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In the realm of technology, Don Tapscott, keynote speaker for ACORD Technology Conference '97, holds the crystal ball. His book, The Digital Economy, has influenced the direction of automation in the corporate world. Excerpts from an interview with Tapscott, published in In ACORD magazine, follow.
Today we are witnessing the early, turbulent days of a revolution as significant as any other in human history. A new medium of human communications is emerging, one that may prove to surpass all previous revolutions, including the printing press, telephone, television, computer, in its impact on our economic and social life.
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We all know the value that cross-selling brings to agencies. According to industry statistics, profit margins on the second sale are two to three times higher than the first and retention is 60% higher. Yet the average independent agency’s number of policies per customer hasn’t changed in 20 years. How can such a vital, well-publicized goal remain so elusive for so long? It’s as if we all know how to become millionaires but ignore the facts. The truth is that cross-selling is a complex process that can fail for a number of reasons.
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The high-hazard workers’ compensation program powered by Pride Risk can provide a viable solution for any client that is having trouble finding affordable workers’ compensation coverage—regardless of industry. However, some businesses have inherently high risks due to the nature of their work, and specific governing codes can indicate that a company will need a specialized workers’ comp solution.
Let Pride Risk be your solution for these difficult cases. You’ll be able to deliver immediate savings and long-term financial stability for your clients with a program that is designed to fit their specific risk management and financial objectives.
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In this document, Bill Cates tells you why a client-centered approach to seeking referrals is usually more effective than one that’s producer-centered. Instead of saying "I’m building my business and I need your help," you’re saying, "I’m glad you see the value in what we’ve accomplished. Let’s see who else can benefit from this service."
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In Canada, they call them "expiry dates." In the U.S., they are called "expiration dates."
No matter what name they are given-"renewal dates," "anniversary dates," or any other name-one point is abundantly clear: People are more willing to change their agent or broker at renewal time than at any other time of year.
That is the way it has been in the past, particularly in Personal Lines, and surely that is the way it is going to be in the future.
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X-dating is the name of the game. If you anticipate to grow; if you expect to even maintain last year's volume in this price cutting market; then you'd better believe X-dating is a must.
Expiration Date! Renewal Date! Anniversary Date! Call it whatever you wish. But without a pocket full of X-dates, you are "whistling Dixie" while some direct writer or, even worse, your fellow association contemporary, is marching off with your share of the market.