Two Texas insurance organizations released a study recommending best practices for business relationships between wholesalers and retailers at the Joe Vincent Management Seminar in Austin.
The study, Best Practices for Working Relationships Between Wholesalers and Retailers, published jointly by a task force of the Texas Surplus Lines Association and the Independent Insurance Agents of Texas, is based on a comprehensive survey of wholesalers and retailers from across Texas.
“The study includes complete results of a comprehensive survey that offers both a detailed look at current relationship characteristics and a look at relationship expectations,” Bill Harrison, IIAT president elect and a member of the task force, said. “I’m not aware of any comparable study that serves as the basis for such a comprehensive manual of best practice business relationships between wholesalers and retailers,” he added.
This best practices manual is aimed at identifying ways retailers and wholesalers can enhance their working relationships. The manual addresses topics such as submissions, contracts, binding authority, policyholder service and financial ratings among others. The study takes a careful look at the best practices in 10 categories that impact a successful business relationship.
Both retailers and wholesalers can use the manual and attendant forms to evaluate existing work relationships, which can then serve as a guideline for seeking improved communications and efficiency.
Each chapter provides an overview, a detailed discussion, relevant survey results and the task force’s recommendations for best practices. The study also includes an extensive appendix plus evaluation forms, checklists and guidelines. Also included is a profile form that can be used to evaluate business relationships.
A key finding is that among wholesalers, 98 percent think evidence of E&O insurance is most important while among retailers, a majority place a great deal of emphasis on reputation and personal relationships in qualifying a wholesaler.
“The task force believes a retailer has as much right as a wholesaler in asking about the wholesaler’s E&O insurance,” commented David Surles, IIAT director of Professional Liability. “We believe this exchange of E&O information is important because it serves as mutual evidence of good faith and professional courtesy.”
The study is available online by download or in printed format via the IIAT Web site at www.iiat.org.
Topics Texas
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