Tools bring together carriers and agents

Article Abstract:

Insurers and agents must create better relationships with each other and use technology to increase value or face elimination. Consumers are able to choose alternatives to the traditional independent agency, including banks and financial firms. Insurers will need to reduce expenses below the 30% of premiums common in the past. They need to provide agents with support and incentives. Inexpensive computer systems with data import and export capabilities, and agent access to insurer renewal management support can help.

Management, Science and technology policy, Insurance agents

---

Investing premium money can be a risky business

Article Abstract:

A variety of risks exist for insurance brokers and agents who invest premiums that must be remitted to insurance companies. Such investments, which can be in fiduciary vehicles that include US Treasury bills and bank certificates of deposit, must abide by either state law or the prudent man rule. However, the risk in investing premiums in bank products has increased to the point where some agents and brokers may want to invest premiums through a bank's trust department.

Investments

---

Successful MGAs offer added value to carriers

Article Abstract:

Managing general agencies (MGA) are prospering, despite the fact that most insurers are capable of distributing their products to local markets. Insurers continue to use MGAs because the expense of doing so is more than offset by the added value that MGAs provide. That value comes in the form of MGAs' knowledge of local markets, grasp of specialty products, and ability to efficiently interact with small producers.

Services, Marketing

Similar abstracts:

• Abstracts: Targeting mid-America. Reinsurers face onslaught of pollution claims
• Abstracts: Winning the game. Banks face sales barriers as agents lobby states. Davids vs. Goliath
• Abstracts: Special delivery for PC agents: life products. Putting a new lid on cleanup costs. A love affair with rural agents
• Abstracts: Home business boom requires new coverages. Be a treasured resource for home-based businesses. Crop insurance law makes fertile ground
• Abstracts: What insurers should do about uninsured hazards. Loss managers can learn from their own mistakes. Reducing the risk with a second opinion: making sure there is a qualified chain of medical review will help control insurers' ultimate risk

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.