BGA TRENDS
Top 10 reasons Intermediaries started relationship with carrier
Products or features not available from another carrier 69 % Better service and support 38 % Financial strength 33 % Direct access to upper management 31 % More favorable underwriting criteria 27 % Better technology 19 % More favorable compensation schedule 13 % Direct access to underwriting 12 % Corporate structure ( stock vs . mutual ) 12 % Financial professional request 10 %
Top 10 reasons Intermediaries ended relationship with carrier
Non-competitive product line 50 % Poor wholesaling support 32 % Financial instability of the carrier 29 % Carrier merger or aquisition 26 % Inconsistent underwriting 24 % Change in our leadership / strategy 21 % Poor customer service 18 % Needed to streamline number of carriers we were contracted with 15 % Underwriting too strict and / or delayed 12 % Non-competitive compensation package 0 %
Intermediaries from page 44
Intermediaries ’ role vital to industry growth
BGAs and IMOs will continue to be the engine that drives independent distribution growth and productivity . In the wake of the pandemic , there has never been a time when consumer perception and need for life insurance and concerns about retirement security have been higher . Understanding the challenges and priorities of intermediaries and adapting to the new reality established by COVID-19 is critical to realizing the tremendous existing market opportunity and the future industry success .
46 Perspectives Q2 2022