- 1,481
Why One Agency Chooses One Brokerage House Over Another
- Thread starter shawnmwalker
- Start date
- 5,285
If I had a nickel for every wholesaler that wants me to use them for surplus quotes, then 6 months later they are giving me the runaround, blowing off my phone calls and emails, then I would have a sh*t-ton of nickels.
- Thread starter
- #3
- 1,481
Maybe a $2 worth of Nickels?
Last edited:
- 5,285
No, $2 worth would be less than a sh*t-ton, that would be a crap-load. Which is of course 1/16 of a f*ck-ton.
- Thread starter
- #5
- 1,481
So Like $4.50 in Nickel's?
- 5,285
lol, yes. A lot of nickels.
- Thread starter
- #7
- 1,481
Got it. Glad we go the Nickle ratios down as they relate to Brokerage houses.
- 5,285
Yeah. Still, after 8 years in this business it still amazes me how the MGA's try to woo me to use them, then treat me like a complete piece of crap and ignore me when I ask them for a quote.
- 783
With my book of contractors, always have submissions going for new or renewal bus for the oddball stuff like environmental, height exposures, tract work to name a few.
Need for Speed: Too often a rush is needed. Recently had to find and bind a monline $2 mill pollution policy on a Friday. My broker thru Allrisks came thru! But if this submission was thrown to someone new, highly doubt that type of turnaround.
Broker Relationships: I think is key to getting things worked quickly. Most MGA's have access to same Carriers. You need a good broker to work with that expedites your quote. But realize each broker has a specialty. My GL guy does not do work comp and I don't ask him about Car Care risks.
Automated Forms/Apps: so simple, but yet how many use non fillable pdf forms? what a pain.
Access to Markets: One of my steel contractors in assigned risk with a 1.6 emod: Submitted to Allrisks and RT Specialty. Allrisks - all carriers declined. RT came back with a great Berkshire offer.
Smooth Renewal: How early and how many times are you notified about an upcoming renewal? Since MGA business is not automatic, this is paramount. Sometimes agents get busy. Being reminded timely is crucial.
Shawn, your title should read: Why Agents Need a couple MGA's. Sometimes one MGA may have a special program for that risk. Quite often an agent needs to block all markets. Having a couple good MGA's is needed. Most important though is knowing each MGA's market strengths and knowing each individual Broker strengths.
Just my two nickels worth!
Need for Speed: Too often a rush is needed. Recently had to find and bind a monline $2 mill pollution policy on a Friday. My broker thru Allrisks came thru! But if this submission was thrown to someone new, highly doubt that type of turnaround.
Broker Relationships: I think is key to getting things worked quickly. Most MGA's have access to same Carriers. You need a good broker to work with that expedites your quote. But realize each broker has a specialty. My GL guy does not do work comp and I don't ask him about Car Care risks.
Automated Forms/Apps: so simple, but yet how many use non fillable pdf forms? what a pain.
Access to Markets: One of my steel contractors in assigned risk with a 1.6 emod: Submitted to Allrisks and RT Specialty. Allrisks - all carriers declined. RT came back with a great Berkshire offer.
Smooth Renewal: How early and how many times are you notified about an upcoming renewal? Since MGA business is not automatic, this is paramount. Sometimes agents get busy. Being reminded timely is crucial.
Shawn, your title should read: Why Agents Need a couple MGA's. Sometimes one MGA may have a special program for that risk. Quite often an agent needs to block all markets. Having a couple good MGA's is needed. Most important though is knowing each MGA's market strengths and knowing each individual Broker strengths.
Just my two nickels worth!
- Thread starter
- #10
- 1,481
Solid Response! ^^^^^^^^^
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