We understand how critical it is that our agents be properly compensated for the effort it takes to service a policy. We also understand how important it is that everything in the policy issuance and management process be as easy as possible.
Effective immediately, iMGA agents may add an Agency Fee to a Renters policy.
If an Agency Fee is added, it will be:
- included in the calculation of the minimum down payment,
- disclosed clearly on the policy declarations page,
- remitted to the agent on the first commission statement after payment is received, and
- automatically included on each renewal of the policy.
Here’s how it will look on the declarations page:
You have a wide range of choices as to the Agency Fee you’d like to charge (including the ability to NOT charge a fee), and that choice can change by policy.
We hope you enjoy the added flexibility this provides. If the response to this is positive we will evaluate expanding it to other products as well. Please let us know what you think.
Finally a GA that thinks like an agent!
Now if you could influence all the auto carriers to do this!
I am in favor of an agency fee = $25 for both new & renewal business. Central does this with other MGA’s already.