BGA TRENDS
BGAs services important to producers
Extremely important 55 % Important 26 % E-signature , e-application , e-delivery , e-service forms , etc .
Extremely important 40 %
Extremely important 32 %
Extremely important 32 %
Extremely important 26 %
Important 41 % Dedicated underwriting team
Important 36 % New product training and support desk
Important 39 % Virtual tools , training , and support
Important 38 % Accelerated underwriting for face amounts >$ 1 million
Extremely important 25 % Important 30 %
Sales training
Extremely important 25 %
Extremely important 23 %
Important 33 % Dedicated wholesaling support
Important 37 % Specific programs to suppport targeted market segments
Intermediaries from page 43
To enable this , BGA and IMO firms are focused on improving and expanding the sales support and technological tools they provide to their agents and advisors to help enable them to better respond to consumers ’ shifting expectations .
This aligns with what producers tell us is most important to them . More than 8 in 10 life producers say access to digital tools , like e-applications , e-delivery services and e-signature , is important or extremely important , as well as receiving training and support for these virtual tools from BGAs and IMOs .
77 % of intermediaries surveyed said their top priority was to grow their network of producers .
Refining carrier relationships
Over the past few years , economic conditions such as market volatility and low interest rates have driven product and pricing innovation and carrier market consolidation . According to the new findings , 87 % of intermediaries say they have established a new relationship with a new insurance carrier in the past two years , most citing access to a product or feature unavailable elsewhere . Conversely , 6 in 10 firms said they dropped a carrier because their products were not competitive .
Beyond product selection , intermediaries weigh the carrier ’ s financial strength , the level of support and services offered , and favorable underwriting when determining whether to start or continue a carrier relationship . While most carriers offer many of the crucial services desired by BGAs and IMOs , the majority of intermediaries say carriers need to improve and / or expand their digital tools ( e-signature , e-application , e-delivery , e-service forms , etc .), and more need to provide dedicated underwriting and wholesaling support .
Intermediaries continued on page 46
44 Perspectives Q2 2022