FIVE-STAR MGAs
This year, 19 MGAs earned a five-star rating for their expertise with a variety of products. The category ranked second in terms of the number of five-star MGAs and overall rating, though the latter experienced the sharpest decline from last year of any category, plunging from a score of 8.75 to 8.19.
Brokers were most frustrated with MGAs whose underwriters fail to show initiative in this area and are not living up to their role as advisors. As one broker put it bluntly, “It’s not helpful if I asked a question and the response is a blank email with a wording attached. If I asked a question, that means I’ve already looked through the wording and couldn’t figure it out.”
Others called for their underwriters to “make recommendations if they see a coverage that would most likely apply to a risk,” give “more suggestions on complex risks” and have “restrictions/exclusions on relevant coverage items identified proactively” instead of leaving the brokers to pore over the documents on their own. “[It’s] really educating the brokers,” one respondent said. “I know some brokers really rely on underwriters’ knowledge.”
Other brokers noted that it’s simply a matter of giving them more time and more training, especially for the “newer staff [who] still have strides to make.” For those MGAs that are doing exceptionally well in this area, brokers were quick to acknowledge that they’re “absolute brains” and “have vast knowledge of all the products inquired about.”
