For an MGA who wants to provide customers with the best service possible, finding the right underwriting partner is key. Here are a few tips to identify one that complements you.
We get it – mistakes happen. But when businesses are vulnerable to lawsuits based on these mistakes, they can’t just be shrugged off. That’s where you, the MGA, come in to protect companies from the risks associated with doing business everyday.
And businesses aren’t the only ones who might need support. If you’re taking on your commercial business customers’ risks as your own, partnering with an underwriter can help alleviate some of your risk.
The right partner
It’s more than identifying a salesperson who’s friendly and helpful. To find the right underwriting partner, look for one that can boast A-rated paper and industry expertise. These features will allow you to provide your business partners with the most comprehensive protection out there. Not to mention, that kind of partnership also provides a unique industry resource—answers for those truly out-of-the-box underwriting questions.
Less risk, more support
You may think that taking on increased risk on your end means you can better serve your customers. Not so, as sharing risk with an underwriting partner provides more flexibility to handle customer risk. After all, when you enlist the help of a friend, you can carry more weight together than alone. Unfortunately, most underwriting partners stay completely focused on reinsurance rather than taking on risk; so, it’s vital that you find a partner willing to have some skin in the game.
Flexibility for customization
Finally, in addition to offering expertise and an appetite for risk, your underwriting partner should also be able to deliver the flexibility it takes to create customized plans for specific customer needs. Finding the right partner means you don’t have to offer a one-size-fits-all protection policy, and this customization also allows for optimized pricing to keep you competitive.
Want to know more about how the right underwriting partner can do more for your business? Check out our blog on why a personal touch is still key in an automated underwriting world.