Article Abstract:
Insurance agents can increase sales by selling multiple lines. They have three methods to choose from: partnerships with other agents who sell different lines, multiple lines selling, and arrangements where they rely on the expertise of office staff. The first method is especially attractive in instances where the agent is experienced and has his own corporation; the second can enable an insurer to increase profits during a soft market; and the third is a safeguard against agents spreading themselves too thin.
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Article Abstract:
Commissions for insurance agents have dropped to 15.8% since 1986, according to a report by Best's Aggregates and Averages. Additionally, insurance companies have been hurt by losses due to natural disaster claims and lower rates of return on investments. Insurance agencies are initiating several cost-cutting measures, such as protecting renewed accounts and altering reward and compensation formulas to make up for financial losses.
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Article Abstract:
Insurance companies are introducing new risk management services to control financial losses and retain customers. Loss control was introduced by insurance companies when premiums rose for workers' compensation, liability and other coverages. Loss control procedures usually eliminate or reduce risk exposure. Additionally, insurance executives found that loss control increased client trust and sometimes saved client's businesses.
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