Category: Management

What Agents Should Look For When Choosing an Insurance Carrier

Posted by: Agent Hub

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If an agent gives an excellent presentation and still lost a client because the rate or coverage package was not right, the agent should think about expanding his or her insurance carrier options. Agents should consider the following when looking to expand their insurance carrier options.

Market Appetite and Production Requirements

While many agents feel they understand their target markets, prospects’ needs are not fixed and can change from year-to-year. Before researching new carriers, agents should first have a clear marketing strategy and match the carrier to their market. They can come up with a list of where they locate most of their leads and what kind of income and property potential clients want to protect. Additionally, they can try to brainstorm compelling offers and examine how to set themselves apart from the competition. Unique demographic and geographic features, such as high-value homes or dry brush areas, can guide agents as they develop their marketing and sales approach. Once agents have a full understanding of market needs and how that stacks up against their current offering, then they can begin to examine new carriers.

Rates and Response

When agents’ rates and underwriting rules are dialed in, agents can test the company’s ability to respond. Fast, accurate solutions will give agents an edge in the marketplace. Agents should find out how quickly the company issues policies. What happens when the tech does not work? How long does it take to get answers for underwriting questions or exceptions? Can the marketing rep help find the necessary resources on short notice? The new carrier should provide the tools to make an agent’s job easier, not more complicated.

Claims Record

It pays to do an internet search for claims complaints. Agents should thoroughly research the complaint to see if the accusations are valid, different or if they are the same five reported on different sites. An agent’s reputation is as good as the service he or she provides, and ineffective carriers can negatively affect the quality of service. There is no bigger proof of service than at the point of claim.