Personal Lines Carriers, When Is Enough Enough ?

[bobson]

I always give my clients 3 options, so I let them decide, they also know i have over 40 companies and will find them the best deal, so they dont look, now its all about servicing the client.

I can't keep of the endorsement for 4 carriers how do you do it with 40? Each one has company specific endorsements. Now they may be similar but the wording is always different. Or do you just present standard plans without company specific endorsements?

 

[Guest]

I have my own agency standards, every policy is getting this or that, so it keeps it simple.



I do substandard auto, but only with certain companies, but if they are preferred clients, they get certain things, period, or they can call the jack off down the street.

i will say, probally 70% of my stuff goes to maybe 4 or 5 carriers, but i have options for everything

 

[AgencyEquity]

You also have to consider your loss ratio bonuses too. If you are writing with 20 companies and not focusing on 2-3 of your preferred companies you may be giving up some substantial income.

A very valid point, but it goes beyond this. Learning 20 different carriers is not smart business, not for you and not for your clients. People will know when you are slipping, when you are trying to figure out anything and everything. Stick to you core, it's not worth fighting for the 2% of the business that does not fit and spending a half day figuring it out when you can focus on closing the accounts you want and that fit your target market. Smart Agencies play their game right, their clients are more happy and as icing on the cake, they are taking home more (including more profit sharing).

 

[1manshow]

Agreed the contingencies are the gravy

 

[thetruth]

I represent roughly 12 p/c carriers. however 5 get 80% of my business. In reality I probably only need 8 or so. most of my business mix is preferred auto/home so I don't have much of a need for substandard carriers (even though I carry a few).

 

[Sales71]

Some companies come up with great benefits. IE accident free reward, ded waiver, ticket forgiveness. Its good to have options. I deal with 3 home insurance companies but send my biz to only 2 the other does not have good claim handling. Claims service or handling is the most important part of policy. U can get low rates but at what cost...