There is a close relationship between brokers and MGAs – and it is a relationship built on underwriting and speed.
“I personally feel that without MGA's we may not be able to write some of the ‘special risk’ policies,” Lynn Zimmerman, a personal lines sales representative with Irwin & Billings Insurance Brokers in Vancouver, B.C., told Insurance Business.
The survey – Rating your MGAs – asks brokers from across Canada what it is they look for when choosing a managing general agent.
For one broker, a fast turnaround and good pricing are crucial.
“The best MGAs are the ones that give fast turnaround times; it seems everyone is always in a hurry,” says Andrew Piche, an account executive with All-Risk Insurance Brokers Ltd. in Sault Ste. Marie, Ont. “That, and a reasonable premium and cover.”
Although most brokers have a number of MGAs to choose from when they go looking for their underwriting, one broker has remained true to one agent.
“I don't believe in using a number of MGAs,” says Nancy Dorling, a commercial lines broker with Anchor Insurance Brokers in Toronto, Ont. “Once you have a reputation with an underwriter and they know how you operate (full details of risk, type of clientele, promptness on any o/s requirements, etc.) I find that one MGA will be there when you need them most.”
The survey runs until September 19, and will be the cover feature in the October issue of Insurance Business magazine.
Those who take part in the survey also have a chance to win an iPad Mini.
