3 Ways Good Relationships With Your Underwriters Can Increase Your Insurance Agency’s Profitability


3 Ways Good Relationships With Your Underwriters Can Increase Your Insurance Agency’s Profitability
By: Michael Miller, Smart Choice® State Director

We all know the most important relationships you have at your insurance agency are the ones with your clients. But your relationships with your underwriters are a close second. They are also often the most overlooked relationship in our business. But if you invest a little time in your relationships with your underwriters, it’ll pay off in the long run. Here are three ways your relationships with your underwriters can help your agency become more profitable.

1. You can write more complicated policies.

Underwriters are in a tough position. They have to answer to their employers, the carriers, who reward them for writing high volume of policies with “good” risk. But they also need to please their agents, who bring in the business but often make requests that are riskier than their carriers prefer.

But if you make it clear to your underwriter that you understand what “good” risk is, the more likely he or she will be willing to work with you on your more complicated policy requests. Give your underwriters the professional courtesy of asking thoughtful questions and submitting a clean request that has all the information they’ll need to feel comfortable writing it.

2. You can get faster, more positive results.

You know what it’s like to be buried in work. So do your underwriters. Like you, underwriters have long to-do lists that are never really done. The tasks that get their attention are straightforward. Make your requests complete, clear, and timely, and you’ll likely notice that underwriters respond more quickly and more favorably to you.

3. You can make your request process more efficient.

If you take the time to get to know your underwriters and their carriers, you’ll learn certain carriers will never write particular policies, while others are eager to take on your riskier requests. But you’ll only know this if you invest some time and effort to understand how and why your underwriters write what they do. Take a moment to buy them a cup of coffee and get to know them better. It’ll pay off for your agency in the long run.

Smart Choice® Agents have a leg up on their competitors in supporting agency-carrier relationships.

Property Casualty 360