Small, medium, and large accounts: A story of an opportunity cost delima.

[MIGA1626]

You own an independent commercial agency of 7 million premium. Everyday happily working to improve yourself, your business, and your people. 8 years ago you had nothing. No skills, no money, no connections... you didnt even know what you don't know. You wonder how you got this far but you know it's not even close to what is out there. Then you have a 3 million premium opportunity appear in your email. All 1739 pages of declarations. No black redactions over the premium lines. What do you do.... is there a risk of trying to write an account and wasting 100s of hours? Or are you taking a risk not trying? At one time $2500 commission on an account was exciting. Now it's a normal day at the office. How do you expand to these opportunities that very few people on the face of the planet know how to take advantage of? Is it volume of small accounts? Is it a diversity of premium sizes? How do you make that leap? You look across the river at Assured partners, you look at the glass paneled USI office on the hilltop over looking the town. How do they get the accounts over 1 million? What is their story? How does my small agency became a part of that story?

 

[Joyce Blanchard]

Mainly creativity, integrity, and risk.

I majored in Risk Management and Insurance at FSU and had an amazing professor who had been a very successful agent for many years. One day, he was explaining risk and reward, and brought up something I’ll never forget. He explained that it is risk, not education, that has the potential to bring us success. If education were the key to financial success, the majority of our teachers and professors wouldn’t make less than 50k.

At a conference later in the year, a speaker explained that the key to financial success is impacting the most lives per transaction. If I write a personal policy, I’m covering 1-3 people maybe, but if I write a HOA/Condo, I’m covering hundreds of people.

I say pre-qualify the hell out of it, and if the chance with that information is still there, then go for it!! Work with your UW’s the moment you have the info to prequalify with them too. They might even have some help you didn’t know you needed. Heck, we even provided 3rd party Risk Management and Claims services to get a really big account one year using part of their commissions. Get creative.

Even if you don’t get it this year, always remember the sales funnel timeline. Integrity and honesty will also bring you referrals even if you don’t necessarily win it this year. You got this! Good luck!

 

[Hawaii Agent]

provided 3rd party Risk Management and Claims services to get a really big account one year using part of their commissions.

trying to be sensitive here, but can I ask if this would be considered rebating? Note, I'm a small-time agent in a small market so I legit don't know the answer to this question.

 

[MIGA1626]

I don't want to go that road because of its grey area nature. No judgement if it was more accepted I would but I'm a paranoid person lol.

 

[shawnmwalker]

The jump from Small to middle market to large market.

 

[Al3x Lee]

I'm a paranoid person lol.

it is risk, not education, that has the potential to bring us success.

Good luck!