In the world of insurance, the rapid pace of technology has created challenges for both agencies and insurance companies alike. Insureds want results ever more quickly, and the responsibility of meeting those needs and demands falls at the feet of both the carrier and the agency.
Executive SummaryImagine being an agent who learns, after an underwriter declined his submission, that another underwriter for the same carrier wrote the same account for another agency. That's just one of the relationship-damaging scenarios that agent Reuben Dourte shares in this commentary, as he offers his perspective, along with advice on some simple fixes to benefit agents and carriers alike.
When we discuss providing added value to the insurance client, promises such as “good service” need to be quantified in order to meet and measure expectations and results. Managing these client expectations involves a behind-the-scenes relationship approach between the company and its agent force to write new business and retain existing customers. Bearing in mind that the goals of the client, agency and company can indeed align and seeking to find effective ways to transfer risk, provide value and minimize claims occurrences is the first step to creating the kind of added value that benefits all parties involved.