FIVE-STAR MGAs
Range of products is a top concern for brokers – 47% reported that it’s one of the most important things they look for in an MGA. Fortunately, it seems MGAs are meeting brokers’ expectations pretty well, judging by their average score of 7.79 – the third highest out of all 10 categories. While that score is a slight drop from last year’s 8.08, 22 MGAs earned a five-star designation in this category, up from just 19 in 2018.
Brokers’ biggest concern when it comes to product offerings is a lack of variety. Broker after broker commented on this category with just two words: “More product.”
Even those who are fairly satisfied with their MGA’s product offerings aren’t averse to the idea of more choice. “Maybe a few more offerings in products, but overall happy with what is currently available,” one broker said.
Other brokers, while pleased with their MGA’s product lineup, pointed out that communication about new products is just as important as the products themselves. “They are constantly sending out emails featuring products and helpful underwriting information based on the time of year and products that might be more relevant,” said one satisfied broker.
