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.

Pros and Cons of Dual Licensing: Toronto Managing General Agent Weighs In

As an insurance advisor, you have to be on your toes to remain competitive. Where to work and who to work with is probably the most important as this will often dictate your own level of success.

The financial industry is tightly woven and mortgage agents and brokers, insurance advisors, financial professionals, realtors and other financial professionals often travel in the same circles, enjoying the same clients. For example, someone who is purchasing a home will need a realtor, a mortgage agent, and insurance advisor and even a financial planner to make their financial dreams a reality.

This leads many professionals to pursue dual licensing in order to retain a bigger piece of the “market” pie. It can be difficult to decide if dual licensing is right for you, so we’ve decided to weigh in and give you some of the pros and cons to dual licensing from the perspective of a managing general agent.

Dual licensing, or having both an insurance license and another license, gives you an opportunity to sell more products and increase your customer retention because your clients will come to rely on you for more.  Here are some examples: a mortgage agent can also be a realtor, an insurance advisor can also be a mortgage broker, a mutual fund advisor can also be an insurance advisor, etc…

Arguably the biggest pro that comes with dual licensing is your versatility. When is it ever a bad thing to be able to offer your clients a plethora of products to suit both their insurance and investing needs? In order for your own portfolio to grow, you want to be able to offer clients the most services and products. At the same time, if a client comes to you with a question, it is always better to be able to answer it yourself rather than having to turn to someone else and wait for the answer. Dual licensing offers this stability, since your training and experience will allow you to serve clients with a much larger suite of services coupled with the ability to explain all of these services and their benefits.

All of this being said, a common ‘con’ is the fact that some claim that the somewhat tenuous regulatory system for dual licensed advisors fails to protect clients. When there are too many things going on at once it becomes difficult to keep track and be on top of your game. Some feel that you can’t be all things to all people. In order to take advantage of dual licensing while at the same time soothing your clients’ concerns, consider working with a managing general agent that is committed to monitoring and regulating dual licensees. This also works to ease your mind because not only are your clients protected, but so are you. So, if you are a mortgage broker for example (as a core business), a good managing general agent will keep you up to date and in the loop with respect to professional development and this includes ensuring that you are aware of the most cutting edge insurance products and changes with respect to regulations.

Dual licensing is not for everyone, but if you are seriously thinking about it and would like more information, please contact Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com.

The Benefits of Selling Segregated Funds: Insurance Advisors Take Note

When it comes to selling insurance, many advisors are heavily focused on the standard insurance products that they are comfortable with and that they are versed at selling. Sure, when a client calls you, the chances are they are usually looking to invest in some form of insurance – for a variety of reasons – but if you are only providing one product or a limited range of products, your ability to provide the service that best meets their needs may be limited.

If you work with a managing general agent, you already know the importance of maintaining your independence, and hopefully how to garner the benefits that should come from this type of partnership. But has your managing general agent discussed the benefits of selling segregated funds? If not, here are some things that you should know!

There are many benefits for your clients when they invest in segregated funds. Since segregated funds can only be sold by insurance advisors, it makes sense to diversify as much as possible and to add these important investment tools to your arsenal.

One of the major benefits of segregated funds is the low risk.  For those clients who may be a bit hesitant when it comes to investing, either because they shy away from the risk or because they have no investment experience, segregated funds offer an important opportunity. Since they are low risk, and managed effectively by an outside source, segregated funds may leave clients much more open-minded since their capital is protected.

Another benefit of segregated funds is that they have maturity dates. Clients are often unsure of how to approach investing and being able to provide them with a product that offers a timeline for their returns is useful. Being able to tell them that they are guaranteed a return if they hold a segregated fund until it reaches maturity will help those conservative investors realize that investing doesn’t necessarily need to be stressful. Also important, segregated funds guarantee a return on principle, and clients can lock in the market value every 3 years for the death benefit.

Your clients will also be happy to learn that segregated funds are guaranteed at death, so if they pass away, their beneficiary is able to claim benefits from their investment. This can be an important product for those clients looking to provide for their loved ones in the event of their death.

If you work with a managing general agent and only sell insurance, you are limiting yourself. There are major benefits to your clients to selling segregated funds, and since being able to provide the best, most diverse service to your clients is what will set you apart, offering segregated funds will only increase your credibility and reputation.

For more information about the benefits of selling segregated funds, or to find out more about working with a managing general agent that can help you get started, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.joinifcg.com

Keeping Up: Has Your Managing General Agent Gone Digital?

Now, more than ever, the digital age dictates the movements of many businesses around the world. Even those businesses that are not directly linked to technology are highly influenced by it. Technology has heavily infiltrated mass media and businesses now need to be very aware of the importance of technology in everyday life. But what if your company is a bit behind the times? Has your managing general agent gone digital?

Knowing the importance of using technology to its highest advantage is all part of staying on top of the competition. So how is this done, and how can you ensure that your managing general agent is embracing those tech changes in order to give you the ability to perform at your peak?

One of the most important aspects of ‘going digital’ means being high tech. If your managing general agent can’t promise you the most advanced technology that gives you speed and quality, they might as well not give you anything. For example, in order to keep pace with change, your managing general agent should have updated systems in-house, should be running updated software, and updating that software on a regular basis.

What about a website? In today’s market, not having a website is like not having your number in the phone book, so your managing general agent should definitely have one, and give you access to it! If your clients are looking for you online but can’t find you, that is not good for your overall rep.

What about social media? Facebook and twitter are not just for high school students and celebrities – any reputable business needs to have a strong presence on social media, and use all social media platforms to their best advantage. If your managing general agent is absent, you are absent. In contrast, if your managing general agent makes a concerted effort to have regular engagement on the company’s social media sites, you will reap the reward because the brand recognition will result in more credibility for you. That’s if you’re a branded advisor – some advisors join an MGA as an independent, use their own brand and in this case these independents typically would handle their own marketing so the MGA’s marketing would have less relevancy.

Technological data protection is yet another crucial aspect of ‘going digital.’ If your managing general agent can offer you solutions like the one we use “No Panic Computing” it will ensure that all network data is protected. MGA’s who work with companies like No Panic Computing take confidentiality and your interests seriously.

Things like online newsletters and videos are just another few key aspects that prove that your managing general agent has embraced technological change. If they can offer these things for you to leverage then you know that they are not only interested in their own success but yours as well.

Don’t get stuck with a managing general agent that has yet to move into the digital age. Make sure that your managing general agent has gone digital and has embraced those changes that will make all the difference to your business and your future.

To learn more about how a managing general agent needs to provide the most up-to-date digital offerings, please contact Gary Mandel at Independent Financial Concepts Group at 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.

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