TECHNICAL EXPERTISE AND PRODUCT KNOWLEDGE
Brokers rated technical expertise and product knowledge fourth in terms of importance – just 38% of brokers listed it as a vital consider-ation when looking for an MGA partner. But this was MGAs’ best-performing category for the second year in a row, with an average score of 8.32, up from 8.10 last year. However, just 16 MGAs earned five-star status in the category this year, compared to last year’s 21.
The brokers who rated their MGAs highly in this area praised their “exceptional underwriting knowledge and previous experience as a broker, [which] makes dealing with the underwriters a breeze,” along with “extensive reach in this industry” and “explanations [that] are in-depth and comprehensible.”
Criticism from brokers mainly revolved around the expertise and communication skills of underwriters. One broker pointed out the need for “more knowledgeable underwriters,” while another suggested that MGAs “have underwriters ready to answer questions quickly on the products offered to allow for quick sales.”