Lost Large Account to AOR from Large Broker
- Thread starter ARios
- Start date
///MJay
Expert
- 96
Read The Wedge by Randy Schwantz. It may give you insight on how it came to this. It may help with how to get it back, but even if it is too late for this one you could learn some techniques to pick up accounts to replace and exceed what you have lost.
- 134
All part of the commercial game - the posturing, the **** talking, the account blocking, and then the AOR/BOR letters.
Best bet is to move along for now but keep in contact with them near renewals. You may get them back one day.
Best of luck and dry your eyes!
Best bet is to move along for now but keep in contact with them near renewals. You may get them back one day.
Best of luck and dry your eyes!
- Thread starter
- #7
I appreciate all the comments, but have decided to make contact.
It's $10,000 per year commission and worth trying to save.
In the end it's their decision but I feel I will discuss it with the owner who is down to earth guy who started out as a small business just like me. I hope I can appeal to his good nature.
It's $10,000 per year commission and worth trying to save.
In the end it's their decision but I feel I will discuss it with the owner who is down to earth guy who started out as a small business just like me. I hope I can appeal to his good nature.
How long have you had this account? How did you acquire it? Bidding, GOB contact, AOR? Were you aware of the other lines of coverage when you picked up this account? Who had the group before you? Was it the agent with the ancillary lines? How long had he/she been the agent?
They literally walked in off the street?
They literally walked in off the street?
- Thread starter
- #9
It was a brand new group, no prior coverage effective 12/01/2015.
The other broker had their other lines. The other broker is also a large bank and handles their checking etc.
They are not in their renewal, haven't changed carriers, simply signing AOR at brokers request.
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I am licensed P&C but don't have appointments with large P&C carriers
The other broker had their other lines. The other broker is also a large bank and handles their checking etc.
They are not in their renewal, haven't changed carriers, simply signing AOR at brokers request.
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I am licensed P&C but don't have appointments with large P&C carriers
The fact the other broker had existing lines of coverage means they probably view you as poaching "their" client. Banks with EE benefit departments "lean" on existing clients a lot and pitch the idea that the more business you put with the bank the better off you will be.
I have known some benefits people at banks that are quite good and some that couldn't find their butt with both hands.
Given that the bank was already in there, and your "guy" let them come in and take away the business without firing a shot makes me feel they have more leverage than you. I suspect you found out, not by letter or email, but when your monthly commission dropped $800.
If it were me I would move on to something else. You could always try to win them back at renewal which, in my opinion, would be a better shot.
I have known some benefits people at banks that are quite good and some that couldn't find their butt with both hands.
Given that the bank was already in there, and your "guy" let them come in and take away the business without firing a shot makes me feel they have more leverage than you. I suspect you found out, not by letter or email, but when your monthly commission dropped $800.
If it were me I would move on to something else. You could always try to win them back at renewal which, in my opinion, would be a better shot.
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