Burnout in P&C?

Elliot Becker

Expert
40
Alright, so here’s the thing. I’m Special Agent Elliot Becker—yeah, I call myself that sometimes because it makes me feel like I’m doing something cool, but really, I’m just another commercial P&C agent stuck in the grind. Been at it for years now, working for one of those big shiny agencies. Why? Because, of course, the Becker family legacy is all about insurance.

Let me tell you, this market? It’s a nightmare. Every year it’s like, “Oh, here’s another pile of crap to deal with, enjoy!” There are “opportunities,” sure, but getting carriers to actually write new policies feels like pulling teeth. I mean, take this recent circus I went through—reached out to 21 different insurers trying to get a Business Owner’s Policy for an architect’s office in California. Seventeen flat-out said no, three are ghosting me, and one is maybe, maybe considering part of it. How’s that for a success rate? (if anyone knows a good market for an architect involved in project management and construction management let me know. They need $12M limits)

And don’t even get me started on account managers. It’s like they’re fleeing the scene. I’ll email someone I’ve been working with, trying to get something done, and bam—out-of-office reply saying they’ve jumped ship. Just when you think you’ve got a handle on things, poof, gone. So helpful.

Even when I manage to close a deal by jumping through all of the underwriters games (which feel like something made by Jigsaw from the movie Saw)—the clients are paying insane amounts. We’re talking two, three, even five times what they were paying a few years ago. And of course, they think I’m the one screwing them over. I wouldn’t want to pay these rates either, but what can I do?

Retaining clients? Hah. Even if I write an account, there’s a slim chance the carrier will renew it next year. And if they do, guess what? The rates jump, and I’m back at square one, scrambling to shop it around again. It’s like trying to keep water in a sieve.

Meanwhile, I’m drowning in work. Twelve-hour days are the norm now, just to keep up. And I’m the one who gets blamed for everything, naturally. Clients, underwriters, claims adjusters, account managers, the whole lot—they all seem to think I’m the root of all problems. It’s exhausting, man.

So yeah, I’m seriously starting to wonder if this is the path I want continue on. Is it just me, or does anyone else feel like they’ve wandered into the Twilight Zone? I mean, I can’t be the only one, right?
 
FWIW, this sounds like textbook NY. We can't even get a carrier to write $10M TIV on a building in NYC. We need 4 to build the "tower". I'm talking major stock carriers that are household (at least in our households) names. Don't get me started on the net profits these carriers are reporting YTD.....billions!!
 
I think Marin is referring to the increased commission on the increased premiums. Trouble is lots are CNP post binding, so we have to return commission on the unearned.
 
I think it like this everywhere. I have been an agent for 51 years and this is the worst market I have seen. I understand the companies lost money last year but as you said they are making billions this year. I would like to tell the companies to either get in the business or get out. The biggest thing I have seen change from years past is, the companies don't take the word of the agent. They all rely on reports and a lot of time the reports are not accurate but they treat the reports like they fell out of heaven. Some recent examples are where companies are getting aerial views of roofs. Had two homeowners recently where the company was non renewing because the aerial views show the roof is reaching the end of it's life expectancy. I went out to inspect the roofs. The first, the homeowner said they replaced their roof two weeks ago. The other, the homeowner said they replaced the roof 30 days ago. Called the company and they got the aerial view on October 8, so they didn't get the up to date view. The company said if I would get pictures of the roofs and a copy of the receipt where the insured paid the roofer, they would withdraw the non renewal. I told them, No, you paid for an in accurate view so you pay for another view that is accurate. But I had to spend my time getting the up to date info. This is happening all the time now. I had to get the info to stop the non renewal. This is not a good time to be in the P & C business.
 
Tell me how 🙏
1. Enjoy the larger commission checks
2. Be choosier about whom you do business with/require more.
3. Push back on prospects and have them do more of the legwork
4. Focus on selling into a specific niche that you have that does well in this market. Sell the hell out of it. Wash, Rinse, Repeat...

Those are just four simple ideas...but this horrible market landscape does not have to be horrible for you.
 
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