FIVE-STAR MGAs
Brokers were asked to rate their MGAs’ claims support performance only if they’d had claims experience (only 46% of respondents did). Overall, MGAs seemed to have really improved in this area this year – it’s the only category that received a bump in rating, going from a score of 7.71 to 8.00, and 13 MGAs earned five-star status for their claims support.
Performance was mixed among those who have experienced claims, although a number of brokers stressed that their claims experience has been limited. Some brokers commented that the MGAs they work with don’t really provide much support for claims or that claims service really has to more to do with the MGA’s choice of insurer. Those who did have positive experiences applauded their MGAs for “being willing to intervene with the company to move the response along” and “keeping the broker in the loop.” One broker cited feedback from a client, who said that “the experience and the quick response were great.”
Brokers whose MGA partners failed to live up to expectations mostly complained of slow responses and a lack of communication. “I didn’t hear from the adjuster and had to go elsewhere for answers, even though coverage was not afforded under the policy,” one respondent reported. A couple of others mentioned that claims experience is often dependent on the adjuster or adjusting firm’s familiarity with the product and way of interpreting the wording, which one noted could be different from other insurance companies.
