Managing general agents have extensive experience and therefore possess a level of knowledge that the average insurance agent does not have. Here is an explanation of what an MGA is, the benefits of using one, and the information found in a managing general agents list.
What Is an MGA?
An MGA is a highly sought-after type of insurance agent or broker whose loyalty rests with an insurance company rather than with a policy holder. Companies grant these agents authority to perform the following tasks:
- Underwrite coverages
- Settle claims
- Price premiums
- Bind policies
What Are the Benefits of Using an MGA?
It is much simpler for a company that wants to expand into a new area to find a local MGA already in business than to open a new office and hire staff. Another benefit is that most MGAs are highly specialized in one realm of insurance.
What Information is Contained in an MGA List?
A good list of MGAs contains more than names. It should also contain the following:
- Complete contact information
- Size of current company and number of employees
If you are looking for a highly qualified agent in a specific region, an MGA list can help you find one. Luckily, these lists are available if you know where to look.