It’s a struggle today for insurers and BGAs — so many of the products they sell are becoming commodities. That’s where value-added service should be provided to agents in order to recruit the biggest field force.
But it’s not a one-way street. Sure, BGAs should offer specific things to help an agent along their way. But what about what BGAs want from agents — can agents do a better job of communicating? Are they clear on their priorities, and do they voice those to their BGA?
To that end, we asked BGAs around the country, “What can agents do to form a more beneficial relationship with their BGA(s)?”
“Agents need to leverage the BGA and the BGA’s staff to be attentive to their back-office support: case preparation, illustrations, shopping for the best underwriting offers, and help to get the case placed. The producer should expect to get help from their BGAs in these areas. The producer should also maintain strong communication with the BGA and their staff to make sure they get the attention they need.”
- Jonathan Pratt, principal, Foresters Financial Partners
“Describe your practice as clearly as possible. BGAs are much better at meeting expectations when they know what those expectations are. Many BGAs don’t profile their agents. Don’t wait for your BGA to ask about your practice, tell them.”
- Ron Rawlings, principal and owner, Dallas Financial Wholesalers
“There are three critical issues involved in producers deriving the greatest benefit in working with us. First, we want them to tell us how they want to do business with us so we can customize our services to fit them. Second, they should be candid about their cases. The more information we have, the better job we can do for them and their clients. Finally, we want them to ask us to suggest solutions. This gives us the ability to offer recommendations they may not have thought of and that are the best possible fit for their clients.”
- Kenneth Shapiro, president, First American Insurance Underwriters
“Agents can foster a good relationship with their BGAs, which will result in a producer’s significantly enhanced revenues and a competitive differentiation, by doing the following:
1. Providing in-depth details of the client’s situation. With detailed knowledge, the BGA can uncover opportunities for additional sales or products.
2. Asking clients about medical information, such as current medications, surgeries, hospitalizations, illnesses, or diagnoses within the past 10 years.
3. Share with the BGA in an open and honest dialogue your vision of the future, the hurdles to overcome, and the opportunities ahead."
- Kay I. Dempsey, president, The Dempsey Companies
“There’s no question – an agent has to be proactive and in tune with the tools and technology that help make their business easier. It takes some responsiIbiulity is a function of being self-reliant and having a clear understanding of what you’re looking for. About 75 percent of BGAs all offer the same product. The agent also needs to work toward understanding that value-add that a BGA can bring to the agent’s practice how it can help them.”
- Steve Sandberg, president, Professional Planners Marketing Group