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The 6 Benefits of Industry Associations

  • MGA Systems
  • |
  • January 2022
  • |
  • Business
Industry Professionals Shaking Hands During a Meeting

After a long COVID-19 hibernation, attending the TMPAA Summit, InsureTech Connect and WSIA Annual Marketplace meetings last year was especially energizing. There are numerous advantages to belonging to and being involved with an insurance industry association that add value to our industry. As a member of an association, you’ll appreciate these benefits:

  1. Networking opportunities: Whether you’re on the board or an attendee at an annual tradeshow, it’s an invaluable opportunity to develop relationships and partnerships for networking. You often gain insights on more productive ways to do business and the future of the industry. You also will meet service providers that can support your business growth. The association meetings allow you to share ideas with old friends while making new ones. It is also a venue for starting or strengthening carrier relationships.
  2. Regulatory and legislative advocacy: Most of the associations have PACs that lobby for industry protections and can serve as an advocate for the industry at local, state and national levels. These collective voices have succeeded in important recent legislation such as continuing the authorization of the Terrorism Risk Insurance Act (TRIA) and extending the National Flood Insurance Program (NFIP).
  3. Promoting excellence and best practices: Several associations have best-in-class guidelines for organizational management or even offer certifications and designations.
  4. Generating new business: Associations provide opportunities to expand your carrier and broker relationships to create new markets or distribution channels.
  5. Participating in education and career development programs: In addition to workshops at conferences, you may attend webinars or local training programs to enhance your skills. For example, you may participate in sessions as wide-ranging as creating producer contracts or organizing your firm’s perpetuation plan. There are also college intern programs and scholarships available to prepare the future generation for successful careers in insurance. Associations often participate in career fairs across the country, recruiting quality candidates to join the industry.
  6. Reviewing Industry studies for marketplace trends: TMPAA conducts an annual State of Program Business Study that tracks various trends in the program business market niche. It provides a wealth of information on the state of the industry as well as the projections for the future.

At MGA Systems, we actively support industry associations such as Target Markets and WSIA as well as the annual InsureTech Connect. We are association members, and we sponsor events, attend conferences and participate in exhibit opportunities. To see which conferences we’ll be attending next, check out the What’s New section of our website. And you can always contact us at (877) 790 1114 to learn how MGA Systems can support your growth goals.

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MGA Systems builds insurance software appropriate for each of our clients’ budgets and goals. Our 30+ year insurance industry knowledge is key to our ability to offer the lowest total cost solution for insurance automation.

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