In a recent “Brokers on MGAs” survey, brokers throughout the country ranked underwriting responsiveness and claims responsiveness as their top priorities in establishing and maintaining relationships with their managing general agencies (MGAs).
“We spend a lot of time following up on terms and endorsements, and it would be nice to have an MGA communicating effectively so that we’re not left unsure of what is happening during the marketing process,” one respondent noted.
One MGA understands this concern, and feels it’s likely to become even more pressing as more millennials enter the industry.
“The way the times are changing, especially with young brokers coming into the industry, many brokers want to quote and issue a policy immediately, without having to wait a few days for it to come through,” said Matthew Taylor, general manager,
PAL Insurance Brokers Canada.
To meet this need, PAL has redesigned its website so it can better accommodate the growing imperative for speed and faster turnaround time. The customized website features almost all PAL’s offerings – including niche products, all with no processing fees.
“Brokers have the ability to purchase specific programs online without referring to a PAL underwriter, as our website now allows brokers automatic turn around,” Taylor said.
“The faster that brokers can type, the faster they will receive the policy documents back.”
Even PAL’s programs which do not fit “within the box” and required to be looked at by a PAL underwriter receive much faster turnaround compared to a manual submission by fax, due to the online technology and correspondence.
Many respondents also expressed dissatisfaction with various MGAs’ underwriting responsiveness, with one believing “They need the ability to respond quickly.”
To combat this, PAL has implemented a portal enabling quick communication with brokers. Correspondence for each individual file is included online. Brokers receive e-mail notifications advising them they have messages in the portal. The notification e-mails contain direct links to files in question, and whatever messages accompany them. Questions, changes and even bind requests are all done online.
About 14,000 brokers are registered on the PAL website. “Brokers just love it,” Taylor said. He said “going through the portal is about 10 times faster” than manual submissions. Without the portal “we wouldn’t be growing as steadily as we are,” Taylor added.
