Wholesale Answers for Retail Questions
In the hyper-competitive insurance industry, an independent agent may find it tough to go it alone. It is important to give a prospective client policy options designed to fit his or her price point, and that can be difficult with a limited portfolio upon which to lean.
It is into this breach that an insurance wholesale broker steps. Unlike a retail agent, a wholesale broker can communicate directly with multiple insurance providers, often streamlining the process of finding just the right policy.
It is this ability to “broker” deals and present attractive options to the retail agent that ensures the system will work for all four parties: the customer, the agent, the broker and the provider. Here are two more reasons to consider working through a wholesale broker:
Specialized Expertise: Sometimes a client has an insurance need that is either highly specific or downright unusual. An insurance wholesale broker often is experienced in working with a particular product line and can narrow the search focus considerably.
Binding Authority: A wholesale broker who has the underwriting authority to bind insurance is known as a managing general agent (MGA). Working with an MGA can make obtaining a binder a quick and easy process.
It makes business sense for an independent agent to utilize all available resources. Contacting an insurance wholesale broker is a good start.