers information on such topics as:

·         Proprietary selling systems

·         Pre-approach and prospecting systems

·         Referral Generating Programs 

·         Client presentation tools

·         Daily activity accountability

·         Practice management

·         Production monitoring

A good insurance training program will also help you develop your skills and understanding of sales prospecting strategies, direct marketing, and modern sales techniques. It should also help you increase your goal setting and business planning skills, as well as your time management and work/life balance skills.

Working with an MGA can give you the chance to expand your client list and grow your bottom line. Working with the right MGA that provides an effective insurance training program that delivers consistent, ongoing training can help you achieve this. These benefits should include:

·         The convenience of CE credit qualifying hours at your own office

·         Regular weekly sales concept and product training

·         Information on case consultation, case packaging, joint field calls (no commission splitting)

·         Information on competition specialists – knowing / researching the best product solution for your client’s needs

·         Training on custom spreadsheets, reports, presentations

·         Retail client seminars

Staying with your current insurance company may seem like an easier option – but is it really? Switching to the right MGA doesn’t have to be difficult, and in the end it can mean much more for you. Gaining your independence and taking control of your clients is very important. Working with the right MGA should give you the ability to provide the best service to your clients as well as getting the most from all of the hard work that you do. Give yourself the opportunity to get the most from an MGA by choosing one that provides a consistent and effective insurance training program.

Switching to an MGA that provides a valuable insurance training program will allow you to reach your current and future goals. For more information, please contact Gary Mandel at Independent Financial Concepts Group at 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