Problem solving, innovating, cost cutting or just making things easier are all reasons why many insurance agency owners wish they had a Ouija Board at their beck and call. With new sources of problems and concerns exploding in our business arena daily, making the right decision has never been more difficult. Happily, it can be…
Over and over again we encounter agencies for whom claims is and entry-level position, one combined with other clerical functions or relegated to a secondary responsibility for people who have other priorities within an agency. From the standpoint of your clients, claims are not just AN important reason for using an agent – it is…
Sometimes when an insurer encounters financial problems (real or perceived), cut-through endorsements may be issued. A cut-through endorsement is usually attached to insurance policies of the primary carrier by both it and a reinsurer. The endorsement should specifically reference the policy by number and policy term. What, however, does the endorsement actually represent?
With the new year now upon us, most likely many of you have set New Year’s resolutions for personal or organizational goals. And, most likely, you’ve done this in the past with little or no success. In this article, I’ll explain why goals are most often not met and I’ll present a proven goal-setting methodology…
I’ve been a time management disciple since my sophomore year in college when I realized that, if I didn’t become more organized and develop sounder study habits, my educational environment would move from Southside Chicago to Southeast Asia. This article is based on my seminar by the same name and I have a book in…
“Our agency has set up monthly staff meetings. But, it seems to be getting harder to find topics to discuss at staff meetings that will benefit all employees. I would like to know what most insurance agencies do regarding staff meetings. In your opinion, how often should staff meetings be held? Also, what are some…
One of the toughest tasks for any agency manager is determining how much work a staff person should be able to handle. Workloads in either extreme can lead to frustration and lost productivity. Unfortunately, there are no easy answers but, in this article, our agency management gurus take a stab at some of the factors…
If we look closely at companies that are doing well in the long run, they almost always have in place a well thought out and executed training program for their people. They understand that the price for not training is the real expense of training. In this article, Dr. Wetmore demonstrates the true cost of…
I constantly discover huge accounting errors, legal problems, and operational issues in agencies, all courtesy of professional advisors like CPAs and attorneys. Part of the problem is these advisors do not know enough about insurance agencies. Many do not accept the fact that insurance agencies are different and have unique needs. Here’s how to make…
Several excellent studies have shown that a key cause of so many loan defaults has nothing to do with the economy or with the people taking out the loans. The weak link is underwriting. Which brings us to the focus of this article, the insurance industry….
