Quoting

MGA Quoting Checklist

GL Quote

1. Gather Details from Client

   1. Identify what lines of business we are quoting

   2. Rule our standard markets first or check the carrier guide

2. Ask MGA Email or phone call what supplemental applications if any are required for a quote and if there is anything unique about this type of quote we should be aware of

3. Fill out Apps

   1. accord 125, 126 from in NowCerts under Documents > Forms

   2. Supplemental apps required from MGA

4. Email completed applications to MGA of choice. 

   1. Follow up, Follow up, Follow up…. This is key for MGA quotes. They take a while to get back usually and you need to stay on top of them. Ask them if they need anything else from you and maybe ask for a realistic timeframe for the quote. I would start following up every day to every other day. If you are not getting any response or feel they don't have a market for this risk try sending it to another MGa you like to use. I have learned that this is a relationship game. 

5. Get Quote back from the carrier

   1. Do not bind policy until collecting money and making sure that money has cleared your account. 

   2. Please review the quote to make sure it has the coverage you are looking for and feel free to ask questions to the MGA but try to ask most of the questions at the same time so there is not a lot of back and forth because they will feel you are wasting everyone's time. 

   3. Look at the subjectivities on the quote and make sure you can meet those before presenting the quote and especially before binding a quote. 

6. Financing

   1. Either ask the client if they would like to pay in full or if they would like us to set up a third party finance agreement with BankDirect. 

      1. Always use BankDirect and do not use the finance companies the carrier sends you because you will pay lots more, a large down payment and you won't get an override for the premium you write with them. 

   2. A good rule of thumb to follow. If the premium is under 1,000 for the year it should be paid in full and it is difficult to  If it is over most of the time clients will 

7. Collect Down Payment

   1. Use either the finance company or a company like Simply Easier to collect the down payment. 

8. Get all applications, no known loss letter and supporting documents signed from applicant

9. Binding

   1. Once you have the money in your account or set up with a finance company. The money has been cleared on your account or finance company, as well as you have the required documents for the subjectivities and required apps. Send an email to the carrier requesting to bind the policy. Please note the second you bind the policy you are almost always on the hook for 25% of the premium. If you do not have the money from the client you could be on the hook to pay the premium to the carrier. 

10. Finalizing: 

    1. Once you bind the policy and get the binder and invoice you will create a manual policy in NowCerts

    2. Make sure signed apps are uploaded to NowCerts

    3. Create a Master Cert for policy and send to client and any AI’s   (Additional Insureds)