When you go through an MGA (Or is it GA?)...can they usually handle all of the life (term) companies? I ask, because if you have a term quote engine on your web site, invariably, you may end up writing business with about 5-10 different companies.
Are the big ones the best? Who are the most reputable ones (and please...no MGAs with less than 15 years of experience).
When you go through an MGA (Or is it GA?)...can they usually handle all of the life (term) companies? I ask, because if you have a term quote engine on your web site, invariably, you may end up writing business with about 5-10 different companies.
Are the big ones the best? Who are the most reputable ones (and please...no MGAs with less than 15 years of experience).
Thanks
Chumps...enjoying Green Bay
Good question, I also will be interested in the replies you receive.
They may be able to do that but aren't you concerned about being the agent of record. Most that I know of are the agent of record, not the selling agent.
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MGA's are NOT like wives... you can have more than one (at a time). Sure, in an ideal world you might have only one, but in an ideal world you would only have ONE ins co. You know how realistic that is.
So it is best to select the companies you wish to represent based on how that fulfills your market's needs, and then find an MGA offering the best comp on that co or product. Hopefully you can negotiate or align yourself with only a few, but far more important to end with the proper companies (products), than an MGA who has has (almost) everything that you need just to be able to say you deal with one MGA.
MGA's are no different than any other business or agent; some good, some not as good as they tout themselves to be. What do you really need from them other than a contract, decent comp and an avenue to submit business; that's about it. If you can find all that at one address, great.
Not sure how their comp is, but HCO has moved more into life products it seems. They surely seem to offer more than others on the trng and support side of it, so they may be worth a look. But again, I would doubt that they offered every company that one might want or need to offer in order to be tops all the way around, IMO.
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"A successful man is one who can lay a firm foundation with the bricks others have thrown at him." David Brinkley
Call me and I will give you the MGA contacts quote engines and form engines so you can go through yourself. Why pay 20% to have someone order a paramed for you?
We've been using Ash Brokerage for years and the service we get from them has been nothing short of incredible. They really go the extra mile on follow-ups and a lot of the advanced case designs that we've done. Next Generation Financial Group (insuranceexec that posts here) also has their act together and pays well on commissions.
We've been using Ash Brokerage for years and the service we get from them has been nothing short of incredible. They really go the extra mile on follow-ups and a lot of the advanced case designs that we've done. Next Generation Financial Group (insuranceexec that posts here) also has their act together and pays well on commissions.
I agree, Ash seems to have it together and offer some services, BUT, they seem to take a pretty healthy sliver of the pie as well. How do they treat you on comm's...? They seem to offer somewhere in the 60-65% range on term products, from what I have known. And your experience with them.....?
I agree, Ash seems to have it together and offer some services, BUT, they seem to take a pretty healthy sliver of the pie as well. How do they treat you on comm's...? They seem to offer somewhere in the 60-65% range on term products, from what I have known. And your experience with them.....?
They pay us at the highest level they offer. 30-year term and UL with most companies pays 90-105%. Obviously, they expect a certain level of production to give that. I don't know what they offer an agent that doesn't have a track record of high level production.
They may be able to do that but aren't you concerned about being the agent of record. Most that I know of are the agent of record, not the selling agent.
What is the significance of the MGA being the agent of record, not the selling agent?
If this is a big issue, what are the ways around it?
What is the significance of the MGA being the agent of record, not the selling agent?
If this is a big issue, what are the ways around it?
Thanks
When an insurance company writes a commission check it is made out to the Agent of Record (AOR). That may not be the agent who sold the policy.
Let's say you go to work for an insurance agency. More often than not the agency will be the AOR. If you decide to leave you will most likely walk away with no renewals. The commission checks still keep coming to the agency but now that you are gone the agency does not have to continue to pay you.
The way around it is for you not to agree to that kind of contract and go somewhere else.
A MGA is only a marketing organization (IMO). The bigger the MGA, the better position to get better contract for the MGA. In turn, it may give better contract to agents.
Not all MGA is all in one type. As a matter of fact, all in one type of MGA may not be a good model, just like an agent. If an agent is an all in one type, he or she will not a successful one. The specialty is needed. That is why we see many MGA only offer certain products.
For an agent, you can choose who ever MGA for the best contracts and products available to you! I like to choose 2 or more IMOs and get the best products and contract available for my agents in the specified area. The problem of choosing more IMOs is that you spread your productions and you would not be able to move higher contract if production level is low.
Question About MGAs
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