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Agent - Agency
It appears that the recent change in The State of Michigan workers compensation act extends Michigan’s jurisdiction to all Michigan Residents no matter where in the US (or the World) the resident is hired, works or is injured.
What should the agent do if the value of his agency will not sustain him in retirement
Service Center must not be unilateral. In order for Service Center to make sense they must save more money than they cost for BOTH agent and carrier.
Many agencies split contingency income among owners, producers, offices, cluster partners, VIA (Virtual Insurance Agency) partners, etc. Most do so solely based on volume. While this is simple (def. easy), it could also be simple (def. not very intelligent) because it is often over-simplified and does an injustice to one or more people or entities while benefitting others beyond their deserved share.
Here are the steps in creating and implementing a marketing program that works well for insurance agencies.
Agency valuations are rarely obtained simply to satisfy an owner’s curiosity about the value of his business. Every valuation has a purpose.
Is your agency on the cutting edge of your customer’s needs?
The Glass Ceilings are not just a condition – they are mental attitudes that stop agency owners from growing their businesses. Learn how to identify them and how to defeat them to “crack” the limitations on your business through this article.
If you distribute Profit Sharing monies (Contingency Income) to various people/entities within your agency/cluster/Virtual Insurance Agency you know that volume-only calculations for distribution is unfair to the most profitable entity and overly generous to those who may have high loss ratios. Read about the Fair Share Contingency Distribution Program here that calculates Profitability Relativity as well as volume relativity when distributing contingency income.
The special relationship doctrine can create an overwhelming burden for the unsuspecting insurance agent or broker by imposing a duty to provide advice to a policyholder concerning all possible coverages and in some instances a responsibility to give advice as to what limits to purchase and whether such limits are “adequate.” This article explores the nuances of the special relationship and provides a template for the producer, the policyholder and their respective attorneys to follow by illustrating the circumstances that give rise to the special relationship between the producer and the policyholder/insured.
