Is this a serious conflict of interest?

[Nomadd917]

This has nothing to do with your situation, but i think every underwriter/loss control person should have to sell insurance for a time.

Some underwriters are extremely difficult to work with.

 

[adjusterjack]

The point you are missing is that it doesn't matter if it's not a conflict of interest. You are employed at will. You can be fired for any reason or no reason. If your employer doesn't like the idea of you working part time selling insurance, then that's all she wrote.

Are you willing to say to your boss, "I'd like to work part time as an agent for XYZ agency."

And then make your decision based on his response.

 

[Nomadd917]

Are you willing to say to your boss, "I'd like to work part time as an agent for XYZ agency."

And then make your decision based on his response.

I don't plan to disclose this with anyone at work. The company doesn't require that we disclose outside employment.

 

[DHK]

Then let me throw this in: Does the company check your state's department of insurance records for licensing and company appointments of all employees? That could be an HR or a firm compliance duty - IF they do it.

If they see a resident license and company appointments, they may ask you about it. In almost all states, this is public record.

Just throwing it out there. Don't let it be said that you asked for advice and something happened and you lost your job inadvertently.

 

[Nomadd917]

If they see a resident license and company appointments, they may ask you about it. In almost all states, this is public record.

A couple underwriters came from the agency side and they have maintained their licenses over the years. The company doesn't seem too concerned about it. I have maintained my life and health with no issues or discussions with HR or management. I just pay the renewal fee and my CE is paid by the company through institutes exams.

In my state I do not believe you have to list any agency appointments. I see several licensed agents in this state that do not have appointments listed with the state.

Just throwing it out there. Don't let it be said that you asked for advice and something happened and you lost your job inadvertently.

I know there is a risk I get fired. I'm not overly concerned, just a little, as there are several other regional carriers that use independent agents I could work for as an underwriter within driving distance from where I live.

I figure that the amount of time that would pass before my company finds out, probably 18 months-2 years at the earliest, I should know if this is something that will work or not. If I'm still selling in 2 years and get fired I'll must likely start selling full time and then look for part time work if needed. This is something I'll probably visit anyways if the time comes and the situation warrants it.

I should know within a year if this is something that works for me long term.

It's a calculated risk.

 

[DHK]

Well, I would certainly hope that an underwriter could make a calculated risk assessment.

 

[adjusterjack]

I figure that the amount of time that would pass before my company finds out, probably 18 months-2 years at the earliest. It's a calculated risk.

More like Russian Roulette.

 

[Nomadd917]

More like Russian Roulette.

You can still calculate the risk in Russian roulette.

 

[VolAgent]

That could be a potential concern for the company. However, that kind of situation would be no different than if I were to sell insureds information from one agency to another agent. The risk to the company is not much greater. My integrity is much more important than writing a policy here or there. In my opinion if I were to take information on insureds with my company and try to place that business elsewhere, that borderlines theft. I wouldn't even think about trying to take company information to make a sale for my personal gain. If I have to do something like that to make sales then selling isn't for me.

That would not be borderline theft. It would be actual theft. I believe legally it is theft of trade secrets. But anyway you slice it, it could easily be a world of hurt. That is why you need to make sure to avoid any situation that even hints you are doing something like this.

 

[Nomadd917]

avoid any situation that even hints you are doing something like this.

My thoughts about avoiding this issue is essentially not writing anyone who is currently insured with the company I underwrite for. That away I cannot be accused of stealing business.