WORKING TOWARD THE PERFECT LIFE OPERATION
If you could design the perfect program for Life production in a P/C agency, what qualities would it have? See if this matches yours:
1) PROFIT-lots of it; at least as much profit as is made in P/C, and maybe more. Unlimited potentials.
2) MINIMAL RISK-little or no liability. Minimal seed money needed; money is controlled until Life production becomes a self-sustaining profit center.
3) SPEED-Life production hits the ground running, then grows. Maximum turnaround point from start-up to profitability is six months.
4) COMPATIBILITY WITH P/C/ OPERATION-Total, with regard to CSRs, P/C producers, customers, and prospects.
5) CONVENIENCE-Maximum. No demands on P/C principals to manage Life, nor on P/C producers to provide leads. No demands on CSRs or other staff to impede their daily flow of work. P/C files not handled by Life staff.
6) PROFESSIONALISM-a proud addition to the P/C house in the eyes of clients, prospects, agency staff, and P/C and Life carriers.
7) PEACE OF MIND-for P/C principals, staff, and producers; comfort that Life production is being done properly, with no hidden problems waiting to explode.
8) BASIS FOR GROWTH-Life production brings in attractive P/C prospects. Also makes the agency much more attractive in event of its sale, purchase of another agency, or merger.
9) LEVERAGE-Life production earns more clout with P/C carriers, in tangible as well as intangible ways.
10) PERMANENCE-satisfaction that key Life producers are happy (financially and otherwise) and likely to stay indefinitely.
11) PROTECTION-but if a Life producer should leave, die, or become disabled, all interests are clearly, contractually protected.
12) AGENCY PERPETUATION-in the event of retirement, disability, death of P/C agency principals, sale of agency, or other cause for principal's leaving, Life production is a positive factor in the agency's survival, financial strength, and increased value.
13) CLIENT APPRECIATION-insureds are happy to be offered Life services, whether or not they buy.
14) CLIENT PROTECTION-insureds are not at risk of being abused by non-associated Life agents or their P/C allies.
15) CLIENT OWNERSHIP-agency is not at risk of a departed Life producer's claim to unwarranted rights to insureds or their business.
16) TOTAL HAPPINESS-on balance, an efficient, profitable, permanent, trouble-free, mutually gratifying operation.
What It Means To You
Some of these qualities are missing in many P/C-Life operations. Fortunately, they are all obtainable. Define what you want. What are the characteristics your operations lack? Is there anything we've not listed here?