How to get MGA contracts...

Aug 16, 2007

  1. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    As most of you know I work in the senior market and I have been for 5 yrs, about 2 yrs solid. Slacked off the 1st couple years. My goal is to build an office or start marking organization at some point in the future.

    What I want is an office completely focused on the senior market that offers street level commission with some marketing help. That kind of place has been impossible to find. So that is my goal. To have the best contracts and support to help other agents out.

    How do agents get these higher level contracts? Where do I start? I have about 3 agents now that depend on me for support and training and I get nothing from them.

    Is there a way to get the higher contracts on a promise that I will hire agents and hit the production goals or do I have to produce Millions before I get paid more? :GEEK:
     
  2. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    I only want to do this for agents in IN not nationwide or multiple states.
     
  3. policy doctor
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    policy doctor Guru

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    Liar....you know you want to go nationwide, and then international.

    If you have good production #'s behind you, or a bigger group of sub-agents, you can negotiate with the VP of sales.
     
  4. senior-advisor-indiana
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    senior-advisor-indiana Guru

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    I assume I am just going to have to call every company direct. HAs anyone tried doing this? I know some of you lready have agents under you. Are you guys just building towards what I am trying to accomplish?
     
  5. craig_ritter
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    craig_ritter Guru

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    Dear SAI:

    I think this would depend on the company you are looking to represent. Some companies have exclusive deals and some don't. Some limit IMO contracts and some have 100+ IMO's. Generally, though, I think you need to throw around some big numbers unless you happen upon a company who can't get representation. Certainly, exclusives require huge numbers. More likely, an existing IMO might hire you at a recruiting level contract, but this can present you with a myriad of headaches down the road.

    My company got started as a "Senior Division" of a very large Life and Health brokerage who didn't do much in the Sr. Market, but had a very large agent following. A few other IMO's I know worked as Wholesalers for Insurance companies first. I'm sure there are other ways to go?
     
  6. The Brokerage Resource
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    The Brokerage Resource Super Genius

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    Maybe ask your FMO, I know I will give better contracts if you want to try to build and agency.
     
  7. GreenSky
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    My usual warning applies as far as signing with any FMO. Make sure you get a letter (email is fine) which guarantees an unconditional release anytime you request it - subject to chargebacks.

    My FMO with WellCare did not want to continue working with me (this was definitely mutual) but the a-hole would not release me. So WellCare did not receive my production for 6 months.

    He had nothing to gain from not releasing me except the satisfaction (I guess) that he screwed both me and the carrier.

    Rick
     
    GreenSky, Aug 23, 2007
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  8. honestagent
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    honestagent Guru

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    \



    And I'll piggy back on Rick's comment: Here's my cavaet: Make sure you not only get it in writing but I would go a step further and contact the carrier's regional or district sales manager for delegated independent reps. and ascertain if the fmo has a different contract with the carrier that will either hold you to slave and chains much longer than you thought; or, indefinitely. And yes, I have experienced this. So in other words, a contract you never see yet are binded to - how fun, hu.....

    And there you go folks. ... If you're able to contract directly from the carrier, do it; unless of course you have a fabulous, supportive, fmo, which truly justifies the spread.
     
    Last edited: Aug 23, 2007
  9. haodn77042
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    haodn77042 New Member

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    We have national contracts with several major carriers and will be able to help you to obtain these high level contracts for you and your agents. We work with many insurance professionals who specialize in senior market. You do not have to hit millions before you get paid on bonus points as you will be included in our group for bonus points. We also provide full support for our agents.:)
     
  10. Cenla Agent
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    Cenla Agent Guru

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    I have been on other vBulletin forums in which older threads are automatically closed after a certain period of time, maybe 6 months.

    Perhaps the administrators could look into this feature since it would help with the spamming of old threads we've seen lately.
     
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