price.png

Agents are concerned with these 3 things

By Art Seifert, Glatfelter Program Managers on September 28, 2016

Does your agency have these?

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

  1. Claim service quality
  2. Competitive pricing
  3. 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.

 



Art Seifert, Glatfelter Program Managers

Arthur is a fitness enthusiast, a grandfather, philosopher and possessor of a wretched wit.

Related posts

We think it’s time to put to bed the myth that sacrificing sleep is the pathway to success.

Continue Reading

If you’ve run out of opportunities and prospecting tactics, it might be time to explore a new industry (or venture down the river, if you will).

Continue Reading

Transitioning from an insurance agent to an adviser is about more than how you represent yourself – it's about value selling and providing sound advice.

Continue Reading

Submit a Comment