FIVE-STAR MGAs
MGAs performed about the same as last year in terms of the compensation they offer to retail partners, achieving a score of 7.55 compared to last year’s 7.56, and eight MGAs earned a five-star rating – just one fewer than 2017.
Many brokers readily admit that they’ll “always want more” commission, though a good number admitted that their MGAs have been quite fair with compensation. One of the top performers for this category was commended for not charging policy fees, and several brokers concurred that MGAs should consider reducing or waiving their fees in lieu of an increase in commission. Many others called for a 20% commission, which would help cover the extra fees they have to pay. Still, this category remains a relatively low priority for brokers – as one put it matter-of-factly: “[It’s] all pretty standard [and] not as important as actually finding a solution for the insured.”
