Insurance brokers work hard to win and retain their accounts, and so do insurers. It’s common ground shared by everyone in this industry. With a hard market upon us, the industry can become a lonely place very fast if you don’t have underwriters in your corner crunching the numbers and bending the rules to make it work.Read More
Limited market selection. Less coverage for more premium. These are a few indicators that a hard market is upon us. For any commercial broker, it’s a tough conversation to have with any client.Read More
Paradigms and paradigm shifts are cyclical in nature. As soon as one paradigm shift ends or is close to ending, another paradigm surfaces and trends from there. There are always unsustainable forces that drive the paradigm. They go on long enough for people to believe that they will never end even though they obviously must end.Read More
It’s August and we’re now into the homestretch of summer vacation. Half your commercial lines team is away, and your August renewal list could fit on a post card. If you’re feeling a bit restless and want the clock to move faster, here are three ways to make the most of summer downtime at your brokerage.Read More
Many commercially-focused brokers are taking advantage of analytics to help make better decisions about their commercial book. Commercial lines analytics provide sound logic and lets you accurately track activities like:
- Premium volume and policies-in-force (PIF) by insurer.
- Marketing activity, volume and response times per insurer.
- Upcoming renewals.
- Producer and insurer close rates.
Analytics and Data. They’re like that supercilious, overexposed Instagram couple you see everywhere that seem to be joined at the hip. You’ll never see one without the other. They’re that unconquerable team we admire and despise—the couple we love to hate.Read More
“Making bricks without straw” is an expression that comes from The Holy Scriptures. The Israelites needed straw to make bricks. If the Israelites had very little or no straw, they still had to make bricks. If you watch the film The Ten Commandments, you know which scene I’m talking about.
If you ‘make bricks without straw,’ you try to achieve something without resources that are needed to do it. —the free dictionary.Read More
As a business manager, it's useful to understand the different kinds of analytics. Descriptive analytics are the most familiar kind: they describe what has happened. So, for instance, I have dashboards that show our monthly financial results—revenues, expenses and profit—and sales results. I can compare these results against our targets to ensure that we're meeting our goals and to flag performance issues that need further investigation.Read More