What is an MGA? | Experior Financial Blog
What is an MGA

What is an MGA?

MGA stands for Managing General Agency. In Canada an MGA or Managing General Agency acts as an intermediary to manage the business of insurance brokers and to connect them with contracts granted by insurance companies. 

At Experior we have contracts with over 26 insurance companies in Canada so that our brokers have access to a wide range of products to better serve their clients. We value all of our partnerships which allow us to offer a high level of service to our brokers and their clients.

How Does an MGA in Canada Work?

Insurance companies used to have in-house career captive agents who sold only their products. This change began in 1978 by legislation, to allow agents to place business with carriers other than their own insurance company. Agents were allowed to sell other companies products but every application required a single case agreement signed off by all parties. General Agencies were now born, without these single case agreements. More changes were reflected in the 90’s with the introduction of MGA’s. This now allowed Insurance companies to concentrate on admin, product design and eliminated the need for local marketing offices and marketing staff.  Insurance companies could now provide a supplier/partner relationship with MGA’s to help move their products to a broad range of brokers. 

At Experior our brokers can choose to work with any insurance provider that we have a contract with and therefore can provide products at the most affordable rates to their clients. Having the ability to search the market for different policy options gives an Experior Financial Group Associate an advantage and also provides peace of mind to their clients knowing they got the best insurance product for their dollar.

What are the Pros of Working with a Managing General Agency (MGA)?

FAQ

What makes Experior Financial Group a Unique MGA?

Our proprietary “Expert Financial Analysis Software” gives your associate all the tools they need to give you the best solution and it can all be achieved online. Easy to access and manage.

Experior has taken the best of the captive companies, the best of the broker world and the best of the network marketing organizations and created a very unique Tri-Brid, Managing General Agency that works for both our Agents and their clients.

Building Financial Foundations for Families to Empower them Today and Leave a Legacy for Tomorrow!

Experior offers one of the most competitive compensation structures in the insurance and financial services industry. This provides sufficient income to our agents so they can provide their clients with top notch service.

The training at Experior is high quality and ongoing. Agents can access training throughout the week with our Products on Thursday training, our BTO webinars as well as additional training  put on by some of our Top Leaders. Training can be done in person at branch offices or online by our CEO and CXO’s respectively. In addition the training is recorded and available on demand. 

Experior agents receive a discount with our partners for the HLLQP licensing course so it’s great to sign up with Experior to take advantage of those discounts.

We have so many opportunities for advancement within Experior. We’ve created milestone achievements that can be reached by meeting markers put in place by our Executive Leadership Council. There is a place for personal achievements as well as team achievements so an associate can benefit from multiple opportunities.

Experior Executives are available to assist you in so many ways. They have created online groups as well as providing easy access to reach them so you can get your answers quickly when you need them. Our Leadership works hard to help all our associates succeed.

Being an Experior Agent means you will have the confidence and security knowing that the business you are building is your own. If you decide to leave Experior, you are free to take your book of business with you, no questions asked. 

Promotions from Financial Associate to Senior Financial Associate, Senior Manager and Executive Director and beyond are all milestones that are attainable with reasonable expectations and goals within Experior.

While personal production is important, Experior also offers benefits to leaders who build their agencies through recruiting and training of new agents.  

When our agents reach the level of Executive Director and have met the criteria for the promotion they are allotted shares in the corporation.

Each year Experior holds a Conference and Awards Gala to recognize those who have achieved milestones in the company. We have top leaders share their experiences and offer tips and advice on how they achieved their success. We also hold a mid-year summit which comprises top leaders speaking and sharing what motivates them to achieve the next level of opportunity within Experior as well as some mid-year recognition.

Our Back Office is second to none and continues to be developed by a world class development team. Our proprietary analytical software offers our agents an amazing source to analyze a client’s needs with the best possible outcomes. As well, our CRM for agents is a great way to keep track of clients and excel with communication.

How to Get Started with Experior Financial Group?

Now that you’ve learned what makes Experior Financial a unique MGA in the financial services industry, if you’re interested in learning more about becoming a broker with Experior Financial Group you can visit our Careers page to learn even more about what Experior has to offer our Associates. Visit this page to learn about our Core Values. Leave your contact information and submit the form and someone near to your area will contact you to chat and answer any additional questions you may have about MGA’s or becoming an agent with Experior Financial Group. 

Check us out on Facebook to get the latest news and updates from Experior Financial Group!

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