Let's Hear About Your Whale

Discussion in 'P&C Insurance Forum' started by Arnage150, Feb 2, 2016.

  1. Arnage150
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    Arnage150 Guru

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    It's not bragging when it's among peers. Let's hear about a whale you closed recently. What kind of business was it? What was the premium? Commission? How did you take it down? How did you outsell the incumbent?
    Did you get that tingly feeling when they signed the apps?
     
  2. HCCIA
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    We write a commercial laundry that has grown so much over the years. They recently bought out another national company. Sales doubled as did commissions. Premiums now north of $500k!!
     
  3. insurance1822
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    Man that's insane. My biggest account is like $15,000 and I maybe have 10 of those. Eff personal lines
     
  4. Derrick
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    Yeah, once I establish a good personal lines book, while mixing a little bit of commercial here and there, I'm going to go all commercial.
     
  5. AZDave
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    No whales here, just a few guppies.

    " Premiums now north of $500k!!" - A big account like that sure would hurt when you lose it. Ouch! I would have to bank the comm's and not spend them until that accounts renewal is out for the next term.

    A few years ago I really put full time effort into commercial lines - contractors. I write a lot of new ventures, and the premiums are usually small, under $10K. Many of those small accounts are now well over $50k, and growing. Granted majority of the premiums are from the work comp.

    If the construction stops, I'm in trouble. But I have my personal lines book that pays the bills.
     
  6. MrGolf
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    Working right now on a sawmill/lumberyard that taps in about $140,000. Not sure if I will be able to do anything or not to better their current policy or pricing. If not, I'll just hope for the AOR with the incentive that I can get them into a better WC market (they are currently in an SIF) on their next renewal if this current year stays clean.
     
  7. insurance1822
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    So Mr. Golf how did you get into this account?
     
  8. Derrick
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    I did a quote for a guy. Had no idea who he was. I wasn't price competitive, but after reviewing his personal insurance, he mentioned that he had hunting property and I told/asked him why he didn't have liability coverage on his property. I explained to him the advantages of extending liability to these properties.

    He was so impressed with the level of detail, that not only did he switch to me on his personal (despite being a little bit higher), but he's also the decision maker in a business which does roughly ~$8-10 million in business a year. Worse case scenario is that the guy is going to let me AOR all of his insurance policies. CGLs, business auto, workers comp, etc etc. It's a little frightening that I'm going to get $20K-$30K in commission so easily.

    I'll also be doing an in-depth fact-finder for said person and write a fat life policy out of the deal.
     
  9. Arnage150
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    January is one of my busier months. These were a few of mine:

    Solar Contractor: GL & Umbrella, $7,120 in commission
    Carpentry Contractor: WC, $23,000 in commission (est as its a pay as you go PEO)
    Medical Equipment: GL/Products, $1,900 in commission
    Communications Contractor: GL/Umbrella/WC/Auto, $26,600 in commissions
    Home Builder: GL, $1,800 in commission
    Furniture MFG: Auto, $3,720 in commission

    How you like dem apples?
     
  10. AZDave
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    ^^^Nice. With a month like that - time to go fishing!

    Dave
     
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