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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

Iroquois makes Inc. magazine list Inc. magazine recently ranked The Iroquois Group® 4,884th on its 34th annual Inc. 5000, an exclusive ranking of the nation's fastest-growing private companies. The list represents a comprehensive look at an important segment of the economy-America's independent entrepreneurs. It is Iroquois' first time on the list. The insurance agency network that began with a handful of agencies in Western New York, is now operating in 41 states, serving more than 2,250 member agencies. "Our growth has been driven by our business model which relies on strong relationships with our Member Agencies and core Carrier Partners," said Laurie A. Branch, president of The Iroquois Group. The 2015 Inc. 5000, unveiled online at Inc.com and with the top 500 companies featured in the September issue of Inc. is the most competitive crop in the list's history. The average company on the list achieved a three-year growth of 490 percent. The Inc. 5000's aggregate revenue is $205 billion, generating 647,000 jobs over the past three years. Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. Agencies of all sizes and shapes join The Iroquois Group to increase revenue, profits and agency value.

Mergers and acquisitions are often referred to together as if they were one and the same. The reality, however, is they are both similar and very different, depending on which side of the transaction you're on.

Your E&O policy is one of the most important coverages that an agency should have. Here are some key tips to help determine which coverage is the best fit. Do some homework on the various E&O carriers. Things to look at include: - How long have they been writing this coverage - What is their AM Best rating - What resources do they have to help you manage your E&O exposure

Inc. magazine recently ranked The Iroquois Group on its 34th annual Inc. 5000, an exclusive ranking of the nation's fastest-growing private companies. It is Iroquois' second time on the list. The insurance agency network that began with a handful of agencies now lists more than 2,200 members.

Inc. magazine recently ranked The Iroquois Group® among the nation's fastest-growing private companies. The Inc. 5000 list represents a comprehensive look at an important segment of the economy-America's independent entrepreneurs. This is the second year in a row that Iroquois has made the list. The insurance agency network that began with a handful of agencies in Western New York is now operating in 41 states, serving more than 2,250 member agencies. "Our growth has been driven by our business model which relies on strong relationships with our Member Agencies and core Carrier Partners," said Laurie A. Branch, president of The Iroquois Group. Inc. unveiled its 2017 list online at Inc.com on Wednesday. Agencies of all sizes and shapes join The Iroquois Group to increase revenue, profits and agency value. For more information, go online to www.iroquoisgroup.com.

Posted on: June 4th, 2013 by Fitts Insurance According to the U.S. Department of Labor, 2.3 million workers between the ages of 16 and 24 years of age are hired for Beware of the risks associated with seasonal help summer employment. On average, one of these summer employees will be injured on the job every five seconds.

Merchant Accounts are a must for every business, whether small or big. But, if your business doesn't have one yet, here are some smart ways to issue one, irrespective of how small your profit margins are.

Generally, vehicles entirely designated for the homestead could be delegated ranch use vehicles and did not should be protected. They were secured under the homestead's obligation arrangement. The previous couple of years have gotten changes a considerable measure of state's laws and now in numerous states, if agriculturists need their vehicles safeguarded, they need to take out partitioned arrangements. Numerous states now oblige insurance to be acquired if the homestead vehicle will be utilized on an open street whenever. These arrangements can be obtained online easily auto insurance sites, on the telephone, or in individual at your specialists' office.

This month, The Iroquois Group and our partner, Burns & Wilcox, focus on the company's products and services dealing with Technology Errors and Omissions. Take a look at the infographic below and click on it (or click here) to see the Burns & Wilcox products page.

The AM Best Underwriting Guides are very helpful to new commercial producers or experienced ones who want to learn about a new class of business. Each guide provides the appropriate lines of coverage for the desired class with Best's Hazard Index; SIC codes and Classifications; Related Classifications; Risk Descriptions; Materials & Equipment; a Narrative on the Lines of Liability; and an Underwriter's Checklist.

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.

Iroquois Group member agents can attend a free 3-hour continuing education class on flood training, thanks to American Bankers Insurance of Florida. Training is an absolute necessity when it comes to selling flood insurance. It allows you to maintain your knowledge of the product, enhance your expertise, and stay on top of the industry trends.

Some key employees who want ownership will never be given an opportunity to become owners regardless of what they do. This is because some owners are set on holding on to 100% ownership until they sell it all to a third party or die. Fortunately those cases are in the minority and most key employees have a reasonable chance of gaining ownership if they understand potential issues, consider human nature, are patient and consistently do the right things to get them closer to their objective. In this article we will provide advice to key employees about what they need to do to become owners.

Agency owners have many issues to deal with on a day-to-day basis and little time to address them. Sometimes this pressure can cause an owner to make simple but costly mistakes. In the attached PDF, we address common mistakes that agency owners should try to avoid. Click on the PDF below to read more.