Search CompleteMarkets

...rrent operations (profitability, staffing, expense controls, working capital, ...

... do not accept our brief description of the insurance coverages as a complete explanation of the policy terms. A narrative description can never replace a policy. The actual policy language will govern the scope and the limits of the coverage provided. You may wish to consult your attorney concerning this. The enclosed recommendations and premium quotation are proposed to provide protection for your property, casualty, workers compensation, business auto and any other applicable coverages. This is not an insurance policy, does not bind coverage, and is intended only to be ... doing much more than an annual analysis of exposure and values and recommendation of insurance coverages. Described below are services that XXX & Company performs in its role as an insurance agent and broker for (COMPANY NAME) Claims Handling Cameron M. Harris has a claims department staffed by 10 people. Our Claims Manager has many years of experience, and her seven assistants are fully trained in handling all of our clients' claims. Our incoming WATS number makes it easy for clients to report and discuss claims. We report, follow up ... you a few specifics on how this protection can enhance your property insurance portfolio. Cordially yours, [YOUR NAME] ACCOUNT SERVICING TEAM Account Executive: NAME OFFICE PHONE Account Assistant: NAME(S ) Claims Reporting: NAME(S ) ALL CLAIMS REPORTING USE WATTS LINE NUMBER: (800) 555-XXXX XXX & Company Street Address City, State Phone: Fax: The goal of the CompleteMarkets editor is to bring valuable content to the CompleteMarkets members. Providing content to insurance professionals to enhance their sales process, increase revenue streams, ...

... and gait, blamed her for office staffing problems and mistakes she hadn't mad...

...l for a new opportunity. A staffing firm that screens candidates can be...

... and on. Problems such as these can easily lead to E&O allegations of shortcuts in processing or documentation, a lack of concern for client relationships, and/or inadequate staff accountability. In many such cases, although nothing terribly wrong happened, the plaintiff's attorney was able to turn some minor breakdown into an E&O horror story that the agency found difficult to defend. Although such mishaps can occur in the best agencies, they're far more likely to crop up in poorly run operations. E&O risk management ... same automation system (not an unusual situation) this commonality would greatly simplify the book transfer. Even if the agency being acquired has failed to use its system properly, updating files to the standards of the acquiring agency should be fairly easy. One key issue involves staffing. The buyer might be able to take over the book of the agency being acquired and retain its staff without a major investment in retraining them. However, because the chances are that the buyer's staff generated more income per employee than did the acquired agency, ... too few requires such broad applications that management activity reports don't show what's actually happening in the agency. Documenting activities when business is transacted allows the agency to accurately measure what and how much each person is doing. The agency might want to have specific activities for Personal Lines, Commercial Lines, Sales, and Marketing. For example, a producer might have separate activity codes for application completions, carrier submissions, quote follow-ups, proposal preparation, sales, or closing a file without a sale. Each completed step in the process will ...

... discussed in the schmoozing, ' romancing, ' or courting' stage. The parties can explore these key areas themselves, but it's advisable also to have a third party involved, who is respected by the parties (a consultant, board member, CPA, or attorney, etc.) . This article addresses the key areas that all parties need to explore, and the steps that should be taken to accomplish a successful business combination. KEY COMPATIBILITY AREAS TO EXPLORE 1. Major Strengths and Weaknesses of Each Party Each party should ... operation and what weaknesses need attention. The ratios should be compared to those of other agencies of similar size and agencies writing comparable accounts. The results should also influence the values placed on each entity, since they reflect the management of the current operations (profitability, staffing, expense controls, working capital, and so forth) . The ratios should include the following as a minimum: Expenses by line item as a percentage of revenues Revenue, expense, and profit per employee P&C or Life/Group commissions per producer ... per CSR For each line of business: Commissions per account Commissions and accounts per CSR Servicing cost per dollar of commission Return on investment Collections (aged accounts receivable history) Working capital Trust ratio Debt to inquiry And so forth 5. Market Analysis Each party should create a list of the top 10 insurance companies it represents, along with certain information on each carrier: premium or commission volumes, three years of loss ratios and contingency commissions paid, volume commitments made, preferred status or special profit-sharing agreements, solvency of carrier, and ...