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... ? Submit This Anonymously Submit Cancel Contact Us contact_phone Click to call Unfollow First name: Last name: Email: Are you sure you want to deactivate your CompleteMarkets Company Profile Deactivate Cancel Loading.. About Us Services Jobs PR Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Finding Markets: The Specialty Program Consultant 4/30/2013 12:00:00 AM by Andrew Barile , CompleteMarkets Editor This content has not been rated yet. While a reinsurance intermediary operates between the ceding insurance company and the reinsurance company market, the specialty insurance program consultant operates between insurance agents and the insurance company. This document by Andrew Barile introduces you to this emerging type of consultant. Program brokers, marketing insurance consultants, and specialty insurance program consultants have all existed for a number of years. They perform a valuable service for an agent, and should be part of the agent's cadre of experts, together with lawyers and public accountants. Without a suitable insurance company market the agent can't exist. Insurance company market finders perform a unique service that agency staff members can't always perform on their own. The first question agency owners ask is Why should I pay a consultant for a service that I, the owner of the agency, should be able to perform ...

...y Program Consultant
While a reinsurance intermediary operates between the ceding insurance company and the reinsurance company market, the specialty insu... when no one company dominates the reinsurance market. With the continuing vertical integration in the reinsurance business, suppose that a large direct reinsurance company, who's been writing the...

...ent between the insured and the reinsurance company. I don't think an... the insured. In a normal reinsurance agreement, the contract is betw...

... workable, consider bringing in a person to maintain those relationships for you. That person is the perfect addition to your Strategic Advisory Board. Working together with your specialists in Mergers & Acquisitions, Agency Growth, and Legal/Tax Advice, your Carrier Relations expert will enhance your agency's overall performance and growth. BUILD YOUR AGENCY-CARRIER RELATIONSHIP The first step to building agency-carrier relationships is to review your agency's operating budget. Although this might seem obvious, all too many agencies neglect to carve out a piece of their budget to maintain carrier relationships. It's important to allocate a certain amount of commissions in your operating budget to maintain relationships with carriers. Next, select a member of your Strategic Advisory Board to represent the agency in fostering agency-carrier relationships. The candidate should have access to senior executives of insurers and reinsurers, as well as experience in dealing with executives at such major industry events as AAMGA, NAPLSO, and NAII meetings. Your expert will also need a solid understanding of the reinsurance marketplace. Carriers often tell agents that their agency contract is cancelled because the carrier has lost its reinsurance, and has to stop writing business. Your Insurance Company Strategic Advisor will need an in-depth understanding of how carriers structure their reinsurance and how reinsurance drives the underwriting cycle. Finally, look for someone who understands financial statements and insurer insolvency, as well as insurance company product development. Now that you have your expert in place, the real work can begin. Your Insurance Company Strategic Advisor will spend significant time on the road making contact and networking with the heads of the carriers you represent. This will solidify ...

...posures properly Individual reinsurance treaties in place to give the prim... agreements with the insurance and reinsurance underwriters-not commission rev...

... Deactivate Cancel Loading.. About Us Services Jobs PR Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Cut-Through Endorsements 4/30/2013 10:36:58 PM by CompleteMarkets Editor , IIABA Virtual University Faculty IIABA Virtual University Faculty This content has not been rated yet. CUT-THROUGH ENDORSEMENTS &# 160 by the IIABA Virtual University Faculty &# 160 Sometimes when an insurer encounters financial problems, cut-through endorsements will be issued. Both the primary carrier and reinsurer usually attach a cut-through endorsement to the policy. The endorsement should specifically reference the policy by number and policy term. This document by the IIABA Faculty investigates what the endorsement actually represents. &# 160 &# 160 Our "Ask an Expert" service recently received this question: &# 160 "We have just received official notification of Best downgrading one of our companies (let's call them ABC Ins. Co.) from an A- to a B+ rating. Best reportedly has them under review with ‘negative implications. ABC's press release indicated that XYZ Ins. Co. will be providing a cut-through endorsement which, and I am quoting, ‘ .. means that ABC policies issued under the agreement are backed by the A++ rating of XYZ. &# 160 ...

...ed a solid understanding of the reinsurance marketplace. Carriers often tell a...ng of how carriers structure their reinsurance and how reinsurance drives the underwriting cycle. ...

...nd more restrictive and limited reinsurance, it’s not prudent to assume that t...

... Required) Please consider the following: 1. Would you recommend this company? 2. What about this company do you like/dislike? 3. Why did you choose this rating? Submit This Anonymously Submit Cancel Contact Us contact_phone Click to call Unfollow First name: Last name: Email: Are you sure you want to deactivate your CompleteMarkets Company Profile Deactivate Cancel Loading.. About Us Services Jobs PR Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All reinsurance marketplace Articles tagged with reinsurance marketplace Back Agents: Company Markets Aren't Always Going To Come To You! 1 Verified Reviews - 5 of 5.0 1 2 3 4 5 Andrew Barile , CompleteMarkets Editor 4/30/2013 12:00:00 AM AGENTS: COMPANY MARKETS AREN'T ALWAYS GOING TO COME TO YOU! by Andrew Barile One of the most important responsibilities of agents to themselves and their agencies is to maintain posit.. All Articles by Andrew Barile Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... Losses in this line should be reasonably predictable, and the firm should be reasonably able to accept risk. Internal management discipline and a willingness to commit the appropriate resources are also required. The losses should have these characteristics: Reasonably predictable Not extremely volatile Not exposed to a catastrophic loss High frequency and low severity "High frequency and low severity" means that the number of losses should be at least several dozen per year, of which most are less than $50,000. As a case in point, a large hotel would probably experience many small Workers Compensation claims but relatively few, if any, large claims. A bank can also expect to have numerous low severity Comp claims. Alternative risk financing usually involves loss severity — the exposure to large losses — by purchasing excess insurance or reinsurance. INSURANCE LINES The other question asked most often is "What lines of insurance are best for alternative risk financing?" Casualty lines — Workers Compensation, General Liability (including Products), and Auto Liability — are the best candidates for alternative risk financing. Workers Comp and Liability claims tend to be paid over long time frames, one to five years or more. Insurers of these lines generate substantial investment income on their reserves until losses are fully paid. Mid-size companies using alternative risk financing can earn the investment income on reserves that was formerly earned by an insurance company. ALTERNATIVE RISK FINANCING OPTIONS Insurers have developed many colorful titles for what amounts to a handful of alternative risk financing techniques. Methods range from guaranteed cost (for risk-averse firms) to self-insurance and captive insurance (for firms ...