Two months ago, Insurance Business America
asked producers to rate their managing general agents on a number of factors. We presented those results,
along with insights from industry figures, in our most recent magazine issue. Here, several members of the American Association of Managing General Agents respond to some of the key issues brought up in that survey.
“We appreciate the responses Insurance Business America received to its survey of producers concerning the relationship and opportunities shared with their Managing General Agents,” said Matt Letson, President of the AAMGA. “The core component fostering any partnership is candid feedback on what can be done to facilitate and make the relationship better,” he added.
While encouraged that producers continue to value the property and casualty MGA’s bench strength in underwriting competencies, market access, premium pricing, reputation, and the servicing of the risk exposures retail producers bring to the table, the survey also identifies areas for improvement. “As I said in the article, MGA’s, like their producers, continue to evolve with market opportunities. It’s the only way we will remain relevant and valued. That includes in the areas of automation, line of business specialization, and marketing support,” said AAMGA Incoming President Roger Ware. “We can all do better. Where we will fail is if we start to take the producer and its business for granted, and if we do not respond accurately and with the same efficiencies that the policyholders expect of them.”
The IBA survey also apparently included life, accident, health and long term care wholesale MGA’s, who are not represented by the AAMGA. However, the areas of inquiry remain pertinent to the entire distribution system. The Association represents the premier members of the wholesale insurance market, and its members strive to earn the trust and respect placed in them by their producer customers and markets alike. Through its education and professional development efforts throughout the year, the AAMGA University offers its members the opportunity to enhance their technical underwriting competencies, automation efficiencies, marketing support, coverage knowledge and data analytics.
“The market demands that we consistently increase the quality of our service, turnaround times, and ways that all parties to the insurance transaction succeed in their respective interests,” Letson added. “The value of the wholesale distribution network continues to improve given the unique risk exposures we are asked to secure. Our performance can only improve if we engage our customers in the conversations to ensure our mutual expectations are understood, measured and then exceeded.”
