How important are Acord forms?

Jan 27, 2019

  1. benneaf
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    benneaf Super Genius

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    As a new P&C agent I am wondering how important it is to master acord forms? If it's really important where can I (as an independent) learn? Are there online courses or tutorials?
     
    benneaf, Jan 27, 2019
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  2. adjusterjack
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    adjusterjack Guru

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    Very. If you rep 20 companies with proprietary applications you have to learn to master 20 different applications. If you rep 20 companies and 15 use the ACORD forms then you only need to learn to master 6 different applications.

    Yes., there are tutorials.

    Become a member of ACORD:

    ACORD Forms

    And you will have access to tutorials:

    Member Training Materials
     
  3. indienoise
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    indienoise Guru

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    Hardly any carriers use acords for personal lines. You might need them for EOI for mortgage companies and that's about it.
    If you do any amount of commercial business, better get real familiar with them, because you'll be using them extensively.
     
  4. InsCommentary
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    InsCommentary Guru

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    Use them whenever you can from an E&O perspective. The "certification" forms are loaded with court-tested disclaimers.
     
  5. benneaf
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    benneaf Super Genius

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    I am planning on focusing on home and auto till I learn the business a little better.
     
    benneaf, Jan 28, 2019
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  6. adjusterjack
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    adjusterjack Guru

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    ACORD forms will teach you what to ask when you are interviewing prospects.
     
  7. William C
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    William C New Member

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    Being a relatively new P&C agent myself I thought that was best way to approach P&C as well. Then I got advice from a commercial lines agent with alot of experience and enormous book of business writing large scale P&C. In the long-run, it will be difficult to offer the same level of service to your ALL personal lines and commercial lines clients regardless of the size of the account.
    I recommend focusing on a commercial "niche" that you want to pursue. Something in great supply in your area would be a bonus. I personally have experience in property/association management and hospitality so I focus targeting those markets; both COAs&HOAs, restaurants, and bars are plentiful in my area. Also being in those sectors first hand, I got a decent idea of their kind of exposure and what kind of coverage they will need. Remember you are trying to "paint the picture" for underwriters and brokers for businesses you quote. Certain parts of the different accord forms might apply to one business but not another. If you "niche" market you get an idea of the vital information you need when you do new prospect intake. It gets confusing juggling between personal and commercial lines at times. Better to be a master of one trade than a "jack of all trades" IMO. Not to mention every carrier and brokerage you go for your quotes will typically specialize in certain areas. Having an experienced support staff in the markets you will be targeting is beyond helpful IMO. I have been blessed to start with an agency that has over 100 years of combined P&C experience (both CL and PL).
    Best of luck to you and your endeavors Benneaf. And welcome to the P&C side. I believe you will do well since you got the sales part down with your experience writing other types of insurance.
     
  8. InsCommentary
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    InsCommentary Guru

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    Good advice from William C. I licensed a couple of guys years ago who were working musicians who toured with well-known artists. When they weren't touring, they had a hard time earning money given how little the local music scene paid. So, after getting licensed, they focused on the music industry. One of them ended up leaving music for insurance and became a very good and commercially successful agent.

    Another agent I know came from a family of jewelers. After licensing, he worked with a carrier to develop a jewelers insurance program based around a special jewelers block policy. He went on to sell that program to jewelers all over America and was earning a strong six-figure income.

    I know several agents who specialize in community associations, selling master policies and related coverages while their personal lines operations sell condo, apartment, and other personal lines products.

    Really knowing insurance coverages is a life-long project with thousands upon thousands of coverage forms in the marketplace. If you are directly in production, you will almost always be more successful by targeting your markets and developing expertise and a reputation for such expertise in those markets.
     
  9. benneaf
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    benneaf Super Genius

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    Most of my business is Medicare and Life related at this point to individual clients. So my home and auto play is basically cross selling opportunities to retirees. I do have relationships with a lot of small business owners from selling a lot of health insurance a few years ago, but it's really the individual market where my strength is currently and where I see it staying in the future.
     
    benneaf, Jan 29, 2019
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  10. NCAgent828
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    NCAgent828 Super Genius

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    Best advice from a new agent as well that has used Acords a lot for commercial and even some personal lines. Fillable acords and “print to PDF” is my best friend!
     
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