Need advice and insights from Guru's - please help

dnn1982

New Member
3
Hello,

I needed a small favor from the guru's and experts from here. I am starting out as a trainee at a small consulting firm. I have been asked to write a research paper on Operational aspects of Insurance Agencies. I have done my best to read articles on internet to understand the various operational aspects OR day in the life of Insurance Agency. I am summarizing the topics below. Although i am confident on my googling skills - i am 100% sure i would have left out key topics which one would only know if one were to live that life. Can you all help me pointing out relevant topics which i have omitted ? Also let me know if you disagree on some of the below topics. Thank you so much for all of your help. My future course of action is to understand each of these topics in detail and then write my paper.
The sequence below is not in order of importance - honestly i do not know which of the below activities consume the most amount of time.

Summary topics to understand Day to day operational aspects on Insurance Agency -->

1. Managing existing customer relationships - These include getting referrals from existing customers, Servicing policy contract of existing customers (making changes to the policy based on changes to customers risk profile, managing renewals, etc), Supporting customers during claim filing process with insurers

2. Managing carrier relationship --> Getting appointed with an insurer, Monitoring goals & targets that you have to meet for each insurer, Keeping track of commissions from insurer, Collaborating with underwriters to close business faster

3. Managing Agency office --> Distributing workload between producers, CSR's ; Monitoring productivity of workforce, Running payrolls

4. Searching for markets -- > Trying to place a new customer with unique risks , finding the best insurer who can write that business

5. Managing Agency branding --> Designing marketing programs, flyers, social media marketing, participating in community programs. Making sure that visibility exists in local community

6. Reaching out to prospects --> following up with leads resulting from marketing programs/referrals, meeting appointments with prospects, educating customer on coverage needs, getting quotes form various partnered carriers, preparing comprehensive proposal to protect customer

7. Keeping yourself Updated --> Education, reading on market developments, certification

So what have i missed ? Or where i have made a mistake ?
 
Draw a large triangle on a piece of paper. Divide that triangle into 4 little triangles. Mark the outer three with the three responsibilities an independent agent has:

  1. Service
  2. Retention
  3. Sales
  4. _________ (If there are only three responsibilities, Which one of the three responsibilities will get 50% of your time?)
 

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Thank you so much. I am working on this and will present back draft thoughts on how my material will be laid out.
Shawn - that is a super helpful way of discovering the CORE.
 
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