Article Abstract:
The National Association of Professional Insurance Agents predicts that the rate of mergers among independent insurance agencies will increase in late 1996 and continue at a high pace through the third quarter of 1998. The reasons include the imminent retirement of agents who are Korean War veterans, an improvement in the industry's business climate, and competition from banks, insurance carriers and alternative insurance providers. Agency buyers and sellers should study their prospective partners before making a deal.
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Article Abstract:
Insurers and agents increasingly are focusing on ways to reduce agencies' hit ratios, or the amount of insurance business quoted but not written. The cost of selling and underwriting new commercial insurance is high, thus driving the need to improve agents' efficiency. Agencies can improve their hit ratios by developing good communication with their carriers, by evaluating the potential of new clients and developing a marketing plan.
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Article Abstract:
The most successful insurance agents possess a number of common characteristics. They set sales goals at the beginning of the year and then develop plans to achieve them. They are persistent, tirelessly following up on prospects even if they encounter resistance. The best insurers also have an organized system for monitoring their calling, appointment and proposal activities and network to identify potential customers.
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