As the risks your clients face evolve, many need specialized insurance to provide them with the appropriate coverage they need. As the costs of developing an in-house underwriter can be high, a managing general underwriter, or MGU, is often a good solution for those looking for a more cost-effective option. As more than just an underwriter, an MGU can offer a number of services, including marketing, binding, issuing, billing, claims, management, premium collection, risk management, and more. Because of their versatility, many insurers are partnering with MGUs to help manage their business.
With a managing general underwriter, you’ll receive more specialized expertise which is specifically helpful to clients who have more niche insurance needs. An MGU will offer more knowledge related to their specifics risks, industry, and geographic location than your standard insurance carriers will as carriers generally offer broader services.
We at ProWriters partner with top wholesalers to offer a number of benefits, and we work to help you understand all of the different MGUs in the marketplace. Our partners can ensure your clients get the best possible coverage available while making your job even easier.
Seven Qualities of a Reliable MGU
Learn more about how a managing general underwriter can provide specific expertise and specialized services for your clients.
1. Stability
Enlisting an MGU with stability will provide your clients with peace of mind. Not only will they rest assured knowing that they’re covered in the event of a potential claim, but they’ll be backed by a sound, well-rooted organization.
Established in 2008 and managed by industry leaders, at ProWriters, we’re well known as thought leaders within the industry.
2. Experience
An MGU that can offer specialized insurance for a niche market, experience, and industry knowledge are key. An MGU should be able to navigate a changing market and account for specific risks. The ever-changing cyber insurance market is a good example of a landscape that requires specialized knowledge to ensure proper coverage is provided.
With ProWriters, we offer more than twenty years of experience in the insurance industry to make the most efficient and effective process for brokers. We’ve eliminated all unnecessary processes to free you from any redundant tasks and provide your clients with the most accurate policy to fit their needs.
3. Coverage
An MGU should be able to help you provide the best possible coverage to your clients. In niche markets, flexibility is key to provide tailored coverage that takes your clients’ specific risks into account.
With ProWriters, we allow users to instantly compare multiple quotes from multiple carriers utilizing our Cyber IQ Comparative Rate Platform to offer coverage that will best suit your clients. With the most advanced insurance products, your clients can rest assured knowing they have the best possible coverage.
4. Service
An MGU should be able to offer you outstanding service. With flexibility and quick response times, a reliable MGU should help to save you time, not add to it. With the right MGU, you’ll know that both you and your clients are in good hands.
At ProWriters we’re relationship-focused and recognize that it’s our relationships with carriers, agents, and their clients that make us successful.
Before you continue reading, follow us on LinkedIn so you don’t miss any important cyber updates:
5. Risk Management
A strong MGU should not only help you sell insurance policies to protect against claims but also help you understand claims prevention. This will help better protect your clients from risks and allow them to be more insurable. With fewer interruptions, costs, and lower premiums, your clients will thank you.
ProWriters offers a number of both cyber risk management and loss prevention services so your clients are better educated and saving money.
6. Market Access
An MGU should be able to provide access to certain markets that may not be available otherwise. An MGU with years of experience will be able to utilize those lasting relationships to grant you access without having to spend years building those relationships yourself.
ProWriters has been doing business with certain carriers for more than twenty years and our partners include AXIS, Chubb, Hiscox, TokioMarine HCC, NetDiligence, CFC, and more. It’s because of these relationships that we’ve been able to develop trusted partnerships with top carriers to bring you the best possible products.
7. Resources
Wherever possible, your MGU should make your life easier. Taking full advantage of your MGU’s resources can save you significant amounts of time and money in such areas as marketing, risk management, and more.
ProWriters gives you access to such resources through our extensive network of partnerships with wholesalers. We also offer our own library of educational, marketing, and risk management resources to help you sell Cyber more effectively.
To find out more about how we and our wholesale partners can help you better serve your clients, schedule your call with a ProWriters expert today, or call us at (484) 321-2335.
