Agents are concerned with these 3 things

Does your agency have these?

A recent agent survey conducted by Channel Harvest Research revealed the top three areas agents are concerned:

Claim service quality
Competitive pricing
Customer service

The question I have is this … in today’s commercial insurance market, what does competitive pricing mean? Is competitive pricing code for the lowest quote? Or does it mean the average of three or four quotes? And exactly how is great claim service and responsive customer service priced into competitive pricing?

Reviewing thousands of new and renewal quotes a year, from my 38 years of experience it’s clear we are in a market where a group of carriers with a track record in a niche produce quotes within 10percent of each other. However, then a new quote comes in out of left field to the niche carrier and it’s 25 to 30 percent less; is that competitive or dumb?

In order to provide great claim and customer service, we need to make an underwriting profit. No profit … no service. We need to be competitive and intelligent. Learning to sell predictable and consistent cost of risk transfer coupled with great customer and claims service will help you build a loyal following.

DISCLAIMER

The information contained in this blog post is intended for educational purposes only and is not intended to replace expert advice in connection with the topics presented. Glatfelter specifically disclaims any liability for any act or omission by any person or entity in connection with the preparation, use or implementation of plans, principles, concepts or information contained in this publication.

Glatfelter does not make any representation or warranty, expressed or implied, with respect to the results obtained by the use, adherence or implementation of the material contained in this publication. The implementation of the plans, principles, concepts or materials contained in this publication is not a guarantee that you will achieve a certain desired result. It is strongly recommended that you consult with a professional advisor, architect or other expert prior to the implementation of plans, principles, concepts or materials contained in this publication.

This blog post may contain the content of third parties and links to third party websites. Third party content and websites are owned and operated by an independent party over which Glatfelter has no control. Glatfelter makes no representation, warranty, or guarantee as to the accuracy, completeness, timeliness or reliability of any third party content. References to third party services, processes, products, or other information does not constitute or imply any endorsement, sponsorship or recommendation by Glatfelter, unless expressly stated otherwise.

Related posts

This website may contain the content of third parties and links to third-party websites. Third-party content and websites are owned and operated by an independent party over which Glatfelter Insurance Group has no control. Glatfelter makes no representation, warranty, or guarantee as to the accuracy, completeness, timeliness or reliability of any third-party content. References to third-party services, processes, products, or other information does not constitute or imply any endorsement, sponsorship or recommendation by Glatfelter, unless expressly stated otherwise.