The key to a great BGA partnership lies in research.
You have to know what to look for in order to find a brokerage general agency that can truly support your business.
Because the insurance industry is highly specialized, you must be more effective in everything you do in order to drive real growth in your practice.
And you can do that by partnering with the right BGA.
Here are the factors you should look for in a brokerage general agency in order to create that strategic relationship.
Expertise and experience
Find out about the BGA’s core competencies by asking questions. What do you know about their principals? How long have they been in the business? How did they get here? Why are they BGAs, as opposed to a wholesaler, company rep or broker? The more information you can gather, the better decision you can make.
In order to succeed in today’s insurance landscape, you have to be excellent in what you do. Good just won’t cut it. To be great, you have to have detailed knowledge about products, which can be an overwhelming prospect – in fact, it’s not possible for most agents. In addition, over the course of your career, you’ll probably find a sweet spot. Your BGA can fill in these gaps with specialization in other areas.
Do you represent your entire team? If you’re a sole practitioner, you need people on your team that can help when you need it – for example, if your BGA has just one disability insurance expert, and she isn’t available when you call. When you’re meeting with a client and an unexpected issue comes up, you need help – fast. Be sure your BGA will be available to assist you in an instant.
Four quick life insurance sales ideas in 20 minutes that you can immediately put to use to drive new cases.
A BGA who supports you in developing deep and lasting client relationships will help you go far. That strategic collaboration will help you get sequential sales and referrals – two keys to growing your business.
It may make sense to have your BGA join you on a meeting with clients. Chances are, you have a broad knowledge that spans many products, but your real specialization is in one or two areas. If you have general knowledge about disability insurance, for example, and a risk exposure comes up during a discussion with a client, you may want to bring in your BGA to assist you, presenting him as your agency’s DI expert. This move will help your clients see the value that you bring to the table.
This final component will make or break your BGA partnership. In order for the relationship to work, expectations need to be clarified from the beginning. From the follow-up procedures to proposal turnaround time to team access to compensation, transparency is key to your growth.
Set yourself up for success by carefully scrutinizing a brokerage general agency before sealing the deal. Stop going it alone, and choose a BGA that will drive your business into the future.
What qualities do you look for in a BGA?