What Does a Brokerage General Agent Do?

An insurance professional who sells products to other industry participants is known as a brokerage general agent. Individual or corporate clients are not dealt with directly the brokerage general agent. Instead, this person sells insurance to other brokers and financial managers, who represent both individual and corporate clients. A general agent sells life insurance, health insurance, disability insurance, and other insurance products in person and over the Internet. This individual is a licensed agent who typically represents a number of insurance companies.

A general agent’s primary responsibility in the brokerage industry is to make sales. Based on price, policy quality, and relationships established individual broker agents, a general brokerage agency may decide which insurance products a representative can sell to other brokers. Although there may be a flat-rate option based on agreements with other brokers, most agent salaries are commission-based.

The process of providing insurance quotes to other financial professionals is one of the responsibilities of a brokerage general agent. Typically, the general agent will request that an application be completed first, with all pertinent information pertaining to the client seeking insurance coverage. The brokerage general agent can provide other insurance professionals with a financial estimate for an insurance product based on the information provided in this form.

A general agent is usually familiar with the insurance underwriting process and may be asked questions about it other insurance professionals. Insurance underwriting is the process of determining a customer’s risk before issuing a policy. When an insurance claim is processed, the brokerage general agent often serves as an educational resource for the industry and can assist other insurance brokers.

Brokerage general agents frequently convene meetings with other representatives to discuss product options and client requirements. During these meetings, marketing materials are frequently exchanged so that the general agent is aware of the broker’s needs and the outside broker has a list of options. Before any decisions are made and any product is sold to an outside broker, the sales process may take several meetings between parties.

Clients may be sold insurance products a variety of financial professionals, including wealth managers and certified public accountants. A brokerage general agent may be able to provide these industry participants with specialized insurance. A general agent, for example, might specialize in selling long-term care insurance. When another financial professional needs to include this product in a client’s portfolio, the general agent can provide a list of carriers and prices to that representative.