The role of the marketing manager is quite different than it has ever been before because the marketplace is like no other marketplace in history.
As in the past, marketing managers are responsible for knowing the market and placing business accordingly. Unlike the past; however, they are charged with meeting agency contingency commitments, satisfying growth incentives, meeting the needs of their producers, acting as liaison between agency and company personnel, and placing that impossible risk with a standard company at a competitive price, while keeping loss ratios in line with company objectives.
In addition, marketing managers may find themselves wearing an underwriting hat. In their never-ending search for reduced expense ratios, insurance companies are looking for agencies that are willing to rate and underwrite their Commercial business. Typically, this function falls under the marketing guise, turning marketing managers into part-time underwriters, raters, loss-control specialists, and the like.
Adding to the frustration is the age-old problem of insurer consistency. What works today will not necessarily work tomorrow. Marketing managers have to keep their fingers on the pulse of the industry and be ready to make adjustments quickly and easily as insurers' appetites and products shift.
The successful marketing manager works with principals in negotiating company contracts/ commitments; meets with insurance company management, underwriting, and marketing personnel to develop and maintain an understanding of what they want and what they are successful at; works with the producers by keeping them abreast of marketplace changes and by finding the best market for their business; monitors growth by carrier and direct business accordingly, to meet contingency arrangements; acts as a liaison between agency and company personnel, especially in areas of conflict; and performs the underwriting function from a production stand-point, while protecting loss ratios and being flexible enough to adjust/correct as the marketplace and economy dictate.
A thriving marketing manager spells S-U-C-C-E-S-S for an agency.