Agent/Policyholder Services

Question 1

Company expectations of an agency

Answer 1

Competent leader ship and management, effective use of automation, business success, identifiable culture, marketing plan, knowledgeable and professional staff, commitment to existing insurance companies, Identifiable perpetuation plan.

Question 2

Agency expectations of a company

Answer 2

Stability, product value, knowledgeable staff, prompt claims handling, efficient automation, favorable contract

Question 3

Marketing and sales rep roles and responsibilities

Answer 3

How to sell products, lead conduct, coordination of relationship between agency and company departments, customer acquisition and retention, driving growth, analyze performance, evaluate appointments, develop and manage agency relationships

Question 4

Regency rehabilitation

Answer 4

Identify shortfalls, identify new sources of business, sales and marketing assistance, financial incentives, loss ratio review, retention review, and termination if rehabilitation attempts have failed

Question 5

Services provided to agents by insurance companies

Answer 5

Marketing assistance, new product training, mobile apps, account management access, education and training, financial support, lead generation, assistance with regulatory licensing

Question 6

Alternative markets

Answer 6

Excess and surplus lines markets- Not in state guarantee fund and rates and forms are not regulated by the insurance department
Managing general agent- intermediary between insurance company and agents
Self insurance funds- Every member is a partial owner. Lower premiums than available in the marketplace and each member can be held assessable if they are insufficient funds for claims
Captive arrangements- risk retention group stabilizing coverage for specific exposures while members participate in underwriting profit and investment income