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
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
If you’re a brokerage principal, commercial lines manager or producer, I’m sure you’ve “done your time” when it comes to data entry. You started as a junior marketer, or as a one-person office. You’ve typed millions of words and numbers into emails, submissions, renewal letters, certificates and invoices. You are done. You also have other priorities now.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
Mind if I get something off my chest? I'd like to clear up a misconception that I've heard circulated in our industry. I might get a bit technical, but don't worry: I'll stay out of the weeds and if you stick with me to the end, you'll be a more enlightened consumer of analytics (and software in general).Read More
Having instincts is part of being human. Instinct is what keeps this generation and kept previous generations alive. Knowing when to put out the fire, run from the saber-tooth tiger and retreat from the battlefield, are decisions made on instinct. Instincts or gut feelings aren’t things you're born with, they’re learned.Read More