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... as the saying goes, perception is reality. If customers think the P/C industry is profitable now, what are they going to think when prices stop falling-or worse, start rising? The study also found that the No. 1 reason insureds gave for changing their primary Property carrier was the carrier's inability to achieve adequate rate reductions. In another finding, 64% of insureds experienced a decrease in their primary Property coverage rates. If they think the industry is healthy, they'll think agents and companies are being dishonest when prices rise ... CompleteMarkets Editor , Chris Burand 3 Verified Reviews - 4.67 of 5.0 1 2 3 4 5 A recent study by Zurich U.S. revealed what I believe could cause big problems for agents and brokers in the near future. The problem: Most Commercial clients believe that the Property/Casualty industry is healthy and making plenty of money! We know this isn't true, but our clients don't. Zurich U.S. has termed this discrepancy a reality gap' and, as the saying goes, perception is reality. If customers think the P/ ... industry is profitable now, what are they going to think when prices stop falling-or worse, start rising? The study also found that the No. 1 reason insureds gave for changing their primary Property carrier was the carrier's inability to achieve adequate rate reductions. In another finding, 64% of insureds experienced a decrease in their primary Property coverage rates. If they think the industry is healthy, they'll think agents and companies are being dishonest when prices rise. This reality gap will cause agents and brokers two serious problems: First, ...

...As administer claims, since their primary purpose is to administer, underwrite...The use of PAs will add to the profits and retention of your business.

... insureds gave for changing their primary Property carrier was the carrier's i...rust you more when rates finally rise, and that trust will result in higher pr...

...to market insurance products. The primary advantage of the consortium is that it gives banks access to, and perhaps shared ownership of, good insu... distribution as a strategic necessity and is committed to its success is ahea...

... 2002 ABIA study are marketing Commercial Lines, and another 8% plan to enter the business in 2003. ACQUIRED AGENCIES/BROKERS PROVIDE AN EFFECTIVE PLATFORM. More than half (57%) of the study participants now marketing Commercial Lines identified an acquired agency as their primary distribution platform. More importantly, these respondents identified an acquired agency as more effective than alternatives — such as an alliance or de novo agency — and nearly three-fourths of the reported acquisitions are meeting or exceeding pre-acquisition expectations. Banks have been the most aggressive acquirers of ... this rate of growth will likely continue to increase. INTEREST IN COMMERCIAL LINES IS GROWING. The early focus of bank-insurance was predominantly on individual Life and Health products. In recent years, however, a growing number of banks have expanded their focus to include Commercial Lines Property/Casualty and Group benefits business. As a result, bank-produced Commercial Lines premiums have increased by nearly 34% annually since 1997, and grew a staggering 65% in 2001. More than 30% of the 447 banks that participated in the 2002 ABIA study ... marketing Commercial Lines, and another 8% plan to enter the business in 2003. ACQUIRED AGENCIES/BROKERS PROVIDE AN EFFECTIVE PLATFORM. More than half (57%) of the study participants now marketing Commercial Lines identified an acquired agency as their primary distribution platform. More importantly, these respondents identified an acquired agency as more effective than alternatives — such as an alliance or de novo agency — and nearly three-fourths of the reported acquisitions are meeting or exceeding pre-acquisition expectations. Banks have been the most aggressive acquirers of insurance agents since 1997 ...

...y had just been terminated by its primary carrier, which accounted for 82% of its income and 7,000 clients. The agency had also jus...ivity of your agency, build its value, and improve customer relations by emplo...

...ified an acquired agency as their primary distribution platform. More importan..., they have a greater sense of clarity and purpose in insurance distribution. ...

... , after 10 years of consulting, I accepted a temporary assignment of managing an independent agency that generated 85% of its income from Property/Casualty Lines and 15% from Life, Health, and financial services products. The agency had just been terminated by its primary carrier, which accounted for 82% of its income and 7,000 clients. The agency had also just lost the services of its manager for the past 18 years, as well as every Commercial Lines producer. As if that weren't enough, the only ... 2013 12:00:00 AM by CompleteMarkets Editor , Jack Fries This content has not been rated yet. Almost two years ago, after 10 years of consulting, I accepted a temporary assignment of managing an independent agency that generated 85% of its income from Property/Casualty Lines and 15% from Life, Health, and financial services products. The agency had just been terminated by its primary carrier, which accounted for 82% of its income and 7,000 clients. The agency had also just lost the services ... its manager for the past 18 years, as well as every Commercial Lines producer. As if that weren't enough, the only people who were trained to use the agency's brand-new computer system left the agency on the system's first live day of operation, before completing the data-conversion process. Needless to say, this was the greatest challenge of my business life. However, not only did the agency and I survive, but by the end of 1998, income had grown by 10%, while the agency's value increased by more than ...

... lives of your employees? Is your primary contact a simple 'Good morning' as y...ly opportunities for growth, learning, and change will spread like wildfire am...

...this? Your A clients are the primary source of your agency’s future growt...d-of-mouth advertising, refer more A’s and keep your retention rates and profitability increasing? Successful agencies can and are doing this. Welcome to business...