Life insurance products and advisory services are delivered in Canada through a variety of channels comprised of myriad firms, business models and advisor practices. This month’s feature in the Insurance Advisory Service (IAS) focuses in on the largest of those channels, the managing general agency (MGA) channel. The feature examines the impact of increasing regulatory scrutiny and operational cost pressure on the hundreds of MGAs operating in the Canadian market place. Specifically, how these pressures are changing the role and the face of MGAs in Canada. Supporting this work is a full range of key distribution metrics on the life, health and wealth insurance business across all insurance distribution channels, with a detailed measurement emphasis on the top firms in each of the four intermediated channels of distribution: full-service MGAs; small retail MGAs; financial advisor dealer firms; and full-service brokerage firms. Top distributor firms are ranked within and across these four distribution channels with a few surprises.
The piece is important reading for insurance manufacturers and distributors looking to assess distribution strategies and competitive presence in the Canadian life insurance market.