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Do you 'throw away' too many referrals? A producer I was working with was ecstatic one hot summer day because he had just obtained 10 referrals from a client. I was excited too and the producer was going to begin working those new referrals right away. Well, in tracking the success of those 10 referrals, only one got written. Is that good or just normal? Let's just say, both of us felt it should have been better. So, analyzing what took place led to the following results: * 2 were not reachable; the producer never connected with the decision-maker. * 2 were messy businesses that the producer realized would be declined if submitted * 3 had strong to severe loss issues * 1 failed to provide all the needed information * 1 was presented, but not sold * 1 was sold Could this one out of 10 scenario have been prevented? That is what we took it upon ourselves to evaluate. The first evaluation made was really there were only three the producer was either able to, or wanted to, quote. So, of that group, he was really one for three. But, what about the rest of the referrals - the ones not quoted? Preventable? In our analysis, many of those were preventable so that you wouldn't end up with 70 percent being "thrown away." The two that the producer was unable to reach were determined to be a problem based on the "introduction" he got from his client to those two prospects. (Note: You do ask to be introduced, don't you, when you obtain a referral?) The person calling their customer (our prospect) from the business was not someone known to them and thus, the call carried little weight. It was not a powerful introduction; it wasn't even a lukewarm introduction, so it was not surprising the producer couldn't get an appointment following that call. The five that were either messy businesses or had heavy losses weren't quality businesses. Was that the luck of the draw and he just accepted that when he asked for referrals, or could

In most agencies, holding customers accountable seems to be one of the bigger frustrations. Have you ever thought or said "why is it always our fault when a customer has a loss that is not covered? They knew that they didn't have that coverage." For agents serious about minimizing the potential of their agency facing an E&O claim, achieving a high level of customer accountability is a great goal to strive for. To achieve this goal may require some hard work and some new initiatives. Documentation is a key but documentation is more than just words in the system. Any agency will be hard pressed to hold their customers accountable without a file that is well documented. However, documentation by itself will not get it done. Agents need to fully understand that when an E&O claim happens, the E&O carrier will look to secure the actual file in question (paper or electronic) to see what it looks like and what it contains. Solid documentation that is handled promptly, is accurate and professional will make the E&O carrier's job much easier. Conversely, a file with sketchy documentation could prove to be a problem in an E&O matter. Effective handling of client interactions is very important. Every day, customers are asking questions, modifying coverages, etc. The questions (and the answers provided) should be fully documented in the agency management system. In addition, requests to delete or decline coverage or to modify coverage in some manner should be documented as well. But documentation only in the system may not be enough. The agency should have a procedure for confirming / memorializing the discussion. Without this, mistakes can occur. Possibly, what the agency heard is not what the customer requested or possibly what the customer advised is not what they really meant. Let's take the scenario that the agency has provided a personal lines umbrella proposal and the customer calls to advise your agency that they are not going to purchase this coverage. W

Having a Perpetuation Plan for your agency is like having a personal Last Will & Testament. Everyone knows they should have one but many people put off creating one to avoid having to make difficult or complex decisions, or because they simply don't want to think about when they won't be around. Just as dying without a will leaves one's family in jeopardy, not properly preparing for the perpetuation of your agency leaves your fellow employees in jeopardy AND it puts YOUR RETIREMENT in jeopardy as well.

The Iroquois Group® began in 1977 when independent property and casualty agents in central New York saw the advantage of banding together to improve their position with, and access to, insurance carriers. "Independent agents faced many pressures and threats back then," said Iroquois founder, Paul Branch (left), "just as they do now. We started Iroquois with the idea that independent agents could successfully join together, not just to survive but to thrive."

The International Bottled Water Association (IBWA) reminds consumers that maintaining proper hydration throughout the winter months is just as important as during warmer weather, and this holiday season people can help highway safety and reduce 'morning after' effects by turning to water - including bottled water - in place of alcoholic drinks at parties and functions.

Running an agency has gotten very complex. The aging workforce, increasing scarcity of talent and growing demands of carriers are just a few of the challenges owners deal with every day. In spite of these challenges, many agencies are experiencing excellent revenue and profit growth. To accomplish this, they are not only doing the right things, but they are avoiding common mistakes that can hold them back. In this article we will discuss some common mistakes that owners should avoid.

Saying the internet is a boon is an understatement, especially, when you get so many advantages just by typing 'Term Insurance India' in your search engine. So, if you're looking for a term insurance plan, you know what to do, rather type. Go ahead, a world of options await you!

Usually, life insurance plans are considered for parents with a well-maintained lifestyle but that might not be the reality. These plans are made to protect from the tragedies that may happen to anyone even with the kids and students. There are insurance providers offering multiple cheap life insurance quotes for students and they can get these quotes just by making a request online.

Choosing the right insurance plan is a big task for many as they just can't decide which health insurance policies they can qualify for and which one will prove the most suitable among them. At times, they end up paying more than what's needed and have to pay hefty premiums. Sometimes, they don't even get the desired coverage when get diagnosed with a kidney related disease.

Regardless of whether you are choosing your own particular final expense insurance or buying one for a loved one; it is basic that you need to be proactive about the same. The trick is just to pick a funeral service home that is close by or that you know about.