Indies- Do You Lean Towards- Commerical or Personal Lines?

[MrGolf]

Try to really know your competition well in regards to companies the agencies have and those companies specifically. This way you know what you are competing against. It's very important to be able to walk away early if closing looks slim and focus on accounts that have a higher chance of closing. I started commercial from scratch so I learned the hard way. If you have specific questions PM me.

Really great advice from Dean. Would encourage everyone to read this and take it to heart.

 

[jrsnoop]

Commercial for me. I need some more experience in the overall industry but selling commercial general liability insurance in the past few years has helped me. I am an accountant preparing individual and business tax returns along with an insurance agency. I sell insurance to some construction companies(sub contractors), restaurants/deli/grocery, barbershops, and recently sold to a bar. Its exciting to learn about this over personal auto. From my experience with personal auto these people cancel left and right and are able to shop around easier especially with the internet. At least with commercial some people feel the need to come to a broker and when they feel a sense of trust they tend to stay. I'm even waiting for some of the NYSIF WC policies I sent to have three years to get commission for WC.(I charge fees to open NYSIF WC policies since there is no commission). Of course a business stays in business by keeping costs low so I try and make sure that I am competitive even though some construction premiums are high. With patience our office sold a 30k policy this summer! With all this being said I am starting to like the commercial side a little more.

 

[TwoLabs]

85% Personal and 15% Commercial and I love it that way.

 

[thecommercialguy]

If the broker account doesn't direct bill and they can't pay in full. Make them use a premium finance company.

What % of prospects that you offer this solution to take you up on it?

Hayato
closingcommercial.com

 

[indienoise]

I focus on personal lines and write any commercial that happens along because of it.

 

[thecommercialguy]

I focus on personal lines and write any commercial that happens along because of it.

I see. Thanks for the response!

Hayato

 

[Indiana_Adam]

What % of prospects that you offer this solution to take you up on it?

Hayato
closingcommercial.com

I've a tiny book and not had to do this often. I have 2 commercial clients who went this route and have only quoted the premium finance option 3 times. It's not a hard sale. They either use premium financing to get equal or better coverage at a lower cost or they stay where they are. The 3rd client opted to bite the bullet and pay the premium in full. The % interest charged is low. No way is our agency going to float a 40K brokered account and hope the client pays. Leave that stress to a premium finance company.

 

[Gulfman]

Man...PC sounds "Tough!"

Seems like the only way to REALLY get in is write Large Contracts is with a Big Company (captive) ?

 

[Rick Deckard]

You find the ones who are under insured and not getting max credit. Then you destroy the rate and get them better coverage.

That sounded so good I added it to my ongoing book of notes in here.

Thank You.