Your Guide to MGAs
When it comes to niche programs, insurance carriers may not have the expertise required. This is where MGAs come in. If you find a managing general agents list, you can find an MGA with the expertise in a particularly industry to help.
Basics of a Managing General Agency
A managing general agent is simply a specialized type of insurance agent or broker that has underwriting authority from an insurer. The agency grants authority to the MGA to perform the functions that are generally handled by the insurer.
Role of a Managing General Agent
An MGA underwrites and quotes. Some may also handle loss control and claims. There are four insurance distribution models. These are lead generation, agency, carriers and MGAs. The insurance risk that they bear distinguishes each group.
Specialty Insurance Coverages
Most MGAs are involved with specialty coverages. Their expertise is in a niche insurance segment. If a carrier wants to insure a specific risk but doesn’t have the expertise, the carrier can collaborate with a managing general agent. The two parties then share the risk and responsibilities for claims.
MGAs have expertise in particular products. They provide a variety of services to independent agents. When you need to work with an MGA, you can find a managing general agents list and discover the many benefits of working with one.