New to P&c

[smcbride]

I'm new to the world of p&c. The fact that I don't entirely understand it has become obvious the last couple days. What is the best way to understand the different companies and what their target market is. Also what would be the best advice for getting warm leads

 

[indienoise]

You need to talk to whoever you are working for.

Who ARE you working for???

 

[Tiesto422]

Don't tell him, else you'll be working for him!

 

[insurance1822]

I read your posts on this forum. My conclusions are as follows..

1.) Your boss is providing zero leadership or direction & has set no expectation about what to expect.

2.) You're maybe clueless in general.

Now if you're bosses suck that bad, why the hell would you even commit your life to working w/ them? If they don't suck that bad, then you're maybe bad at retaining information?

What is your compensation structure?

What companies does your IA represent?

 

[indienoise]

I read your posts on this forum. My conclusions are as follows..

1.) Your boss is providing zero leadership or direction & has set no expectation about what to expect.

2.) You're maybe clueless in general.

Now if you're bosses suck that bad, why the hell would you even commit your life to working w/ them? If they don't suck that bad, then you're maybe bad at retaining information?

What is your compensation structure?

What companies does your IA represent?

You summed up my thoughts more succinctly.
I might also wonder if the issue isn't one of the above, maybe he's scared to ask his boss, or has pride issues? Or is being taken advantage of since he's green?

 

[smcbride]

You need to talk to whoever you are working for.

Who ARE you working for???

Ag insurance and financial solutions

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You summed up my thoughts more succinctly.
I might also wonder if the issue isn't one of the above, maybe he's scared to ask his boss, or has pride issues? Or is being taken advantage of since he's green?

Actually getting on here was some advice from my boss. He has been trying to coach me and provided me with a list for cold calls. But I am still green and had a rough day on the phones today. My boss was actually not in the office most of the day today. His advice to me has been to work on my delivery. Be louder and more "manly" on the phone. This after the last time of saying listen to this girl she has the most experience in p&c in the office. Just looking for more help and advice here.

 

[indienoise]

Fair enough. Your post just raised a couple of red flags I couldn't ignore. Moving on...
If you're pounding the phones I'm not the best person to help with that. You might have seen 1822's carrier rep post. Though they can be a gigantic waste of time sometimes, reach out to your carrier reps. They're normally more than happy to highlight target markets and help you pick out what they want, if they are worth anything. Assuming someone in your office can't tell you this.
Warm leads is a little different animal if you're not the guy in charge - talk to your boss to see if they have guidelines on promotions for client-driven referrals or even if they would absorb at least part of the cost of you were to exchange gift cards or other incentives for referrals.
I can't give you a secret sauce for coi's. You either need to know somebody, or be in the right place in the right time to provide them a real value. If you don't already know somebody, you can always change that.
And if you haven't already, the single most important book I've read is how I raised myself from failure to success in selling by Frank bettger. Ice never been in L&H, and I haven't always done sales, but it changed my perspective. You can read it in a single evening.

 

[Chazm]

Smoking nugs! Hahaha

 

[kristophmarsh]

When you're first getting started in commercial insurance it can certainly be a little daunting. There is a lot to know, not only about insurance but also about relationships, customer service, risk management, sales, contracts and law.

Navigating the insurance markets can take a while to get used to as well. I often try to explain how markets function to my non-insurance friends. In my opinion, it's really like a going to a really big farmers market. There will be many stalls, selling all different types produce for people with a variety of tastes and preferences. There is the fruit stall, the vegetable stall, meat and poultry. But then dive in a bit and you'll find that many specialise in specific niches within their category.

The insurance market is no different. Each insurer has their own products designed for their ideal customer. As a broker or agent, it's your job to know where to get what your clients need at a competitive price. The same insurer that is willing to insure golf courses might not insure recycling plants. For that, you'll need to canvas the market to find an insurer who will. The best way to find out an underwriter's risk appetite is to give them a call and ask.

To help you do this, you should start thinking about building "marketing charts". The purpose of a marketing chart is to list the insurers that you know underwrite a certain line of business. For example, if you are selling machinery and plant insurance to farmers, list all the insurers that you know write business in that field. You might want to add a comment to each of these to remind you of their strengths and weaknesses. It would also be handy to list the primary contact person or underwriter for each insurer.

There really isn't any limit to how many of these that you'll have. Getting started, you'll probably have one for home, private auto, commercial auto, business package, machinery and plant etc. Eventually, you might expand into other more sophisticated lines, such as stand-alone general liability, professional indemnity, management liability etc.

These marketing charts serve a couple of purposes. Firstly, they will become a great reference for yourself. When a piece of new business comes in the door, the first thing you'll do is approach all the insurers listed in that category. Once you record your results, you'll be able to track how each insurer stacks up against "the market". In simple terms, it will ensure you are getting the most competitive deal for your client.

Secondly, it's a great way for you to show your client that you are putting in the hard work for them. You don't necessarily need to show them every time, however, it's a nice way for you to justify your fees, and clients do respond well to transparency. Also, you'll be able to keep the chart on hand to refer to at a later date, such as if you are considering remarketing the account at renewal time.

As for getting new clients, I'm probably not the best guy to ask. However, there is a saying in this industry, at least as an account manager, that "if you service your existing clients right, the new business will take care of itself."

Good luck!

 

[HCCIA]

Start out with the smaller, easier stuff. When I first started, I focused on small contractors. I sent out letters to every landscaper, plumber, electrician in the phone book. It took some time, but I ended up writing several! Insurance is their largest expense. Capitalize on that. Each contractor is between $10-$20k or more! Grow from there.