FIVE-STAR MGAs
When it comes to their overall relationship with brokers, MGAs are aware that this is one of the most basic and fundamental aspects of their business, which explains their relatively consistent performance in this area. Although their score dropped quite a bit this year (from 8.64 to 8.34), the category again ranked highest in terms of performance, and 20 MGAs received five-star ratings.
To assess their relationship status, brokers often consider several facets of their MGA’s performance and service, and the consistently positive results in the category prove that MGAs know what compels brokers to stay with them in the long run: regular communication and going the extra mile to give brokers what they need. “They are amazing to deal with and are very quick to reply to inquiries. Very rarely do I have to follow up” and “I feel like we have a great relationship with [our MGA], and they are always quick to help us with hard-to-place risks” were a few of brokers’ more effusive comments.
However, some brokers who gave relatively high marks have noticed some decline in attentiveness from their MGAs. Brokers remarked that their MGA’s representative “used to come in once a month” or “more than once a year,” and said they could definitely use “more business development visitations” to keep the MGA attuned to brokers’ needs.
Many brokers who gave lower marks referred to communication issues such as delayed responses or a lack of acknowledgement on requests and emails. Any changes in the relationship between the broker and MGA can easily trickle down to the interaction between the broker and client, which is what the business is all about, as one broker reminded his MGA partner: “We must focus on the client’s needs, not ours!”
