How Does an Agent Submit Business
You might have taken a moment to ask yourself "Where will the agent send the application?" While every broker dealer can create whatever process they like, we would like to take a moment to explain what we think are the two most common ways this processing occurs.
Scenario 1
In the first scenario, the Agent takes the application and sends it to their Retail Broker Dealer for approval. The registered principal at the Retail Broker Dealer approves the transaction and sends the case to the BGA. The BGA's New Business Department processes the application and submits it to the carrier and the carrier processes the case and issues the policy.
Scenario 2:
In the second scenario, the agent takes the application and sends the application to their BGA. At the same time, the agent sends a copy of the application to their Broker Dealer for approval. The BGA begins processing the application and sends it to the carrier. Finally, the carrier processes and issues the policy.