The Insurance Marketplace
Insurance Market Cycles – understand what creates them, what is the current state of the market and how does all of this impact our clients
The Evolution of Carrier Markets – every independent agency maintains relationships with a number of standard (contract) insurers, wholesalers and surplus lines brokers. What does the insurer look for in an agency partner? What are the important factors for an agency to evaluate when doing business with a particular insurer or broker?
What is the impact on our clients of placing business through a non-standard or residual market? What is the impact on our internal operations?
What is the “right” number of relationships for an independent agency to maintain? What role does the account manager play in this decision?
What is the role of reinsurance in the primary insurance market and what impact do changes in rates and coverage have on our clients?
What are the driving forces behind the current state of the property and casualty insurance marketplace? What are the imminent threats, interesting opportunities and ongoing challenges faced by insurance professionals?
Insurance Underwriting
What is the role of the company underwriter and how can an agency assist the insurer in this important function?
What is the best method to obtain underwriting information from a prospect or client and how is that information best presented to the underwriter?
What is the difference between “need to know” information and “nice to know” information when gathering data from a prospect or client?
The two core functions of any independent agency are sales and customer service – and all agencies must achieve a balance between both
Is your agency a sales or service culture, and how can you distinguish between the two?
What are the different “life stages” of an independent insurance agency?
The Structure of the Independent Agency
The two core functions of any independent agency are sales and customer service – and all agencies must achieve a balance between both
Is your agency a sales or service culture, and how can you distinguish between the two?
What are the different “life stages” of an independent insurance agency?
Objectives
Upon completing this session, students will be able to:
Describe insurance market cycles and their importance in managing a client’s account
Explain the current status of the insurance marketplace to customers and others
Describe the basics of underwriting, including what role the underwriter plays, what their information needs are, and why accurate underwriting information is important for client account management
Understand the organizational structure of the modern independent insurance agency