What about those producers who are unsupported administratively and drowning in paperwork? Perhaps they are highly creative and motivated to sell, but need more support? Any thoughts?
The age-old question. Which comes first, the support or the business? I am a true believer in paying top dollar for quality support. Producers should be aware of how valuable they are for their business and motivate them to take more responsibility. Any producer worth his salt knows that pushing paper does not pay the bills. Get someone else with the expertise, hang on to them, and treat them like gold.
Producing business is easy. Just tell an insured I can get it for you at 25% less than what you’re paying now. No need to know anything about coverage or exposures. Just ignore underwriting questions. Automated systems – just make it fit and go for the kill. After all, 90% of the time, nothing happens and the company will never find out. Watch the book grow!
Far too many “producers” see ease of doing business as getting what they want, no matter if it makes sense or not. Just get it done so I can make the sale. Then don’t bother me with any thing after coverage bound.
There are various types of producers but generally are broken down into three types, large accounts, commercial lines and personal lines. Each type needs a special expertise. Large accounts takes stamina, connections,specific industry expertise, recognition of changing events and a big brokerage. Commercial accounts require stamina, expertise in markets and premium climate, knowledge of risk management strategies and a accumen towards commercial business principles. Personal lines is a numbers game both in the need for volume of opportunities as well as ability to reduce premium by having the right carriers in the available market list.
What about those producers who are unsupported administratively and drowning in paperwork? Perhaps they are highly creative and motivated to sell, but need more support? Any thoughts?
The age-old question. Which comes first, the support or the business? I am a true believer in paying top dollar for quality support. Producers should be aware of how valuable they are for their business and motivate them to take more responsibility. Any producer worth his salt knows that pushing paper does not pay the bills. Get someone else with the expertise, hang on to them, and treat them like gold.
Libby – I agree to an extent. Why not have great support and producers?
I’m going insane. I thought the headline said ‘What makes a margerine producer?’
I couldn’t wait to see what that had to do with insurance.
Producing business is easy. Just tell an insured I can get it for you at 25% less than what you’re paying now. No need to know anything about coverage or exposures. Just ignore underwriting questions. Automated systems – just make it fit and go for the kill. After all, 90% of the time, nothing happens and the company will never find out. Watch the book grow!
Far too many “producers” see ease of doing business as getting what they want, no matter if it makes sense or not. Just get it done so I can make the sale. Then don’t bother me with any thing after coverage bound.
You got it. Any agency that puts quantity over quality will pay for it in loss ratio and E&O exposure.
There are various types of producers but generally are broken down into three types, large accounts, commercial lines and personal lines. Each type needs a special expertise. Large accounts takes stamina, connections,specific industry expertise, recognition of changing events and a big brokerage. Commercial accounts require stamina, expertise in markets and premium climate, knowledge of risk management strategies and a accumen towards commercial business principles. Personal lines is a numbers game both in the need for volume of opportunities as well as ability to reduce premium by having the right carriers in the available market list.