In this episode of The Power Producers Podcast, David Carothers interviews John Barfield, focusing on the critical aspects of the insurance industry.
Here are the key topics they discussed:
Importance of Relationships and Trust: Emphasizing the need for agents to build genuine, long-lasting relationships with underwriters and wholesalers to navigate through tough market conditions effectively.
Complete Submissions for Underwriting: Highlighting the necessity for agents, especially new ones, to provide thorough and complete information in their submissions, such as exposure bases, supplemental applications, premium targets, and loss histories.
Education and Communication: The need for ongoing education of agents about the importance of accurate and complete information in insurance submissions and maintaining transparent communication with underwriters.
Choosing Wholesale Partners: Advising agents to focus on building relationships with a select few trusted wholesalers instead of spreading efforts thin across many, to ensure more reliable and efficient service.
Action Items and Follow-ups:
Educate new agents on the importance of thorough submissions.
Encourage agents to build and maintain relationships throughout the year, not only during transaction periods.
Follow up with agents who attended the Producers in Paradise conference to strengthen new relationships.
Provide contact information for Braishfield for further inquiries into their services and specialties in both admitted and non-admitted solutions.
This episode serves as a comprehensive guide for insurance agents on the importance of building strong professional relationships, providing complete and accurate submissions, and choosing the right partners to work with in the industry.
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