As an insurance broker, you have choices as to how you want to operate your business. For example, you can either go it alone as a producing agent or partner with a general agency (GA). We obviously promote the latter option. There is much to be said about the power of partnering with a GA to grow your business.
For the record, a GA is a broker for brokers. GAs represent one or more insurance carriers and are tasked with marketing products and lining up brokers. They only get paid when insurance products are actually purchased, giving them an incentive to take care of their brokers.
BenefitMall is a GA. We would be happy to speak with you about the possibility of working together to grow your business and serve your clients. We represent more than 120 carriers and work with thousands of brokers nationwide.
Wider Range of Products
So, what does partnering with a GA accomplish? For starters, you get access to a wider range of products than you could possibly handle on your own as a producing agent. Again, we work with more than 120 different carriers and each one of them offers its own suite of products. Combined, you get access to hundreds of different products by partnering with us.
It is in the GAs best interests to specialize in one area of insurance. Here at BenefitMall, we specialize in employee benefits plans. Partnering with us give you access to our industry expertise in all things related to benefit plans. Such experience will prove invaluable to the growth of your business.
Our experience helps us point you to the right insurance products for each of your clients. Moreover, we are always available to answer questions and explain benefits packages. We can help you understand the products you sell as well as we understand them.
The best GAs in the business facilitate relationships with their brokers through state-of-the-art technology. Our platform for brokers is just that. It harnesses all of the latest technologies to make managing your book of business easy and efficient. Rather than being weighed down by archaic technologies or inefficient legacy systems, our software empowers you to be the best broker you can be.
Many insurance carriers rely on GAs to perform the functions of a managed general agency. This means they give GAs more authority to conduct business on their behalf. GAs might be given authority to handle preliminary underwriting, quoting and loss control. Even handling claims can be off-loaded to GAs.
GAs generally have the ability to at least quote, rate, bind, and service policies. This gives brokers complete access without having to deal directly with carriers. They work with one GA instead of dozens of different insurance companies, all with different ways of doing business.
Flexibility and Efficiency
Perhaps the most important benefit of partnering with the GA is greater flexibility and efficiency. GAs tend to be smaller businesses compared to the carriers they represent, making them more agile at any point in time. As such, they tend to be more flexible in responding to market conditions and other influences.
GAs also tend to be more efficient in their business practices. They have to be in order to effectively represent multiple carriers while simultaneously serving brokers. Their efficiency hopefully goes beyond their own operations to reach brokers as well.
You can go it alone as a producing agent if you want to. We recommend partnering with a GA instead. Better yet, we recommend partnering with BenefitMall. If you are interested