Things to know before using a General Agent or General Agency
Below are some REALLY important things to know before you choose a General Agent or General Agency to work with.
General Agents and General Agencies
What is a General Agent?
In simple terms, a General Agent (also sometimes called a GA, MGA, IMO or FMO) is a partner with an insurance carrier for which the General Agent helps the insurance carrier with appointments, servicing your clients, generating quotes, and all other forms of customer service that an agent or broker might rely on an individual insurance carrier for…..almost as if a GA is an extension of the insurance carrier.
Why use a General Agent?
Here are a few reasons why you should use a GA:
A good GA will get you appointed, run all your quotes, and provide you with all levels of service with multiple carriers - this simplifies all processes, saves time, speeds up the quoting process, and provides you with one number to call instead of contacting every carrier separately.
A good GA becomes an extension of you…..your “back office support” staff - so you can keep doing what you do best, continue to cultivate your client relationships, and assist your clients with products and services that protect them from life’s ups and downs.
What attributes to look for in a General Agent
General Agents can greatly help you as an agent or broker. But how do you know if your GA is a “good” one?
Here are some things to look for when choosing a “good” GA:
Good GA’s have “multiple” carriers to get appointed with and choose from and don’t require you to just use one. Great GA’s are “one-stop shops” and not only have multiple carriers, but multiple lines Health Products, Life Products, Senior Products from which to choose from
Good GA’s pay you 100% of your earned agent commission
Good GA’s don’t require you to sign a lengthy contract with a bunch of small print
Good GA’s will provide you with a letter of release and don’t hold you captive
Good Ga’s subscribe to “a la cart” methodology and don’t require you to do all your business with them.
Are you using a good GA?
What makes a GREAT General Agency?
If you are an agent or broker that is looking for a General Agent who:
Pays you 100% of agent compensation
Believes that YOU own your business and should be the only one vested in your block of business
Has access to hundreds of carriers across:
Life
Individual Health
Group Health
Senior/Medicare
Annuity
Disability
Ancillary Products
Believes in independence and not being captive
Doesn’t require you to sign a contract and doesn’t believe in small print
Will release you to another organization should you choose, no questions asked
Serves as your back office support staff
Helps you with quotes, servicing, and the administration of your block of business
Doesn’t require you to run “all” your business through us
Do you need more information or need help locating a GREAT General Agent or Agency? Contact us - we are here to help!
Do you need to speak to a GREAT General Agency?
For more information on how we can help, please fill out the form below or contact:
Head of Agent Outreach, Janeen Petersen at 801.428.1525