Understanding What Managing General Agents Can Do in the Insurance Sector
Have you been scrolling through a managing general agents list and wondering whether working with one of these agents, also known as MGAs, would be helpful for your insurance agency? MGAs perform several critical functions and can add value to the insurance sector in a number of key ways.
Specialized MGAs Help With Insurance Underwriting
One of the primary roles of MGA in any insurance sector is helping with policy underwriting. However, an MGA may also be able to:
- Brokering insurance policies
- Helping determine policy pricing
- Settling different insurance claims
- Writing up binding coverage
- Overseeing or appointing regional insurance or retail agents
MGAs are Wholesale Brokers With Binding Authority From Their Insurer
MGAs are, in essence, specialized wholesale brokers that perform various services and usually have binding authority from their insurer. Your MGA could potentially:
- Work with a variety of insurance carriers to deliver different insurance products to other brokers and agents or to insurance customers
- Service various carrier products
- Offer extra expertise to insurers to reduce their time burden and address complex issues
- Underwrite policies in rural areas where insurers may not have an office
Whether your agency needs a specialized underwriter, help servicing different products or expertise in insuring rural regions, working with an MGA could be helpful. Check a managing general agents list today to find the right MGA for your agency.