Technical expertise and product knowledge
Average wholesale partner performance: 8.85
Retailers made it crystal clear that their wholesalers and MGAs have stepped it up in the area of technical expertise and product knowledge, although the average score increased only slightly from 8.84 in 2019 to 8.85 this year. Every single company earned a five-star rating in the category this year – the only category where this happened.
For the most part, wholesale partners are living up to producers’ expectations for providing the comprehensive coverage guidance and information they need. “They can’t improve; they earn their compensation for knowledge and placements,” one producer said of their wholesale partner. Another raved: “They are awesome to work with – the turnaround time and product knowledge are second to none.”
But even in a category dominated by glowing comments, there are always growth opportunities. “Performance could be improved with consistent responsiveness and support and knowledge of products,” said one producer. Other recommendations included “additional assistance with coverage comparison, coverage knowledge and additional markets/products” and “focusing their efforts to make their broker team extremely knowledgeable.”