Managing General Agent(MGA) is a specialized type of insurance agent/broker that is authorized with different insurance companies. We can say that these types of agents can work as a broker or agent on the behalf of an Insurer. While an insurance broker works for the policyholder, an MGA works for the insurance company.
These independent agents have specific skill sets or knowledge that the insurance company doesn’t have amongst their regular staff. As a result, they’re often assigned duties an insurer won’t be able to fulfill.
MGA’s can also perform certain functions that are […]