The Secret to Success for Managing General Agents
When an insurance agent works with the right MGA, they are granted the tools and strategies that will allow them to provide the best service they can to their clients, as well as the means necessary for them to reach their full potential. An MGA can certainly be the contributing factor to an insurance agent’s success, but what is the key to success for managing general agents?
In an independent study conducted among members of the Managing General Agents’ Association (MGAA), a group representing UK managing general agents, a large percentage of those questioned believe that the main strategic priority for MGA business growth over the next three years is moving into new lines of business or products. Many of the respondents plan on doing so by updating technology and increasing their business development/marketing activities.
What does this mean for MGAs in the U.S.? Perhaps there is a lesson to be learned here. By following suit and moving into new lines of business or products, MGAs would be helping insurance agents to diversify their own products and services. If a client returns to an insurance agent for a new product and they are actually able to offer it to them, this means more money in their pocket and perhaps even more business in the future. Similarly, if an agent is working with an MGA that also is able to offer a variety of products and services, they will be more likely to return as well.
Diversification means big results. It gives managing general agents the ability to offer flexibility to insurance agents, so that they can find their clients the best insurance that meets their needs effectively.
K2 Insurance Services, LLC was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and our partners, please contact us today at (858) 866-8966.