The Policy Works Blog

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Posted by Steve Pieroway on August 10, 2015

Every proposal tells a story, too

If your submissions tell a story to underwriters about any given risk (the subject of our last blog post), then your proposals should tell the same story, but to a different audience – the business owner. How well you tell that story - the prospect’s own risk story - is often the difference in winning the business from the incumbent broker.

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Posted by Steve Pieroway on June 8, 2015

Switching BMS systems? Keep these 3 points in mind

We’ve been hearing from more and more brokerage principals that they are switching BMS systems for their personal lines. The common thread from all of the conversations is a focus on the benefits that will come from the improved features, or functionality, that the ‘new’ software will bring. 

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Posted by Steve Pieroway on May 14, 2015

Are new commercial staff not 'getting it'? These 4 steps will help.

Overheard at a brokerage recently: “We can’t seem to hire the ‘right’ producers.” A similar comment from another principal: “When we bring new people on, they don’t ‘get it.’”



We hear these refrains from brokerage owners and managers on a pretty regular basis. It’s a reality summed up in the old truism: “good people are hard to find.” Or are they? You really have to ask: exactly what aren’t these new hires 'getting’? 

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Posted by Steve Pieroway on April 29, 2015

The E&O scare: Three ways to reduce exposure at your brokerage

A mid-size brokerage had a longstanding commercial policy with an office maintenance and clean-up firm. The account was coming up for renewal just as the senior producer who handled the account was on a two-week vacation. The maintenance company informed a junior account manager, who was covering for the producer, that it was expanding its business into industrial cleaning, including some chemical and oil spill remediation.

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Posted by Steve Pieroway on April 22, 2015

Creating commercial lines success: Is there a better way?

 

Imagine your management team is in a meeting room with a huge white board. The question of the day is simple: How does your brokerage define success in commercial lines? Write it down.

The quick responses come easy. Profitable growth. High retention. Client satisfaction. Efficient operation. Trusted employees. Access to valued markets. Solid reputation. Visible brand. These are the business outcomes that will help you grow and become successful. The challenge is, how do you turn desired business outcomes into actual success?

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Posted by Steve Pieroway on April 14, 2015

Are you an office hero?

Have any of these situations happened to you recently:

  • an experienced CSR quits abruptly and leaves a large share of commercial clients temporarily “orphaned";
  • your account manager needs to process a renewal for a client but can't find the Word document on your server, or;
  • a producer loses a key account at renewal due to an aggressive price/coverage bid from a competitor.
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Posted by Steve Pieroway on February 25, 2015

Commercial staff turnover: 3 ideas to help reduce chaos when someone leaves

One of the most common reasons brokers turn to an automated solution for commercial lines is because a staff member, typically one with the most experience in commercial, is leaving. Many brokers don’t think about the state of their brokerage's commercial book until a key staff member gives notice, and at that point it's often too late.

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Posted by John Eastly, President on January 28, 2015

What Epictetus Taught Me About Vision

As president of Policy Works Inc., I spend a lot of energy on the vision of our company and our product. Vision is an important element of leadership and management, but it can sometimes be a difficult concept to pin down and apply, so I'm alert to viewpoints that can help clarify my thinking.

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Posted by Steve Pieroway on January 20, 2015

Better prospects? Reverse engineer your best sales.

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Posted by John Eastly, President on November 27, 2014

More than software: 5 things that set us apart

When we are selling to prospective customers, the conversation is typically focused at the software-level: the features and benefits of our product and how we help solve whatever challenges are being faced in commercial lines. And rightfully so, because to be of value, our software needs to perform. Read More