The insurance industry can be very competitive, and more and more small independent insurance agencies are looking for ways to increase profits and attract more customers. One way to do this is by becoming affiliated with a larger managing general agency.
In the insurance world, a managing general agency typically has connections that allows it to offer a number of different policies through different carriers. In addition, managing general agencies often have underwriting capabilities, so they can offer unique insurance policies. Some of the top reasons for an insurance agency to partner with a managing general agency include:
Access to More Carriers and Policies
Small, independent insurance agencies work hard to provide their clients with the insurance that they need. However, as a small agency, it can be difficult to gain access to a wide variety of carriers and policies. However, partnering with a managing general agency can drastically change that. When an insurance agency works with a managing general agency, they can count on having access to all of the policies and carriers that the managing general agency is affiliated with.
Remain Independent
If you run an independent insurance agency, partnering with a managing general agency does not mean that your being bought out or aquired by the other company. When you work with a managing general agency, you can remain an independent company and keep the same company name. Thus, the company that you worked hard to build is still yours, but you will have additional resources that can help you better serve your customers.
Improved Commissions and Profit Sharing
While most independent insurance companies focus on providing the best for their customers, they still need to make money. Since managing general agencies have relationships with a wide network of different carriers, your company will be able to review the commission structure and choose to sell products from insurance carriers who offer the best commission rates and profit sharing opportunities.
Networking Opportunities
When your independent insurance company works with a general managing agency, you will most likely encounter many chances to network with other insurance professionals. It is not uncommon for general managing agencies to host training sessions, conventions, annual meetings, and conferences. Being able to attend these types of events can help you stay on top of the latest ideas in the insurance industry, which in turn can be a big help in growing your agency and attracting more clients.
Share26 March 2018
Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!
