Questions to Ask While Writing Commercial Insurance

[andrew1052]

My agency owner is finally allowing me to take the steps into the commercial industry. I have a few marketing things at my fingertips to generate leads. What I am looking for is what types of questions are best asked when gathering information for a commercial business quote? I am looking for everything from commercial auto, general liability, and workers comp if necessary.

So as I stated where is best to begin when trying to figure out what questions to ask? Any help will be greatly appreciated!

 

[INSUREGEEK]

That's a huge question to answer. Where is best to begin?

I would say familiarize yourself with the various sections of the ACORD commercial applications and go from there as far as what's needed for underwriting and rating.

I would also say that since CL can require a great deal more work (and lead time) than PL, you'll need to get very good at separating your prospects from your suspects. To do that you'll need an idea of what classes your carriers are writing competitively, and focus on accounts you can write.

Surely your boss has some direction that he can give as well.

Good Luck!

 

[EugeneM]

Underwriting information especially if its industry specific takes time to learn. On GL its one of those things that one question leads to 10 more. Working with your underwriter you will hear the same questions over and over again. You could maybe get with them and target a certain industry so you know what information you need before hand, typically you learn over time. One of the reasons Commercial is so hard to break into.

-Your questions should help you gauge the buyer. Are they price shoppers? Do they think they will never have to use their insurance? Find out what mind set the buyer has towards insurance.

I would take the time to ask about their current vendor. Is the agent a good friend? etc... Is it something he just calls you once a year to renew? or does the person shop and consult for you? Do they wait until last min to submit the renewal proposal? These are the things that can create space between the incumbent.

These questions can let you know were you stand and you could choose how much energy you invest into them.

 

[andrew1052]

Thank you for the advice

 

[1manshow]

questions on the incumbent I agree with 100%

on the fact finding end...most credible carriers have pretty detailed fact finders for their target accounts...I like to use that as a baseline

 

[ks1017]

How much commission does an agent make on commercial accounts?

 

[AdvisorsIns]

Wildly varies from 10% up to 20%. Average is 15%