Small agencies combine to deliver big benefits
Article Abstract:
Affiliated insurance agents need to operate as coherent and unified business entities if they hope to overcome the tribulations of a soft market, rising operations costs, and competitive pressures to lower commissions. Such Virtual Insurance Agencies (VIA) should establish a division of labor between its component agents while maintaining a balance in management and administrative tasks ascribed to individual agents and the centralized whole. Agency profits are concentrated in the VIA as a way of increasing their stock value more quickly than if they operated on their own.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1996
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How agents can escape disaster
Article Abstract:
There are several steps insurance agents can take to avoid losses from errors and omissions (E and O)claims following natural disasters. E and O claims happen to one in eight agents a year and can damage an agent's financial standing and professional reputation. Agents should strive for greater accountability by obtaining detailed information on E and O contracts and claims as well as the financial status of participating insurance companies. Insurance agents should also carry at least $1 million in liability insurance.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1993
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Agents help insurers tap inner-city markets
Article Abstract:
Insurance groups, such as Independent Insurance Agents of America (IIAA), are organizing programs to combat discrimination in urban underwriting practices. The success of the model program in Atlanta, GA, has launched programs in other inner-cities throughout the US. The IIAA, in conjunction with the Urban Opportunities and Minority Agents, has sought to review insurance ratings for inner-city neighborhoods, make inner-city agent more accessible to clients and promote the employment of minority agents.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1996
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