In this more restrictive underwriting environment, experienced brokerage general agents
find themselves handling cases differently.
The outlook for the brokerage general agent
distribution approach in the variable life market is unclear.
Brokerage General Agents
(BGAs) can introduce you to new efficiencies in LTCI that make this a faster, easier sale than ever before.
At a breakout session ("Building Your Business with a Better Process") during the National Association of Independent Life Brokerage Agencies (NAILBA) annual meeting in Orlando in November, in a room largely comprised of brokerage general agents
(BGAs) and carriers, a speaker noted that carriers today are embracing new technologies designed to simplify and speed up the life insurance underwriting process.
The company also makes its proprietary life insurance available to brokerage general agents
, broker/dealers and independent financial planner producer groups through its wholesaling unit, Axa Distributors.
Larger brokerage general agents
have also shown keen interest in playing a role here.
Distribution: Independent financial advisers, brokerage general agents
, securities brokerage firms, banks, other independent organizations
For example, several brokerage general agents
recently told me that the life insurance business has changed dramatically from a quarter century ago, and even from just a few years ago.
The highly entrepreneurial brokerage general agents
quickly seized this channel change as an opportunity to serve the ranks of the newly liberated agents.
Answering these questions can be complex because of the myriad channels involved: retail producers who sell to consumers, including career agents, independent agents, stockbrokers, personal producing general agents, bank representatives and direct response; and intermediary producers who support retail agents, including wholesalers, brokerage general agents
and managing general agents; plus variations of those.
American General distributes to middle, upper-middle and affluent markets through personal producing general agents, brokers, independent marketing organizations, brokerage general agents
and an agency system.
MONY Group New York has added high-service underwriting to its plan to develop distribution through brokerage general agents
with the creation of an underwriting unit in Simsbury, Conn.