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What's the single biggest challenge your agency or you specifically are facing in your business today?

Thought this would get some great discussions going and bring to light some of the big unmet or under-met needs and potentially enable each of us to better support one another.

Thanks in advance!

In short, companies and their systems. Spent a considerable part of the past two days trying to figure out a way to get a package policy issued. About to tear my hair out. Similar to your last post, I will give this some serious thought and get back with a meaningful reply. This is good stuff!

Thanks George!

You're welcome. Interestingly, a company rep commended me today for bringing concerns to the table. Being vocal with your companies isn't likely to make you instantly popular in the short term, but long term, it's apt to get some action. This kind of discussion, in my estimation (as well as the other question) deserves a broader audience. A few years down the road, after Google and Amazon have figured out the game (just as GEICO did, but even better) and invested serious money into technology, agent and companies alike will be scratching their heads wondering how it happened.

Maybe I'm wrong...I'll be back with more. In the meantime, feel free to DM me. Maybe there's a more suitable place for discussion that isn't as hidden as IJ to voice our concerns, and include more than a fraction of insurance industry people. No, not Facebook though

Companies keeping the lines of communication open - its all webinars and email blasts. We (independent agents) represent too many companies to be able to read and retain it all. So frustrating to find out guidelines have been changed with nothing more than a electronic memo.

RGinIndy wrote: ↑Fri Feb 15, 2019 11:27 am Companies keeping the lines of communication open - its all webinars and email blasts. We (independent agents) represent too many companies to be able to read and retain it all. So frustrating to find out guidelines have been changed with nothing more than a electronic memo.

Agreed. Communication is generally poor, except if you have a marketing rep who knows that it is a 'partnership' between the agency and company. Something you can't teach at college is the value of building solid relationships. Relationships flourish when there is good communication and an open dialogue. The problem is that the companies pander/cater/pay more attention to the very large agencies, who use size as a leverage tool. Problem number two is that size does not equate to an agency being good or not. Large agencies buy smaller agencies to grow, because they can't really grow organically....in addition to buying for reasons of negative competition (to stifle competition).

RGinIndy wrote: ↑Fri Feb 15, 2019 11:27 am Companies keeping the lines of communication open - its all webinars and email blasts. We (independent agents) represent too many companies to be able to read and retain it all. So frustrating to find out guidelines have been changed with nothing more than a electronic memo.

Yikes, that must be incredibly frustrating! How often does a guideline change that causes a problem for you guys? What's the impact on your business and clients when this happens?

Insurers with Best Service Win More Business from Independent Agents

https://www.insurancejournal.com/magazi ... 517649.htm

For instance: The most recent disruption was a high net worth company decided mid-stream to start charging $7 installation fee per payment. Not an uncommon practice for most companies, but in this case, the client got the letter before the agency did.

It is much nicer for the client and the agent to be able set and meet the expectation.

Rate increases of 38% ($706) with NO claims. Hard to explain. Require re-quoting. This is becoming the new normal. Incredibly frustrating.

Finding and Retaining good agency talent! Systems yes, I agree, and what used to be carrier knowledgebases a call away are now outsourced-work at home 1 to two year frontline manual readers.

I don't think there is a "single biggest challenge". Instead I think it's a collection of "challenges" similar to what other small businesses face each and every day. Normal everyday workflow, pricing, technology, partner / vendor relations, employee/talent, scheduling, client expectations, support...

1SmilingNomad wrote: ↑Mon Feb 18, 2019 1:22 pm

RGinIndy wrote: ↑Fri Feb 15, 2019 11:27 am Companies keeping the lines of communication open - its all webinars and email blasts. We (independent agents) represent too many companies to be able to read and retain it all. So frustrating to find out guidelines have been changed with nothing more than a electronic memo.

Yikes, that must be incredibly frustrating! How often does a guideline change that causes a problem for you guys? What's the impact on your business and clients when this happens?

Lately, it seems more often times than not, these types of changes are popping up. The industry is reacting, at least here in my portion of the Midwest, to the Cat losses of hail. So they've decided to change things like how long a client has to file a claim, how the deductibles will work in the policy (think about large loss deductibles), and or changing the deductibles overall from a flat $ amount to a percentage. The client's aren't happy, and its very difficult to convince them the company is on their side, so loyalty is down considerably.

The advantage / disadvantage of being an independent insurance agency. You can save the day by offering a better deal, better coverage, better company, better service. At the same time, you're guilty by association if the client is not happy, or something goes south for any particular reason.

Single biggest challenge as an IA:

Pros: You have more than one company to write with.
Cons: You have more than one company to write with, and therefore more and more customers are requesting reshops, even if the renewal does not change much.

BIGGEST CHALLENGE, however: Keeping appointments with major carriers like Travelers and Safeco. These companies do not like having agents appointed that requote clients and move policies from them to another carrier when rate disruption occurs. Some agents lose their appointments when they remarket too often, or do too good a job for their clients.