What Would Make You Leave Your MGA or Insurance Company?

If you work in the insurance industry then you know how competitive it is and that it takes drive and ambition to be successful. Insurance advisors in Ontario will generally work with an MGA or an insurance company. We speak with insurance advisors all the time who are unhappy with the MGA or insurance company that they work with, and often for different reasons. 

Generally speaking, many insurance advisors who work with insurance companies sometimes find it challenging to stay competitive because they can only recommend insurance products offered by that insurance company. If the insurance company’s rates and products are not competitive, they will be less successful. If the insurance company doesn’t invest in marketing their brand it impacts their success, and if the insurance company is behind with technology and innovation, this too will make being competitive and successful a challenge. 

The sky should be the limit for insurance advisors who work with MGA’s because advisors who work with MGA’s have access to most insurance products available on the market. However, insurance advisors who work with MGA’s often run into other challenges that surround a lack of support.

A good MGA will invest in their team. They will ensure that they are up to date with the latest technology, provide sales and product-related training to their insurance advisors, help their advisors to get their deals processed and make themselves available to answer questions and provide support as needed. Unfortunately, this is often not the case. We have had many advisors who have joined our team because of issues such as not having their calls returned. While an MGA may be busy and put off returning a call as less of a priority, receiving that call from the MGA could be a top priority for an advisor because they could have a deal riding on a question they are waiting for an answer to.

What’s interesting is that in the past few years, employee recognition seems to be one of the biggest driving factors that results in many advisors choosing to leave their MGA or insurance company. Employee recognition is really important and insurance advisors need to be credited for a job well done. This could be something as simple as taking an advisor to lunch. Strangely enough, we have heard of instances where top performing advisors have been invited to dinner and then sent an invoice from their MGA.

All in all, recognition, support and compensation seem to be the leading drivers that impact whether or not an insurance advisor is happy with their MGA or insurance company. The biggest challenge for insurance advisors who become unhappy in their support arrangement is how involved and complicated it is to switch insurance companies or MGA’s. This is often one reason that insurance advisors will continue to work with a company who is not providing them with the recognition, support and compensation that they deserve.

The best advice that we provide to advisors who have had enough and want to switch insurance companies or MGA’s is to make a list of what is important to them. Research and meet with different companies, and when you find one that offers you what you need, take the leap. Many times taking the leap will result in increased job satisfaction, competitiveness and success.

If you are unhappy with the support provided by your insurance company or MGA please contact Gary Mandel at 416-849-2939 at Independent Financial Concepts Group or visit www.joinifcg.com for information about the benefits that come with joining our team.