Range of Products - Elite Agencies 2018 | Insurance Business 2018

Range of Products - Elite Agencies 2018 | Insurance Business 2018

FIVE-STAR MGAs

Product range remains one of the top three qualities brokers look for in an MGA partner – 44% of respondents named this area as a priority. This time around, performance seems to be on par, as the category also placed third based on its overall rating.

A number of positive reviews went beyond mentions of product range and variety to include flexibility, thoroughness, and ease of access and process: “They offer a large variety of products; if they haven’t heard of what I’m asking about, they inquire and accommodate,” said one broker. “Good variety with easy access on the portal,” said another.

When it comes to products, brokers aren’t just looking for breadth – those working in niche markets appreciate specialist MGA partners who “focus on what they do best.” As one respondent put it: “[They] can’t really be an expert in all areas,” adding that pricing also affects how much an MGA can offer. Still, most brokers would welcome expanded offerings when possible, and perhaps “a little more room for some of the smaller risk types.”

Beyond the existing range of options, brokers are also looking for an MGA that’s responsive to market changes. One broker remarked that “new product features and extensions are constantly evolving, [and] there is a need to keep up as best as possible.” Another urged his MGA to “continue [their] responsive innovation.” More specifically, one respondent mentioned that marijuana legalization is “just around the corner” and noted that “there is a lack of information on how various markets plan on handling these needs in the future.”

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