Article Abstract:
Insurance agents expect greater support from underwriters at the companies they represent as competition in the insurance sector intensifies. They are increasingly selective about the companies with whom they do business based on the support services they provide. Agents want to deal with underwriters who are able to effectively and authoritatively deal with their queries, based on the knowledge and resources they have at their disposal regarding actual and potential customers.
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Article Abstract:
Insurance agents can make small commercial accounts profitable by avoiding the obstacles of job responsibilities, agency procedures and producer compensation. These accounts should be handled by customer service representatives, not producers. Commissions should be increased for new business and decreased or eliminated for renewals, to create an incentive to sell. Finally, policy information should be computerized to increase efficiency.
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Article Abstract:
Insurance agents who own their offices need to make provisions for passing the ownership or leadership responsibilities to a successor while they are still alive. Such provisions need to be clear and in writing to be enforced and ensure that the agency will not suffer undue financial hardship. Insurance companies should discuss succession plans with their agents so they do not suffer as well if problems arise.
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