IIAT, TSLA Share Views on Good Working Relationships

Retail and wholesale insurance agents need to work at maintaining good relationships with each other to ensure the best workflow between the two industry sectors. According to the Independent Insurance Agents of Texas, that was the consensus of a panel representing both groups at the 4th Annual Young Agents Retreat in Austin. The two-day event was sponsored by the IIAT.

“This surplus lines panel discussion has given us a positive start as part of a larger initiative being undertaken by IIAT and the Texas Surplus Lines Association. A joint task force from both groups is taking a careful look at relationships between wholesale and retail agents,” explained Jim Berger, IIAT president.

Paul Martin, IIAT director of education and panel moderator, asked retailers what they would like to see improved in the workflow relationship. Bryan Shofner, Shofner & Associates Insurance Agency, Lubbock, one of the panel’s two retail agents, echoed the importance of relationships saying he believed communication was one of the biggest problem areas. The second retail panelist, Kelli Stanford, Ed Weeren Insurance Agency, Austin, said, “every underwriter has a preference about how he wants to be communicated with.”

Panelist Dan Oberheu with Professional Lines Underwriting Specialists Inc., agreed, advising retailers to develop a “good relationship with two or three brokers you can trust.”

Panelists also agreed on what frustrates good relationships. Wholesalers are put off by poorly completed applications and indiscriminate shopping by retailers. Myra Parker with Myron Steves, Houston, said she sees a lot of applications that are incomplete. “Those go to the bottom of the stack,” she said.

Retailers, on the other hand, felt wholesalers were slow and inconsistent in processing applications. Several agents expressed frustration at last minute coverage changes and late endorsements. Stanford said, “We’re even finding that policy issuance can take anywhere from 90 to 120 days.” Did panelists have any suggestions for reducing the delays?

Oberheu said there are some secrets to making a good submission. “One, we’ve already agreed, is maintaining good wholesaler/retailer relations.” Parker said another secret would be having some sort of target pricing on larger applications. Retailers expressed concern that sometimes policies and quotes were not consistent.

Oberheau agreed, saying, “We do have a lot of responsibility to lay out the form and policies that are being quoted.” Mike Barry, Specialty Insurance Managers, speaking from the audience, said “it all comes back to relationships.” Stanford added, “we all need to nurture those relationships and not abuse them.”

The TSLA/IIAT Task Force will present its findings at the Joe Vincent Management Seminar scheduled for January 25-27 in Austin. A highlight of the annual management event will be the release of results from a detailed survey of both wholesale agents and retail agents. The survey and other studies are part of the TSLA/IIAT Task Force initiative which will be used to help benchmark and define best practices for both industry sectors.

IIAT’s Young Agents Retreat drew more than 100 participants this year, many new to the business. In addition to the surplus lines panel, participants heard a technical update by IIAT staff and a keynote presentation by a top-flight sales trainer.

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