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.