New to Commercial Insurance

[jemelton]

I have done mostly life and health and health is out the window. I just did my first commercial quote and blew the competition out of the water.

My agency is set up from a commercial side with the companies to be very competitive.

I'm used to life and health, but want to diversify myself and make residual income.

I know the $$ is in the comm auto, what kind of accounts would you target? A specific class of business or just work based on geography?

 

[hesse]

Find out what your companies like to write and go after those. Not main street floral shops as everybody likes those but a Niche your carriers like

 

[jemelton]

My next thing is get in the door. Let's use example like an amusement park or sawmill. May be competitive and have a butch to write but there are next to none around. In that case, go multi state? Is comm insurance still mostly done face to face or could be done via email ect. Comm auto is what drives the premium, right?

 

[myfakename]

Depending on the class WC is usually the largest single line of Prop, Liab, WC, Auto, Umb. But i guess it also depends on your state.

 

[InsCommentary]

WHY did you blow the competition out of the water? Are you selling less coverage or an inferior product to what they quoted? If that's the case, make sure your E&O policy is current with high limits.

 

[jemelton]

WHY did you blow the competition out of the water? Are you selling less coverage or an inferior product to what they quoted? If that's the case, make sure your E&O policy is current with high limits.

Why would you make that assumption? You don't know me. Maybe I just had a much better price than the carrier they are currently with.

 

[InsCommentary]

Why would you make that assumption? You don't know me. Maybe I just had a much better price than the carrier they are currently with.

I didn't assume that. That's why I posed it as a question. By "blowing the competition out of the water," one assumption I did make was that you were referring to price and not "blowing them out of the water" on coverage at a competitive price. Unless you're quoting exactly the same forms with the same carrier, it's quite likely that the coverages being quoted are not the same. They could be better or they could be worse.

 

[jemelton]

Same or better coverage

 

[InsCommentary]

So you examined the policy forms of the other bidders or otherwise are aware of all the forms and endorsements they proposed? Did you use a comprehensive coverage checklist to assist in determining what the prospect needed?

P.S. I'm not trying to be difficult. You indicated that you're a P&C CL newbie, so I'm just raising some points.

 

[VolAgent]

I'd listen if it were me, and it is me so I'm listening.

Jemelton, Now, I know you have a principal and I assume he is reviewing your work as well. Which leads me to my answer to your initial question.

Did you ask him which carriers he is looking to feed and what kind of risks he wants to send them? I have noticed, most P&C agency principals have a "carrier(s) of the month/year". They tend to want to drive business to that particular company. So I would find out from him who that is, and then sit down with him and/or the marketing reps for those carriers and find out the kinds of risk they want and do well with. Then I would develop a marketing plan in conjunction with him and possibly the marketing reps to be able to quote and bind those types of risks.