New MGA, Need Agents

[MGAlady]

I've been in the industry for almost 7 years. I've just recently begun to take over my father's company (been around for 25+ years). We have been catering to large broker/dealers and I want to reposition ourselves to service many independent agents. We focus on life, LTC and DI. Over the years, my father has forged many strong relationships with various top-rated carriers and in my 7 years I have followed suit.
OK - so, here is the deal, I know what I can do well and what I am not so great doing. Selling is not what I am great doing...rather, I can do it, I do it, but I really do not like it at all. I enjoy advising agents on which carrier and which product and discussing underwriting with underwriters and really getting into the muck of this industry. Basically, I enjoy doing the work most independent agents do not enjoy doing...all the grunt work. Since we are an already established MGA with many top rated carriers and since I am in charge, I can give whatever level of commission I want to. We are licensed in almost every state and will get licensed in a state for one case/one agent. No case is too small and no case too big. I always thought I was looking for the right partner, but in speaking with a bunch of independent brokers/agents, I have found that they are just looking for an MGA that is reliable and gives them adequate payout...meaning, there are minimal to no SNAFU's and they know that all they have to do is make the appointment, meet with the client and take the application. I'll take care of all their licensing, getting them the correct paperwork, scrubbing the applications, getting them to the carriers, ordering the medicals, working with the carriers to get the best offer and getting the policy to them, without them having to do anything other than making that next appointment to deliver the policy. That is what I am offering. So, I am looking for a) advice on how to implement this plan and b) am wondering if there are any agents/brokers on here interested in taking a chance with me

Any and all help and posts of potential interest are more than welcome!

 

[Full Throttle]

I'll take care of all their licensing, getting them the correct paperwork, scrubbing the applications, getting them to the carriers, ordering the medicals, working with the carriers to get the best offer and getting the policy to them, without them having to do anything other than making that next appointment to deliver the policy. That is what I am offering. So, I am looking for a) advice on how to implement this plan and b) am wondering if there are any agents/brokers on here interested in taking a chance with me

How does that differentiate you from every other MGA out there? It's like saying "we give great service". Most agents like to work with clients, not working on finding new clients. But finding new clients is what pays the best, same as finding new agents. So I would do two things:

1. Find a way to differentiate yourself that's marketable and will make an agent say, "yeah, that would be nice."

2. Hire someone to actively recruit new agents if you are not willing to do this yourself. That being said, you'll have to pay them decent since this is the part most people do not like. Prospecting.

 

[VolAgent]

How does that differentiate you from every other MGA out there? It's like saying "we give great service". Most agents like to work with clients, not working on finding new clients. But finding new clients is what pays the best, same as finding new agents. So I would do two things:

1. Find a way to differentiate yourself that's marketable and will make an agent say, "yeah, that would be nice."

2. Hire someone to actively recruit new agents if you are not willing to do this yourself. That being said, you'll have to pay them decent since this is the part most people do not like. Prospecting.

Start with answering phone calls or returning messages in a timely manner.

Another goodie, if you pitch an agent on a new program, make sure you tell them the right paperwork to use, and the criteria for applicants to qualify.

 

[WinoBlues]

Honestly, take FT's advice.

You may know the mechanics of an MGA and be great at it. But terms like "interested in taking a chance with me" do not instill a lot of confidance in me.

I am not a paper work guy. So I have someone to do that. I would first get someone to do the recruiting.

 

[MGAlady]

I guess there's the biggest difference. I am honest. I am very informal. I don't wear a suit. I sometimes say, "dude" to my agents and my clients.

When I write, "interested in taking a chance with me," I am referring to someone doing business with someone they do not know at all. I would be taking a chance, as well. If I place business that breaks the law, I'm still liable.

I know many people in this industry who give the hard sell and they make tons of money. I may not make tons of money (because as my mother says, "I give away the farm"), but I'm happy and I love what I do. What I've found is it comes down to knowledge base, accessability, and pay out. I know if someone leaves a GA and comes to me for 2 percentage points, that same person will leave me for another 2 percentage points. Those aren't the people I am looking to do business with.

I'm looking to create a symbiotic relationship for both parties, which seems to be contrary to what most independent agents are finding. Most posts describe feeling ripped off and wanting to change and looking for recommendations of who to work with. I am trying to get across that I would never want anyone to feel that way, which is why I am seeking independent agents to 'work' with me, not just place business through me.

Together, the independent agents will mold the best MGA. Other than all that administrative stuff MGAs just do, I'll know what else to provide because the agent has told me. If one thing works for one agent and I am working with a different agent, I'll adapt and cater to that agents needs. Personally, I thought and still think it is a good idea.

I was taken back by the word 'recruiting.'
I definitely am not recruiting anyone. I never thought of it as recruiting, nor would I pay someone to 'recruit' for me. That's the part of this industry I am not too keen on. I want personal attention, therefore I give personal attention. I want to work with people who want to work with me and would even consider me their friend.

What's the point of working in this industry if it isn't enjoyable? I was given a great opportunity and I want to make the best of it. I am hoping to find other people like me.

 

[Fisher]

I spoke with an NMO guy yesterday re. a company I had interest in contracting with. (Damn preposition.)

In his follow-up email he stated "I look forward to working FOR you."

I remain impressed.

 

[Stephen]

MGA Lady you seem to be a nice and genuine person.

I do have to disagree with your belief that you enjoy being in the "muck" of the business doing the "grunt" work. The muck and grunt work is done by the agent that prospects, markets, and sells the products. What you are referring to is the clerical work that us grunts expect from a good FMO.

My advice to implement your plan: 1.Hang around on the forum and build credibility. Offer help and advice to those that seek it. After some time it will become evident what type of agent is a good fit for your organization and people will actually recommend you, and it won't be taking a chance.

3. If you are truly giving out top level contracts without proof of production , then make a post in the insurance offers section laying out what commission schedules that you are offering with some of your top carriers.

 

[Josh]

3. If you are truly giving out top level contracts without proof of production , then make a post in the insurance offers section laying out what commission schedules that you are offering with some of your top carriers.

...after you make 100 posts and contribute to the forum.

 

[MGAlady]

Thanks so much for the feedback!!

Much appreciated on many levels!

 

[MDatlas]

Thanks so much for the feedback!!

Much appreciated on many levels!

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