Why Brokers Should Partner with General Agencies
July 15, 2020
Independent insurance brokers, by definition, work across a broad spectrum of clients and carriers. It is their job to cut through the fog on both sides of the equation so as to connect clients with those carriers capable of providing exactly what they need. It is a task that is often easier said than done.
We believe that the general agency plays a critical role here. A general agency bridges the gap between carrier and broker in much the same way the broker bridges the gap between carrier and client. If you are an independent broker involved in the employee benefits arena, we invite you learn more about how we can help you as a general agency.
General agencies make excellent partners because they tend to specialize in certain verticals. For example, our primary focus are those insurance products that fit well into employee benefits packages. Think health insurance, life insurance, dental, vision, etc. Simply put, we are interested in the same niche that drives your book of business.
Your brokerage specializes in employee benefits. So do we. By partnering with us, you gain access to a general agency that understands your business as well as you do. On top of that, we have decades of experience supported by relationships with more than 120 carriers.
If nothing else, general agencies are experts in their particular areas of expertise. That is important when you understand just how quickly this industry changes. Insurance products change every year; so do federal and state laws. Even client needs change over time. Brokers need the expertise that general agencies provide.
Your clients expect you to fully understand the insurance products you offer. They expect you to be able to answer questions and solve problems. Who do you turn to for that same kind of help?
General agencies exist for that very reason. We understand all of the finer details and nuances of the insurance industry. We know what is going on with carriers. We see changes coming and help brokers by giving them a leg up. In short, a general agency offers you the same help and support you offer your clients.
As a broker, you are obviously looking to expand your book of business as much as possible. That's hard to do if the number of products you offer is limited. By partnering with a general agency, you expand your book of business by offering more products that are attractive to a larger group of clients.
Your ability to grow your business is directly related to the products you offer. Understand that today's employers are no longer content with one-size-fits-all solutions from a small number of carriers who feel they have a monopoly on the industry. No, employers want more – a lot more.
A general agency gives you access to more. Not only that, we can help you better understand what products are most suited to the types of clients you serve.
What this all boils down to is as simple as understanding that partnering with a general agency leads to a more flexible experience. General agencies are typically able to respond more quickly than carriers themselves. We are able to offer more responsive quoting and binding coverage.
Are you a broker looking to grow your business? If so, are you working with a general agency yet? We would love the opportunity to show you how BenefitMall can work with you to expand your book of business while simultaneously developing stronger and longer lasting relationships with your clients.