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Insurance Business | 19 Jun 2017, 10:06 AM Agree 0
“Agents that sell on price are not properly addressing the coverage needs of their clients and are working on a slippery slope.”
  • NJ Underwriter | 19 Jun 2017, 12:21 PM Agree 0
    Good article. Brokers have been selling coverage on price for years. As an representative of a carrier, we do our best to educate the brokers, wholesalers, and insureds about our policy, but to little or no avail. Recently, we've noticed certain agents in the professional lines space that are aggressively driving the market into the dirt. If the products they were pushing were better, we could constructively respond (refile to account for the market trends), but (so far) the insureds seem to be the only victims. What makes matters worse, is that when our firm has notified the various state DOIs regarding these practices (of which also include improper service/policy/agency fees/suspected violation of filed rate and rules), no one seems to care. We aren't doing it to make our competitor's lives harder, just call them out for their improper conduct.
  • Moreismore | 19 Jun 2017, 01:05 PM Agree 0
    You should address this article to Geico agents. They are the biggest price shoppers of all time, selling individuals state minimum limits 93% of the time, regardless of their asset levels. As independent agents, we come across so many cases where customers have switched to Geico from policies offering higher protection to basic bare minimums, without even realizing it. Unfortunately, most consumers focus on price when they obtain a quote and they do not usually take the time to compare coverage levels.
  • | 20 Jun 2017, 07:24 AM Agree 0
    Matching or beating prices just validates what the previous agent did, and doesn't bring value to the client. Most companies situation changes a bit from year to year, so the apples to apples strategy assumes no change. It also assumes that the carrier market has not changed. In cyber alone, there should be something new to discuss with the client. Price alone plays into the Google/Amazon playbook which no agent/broker can win.
  • Johnathan Clark-Wise | 20 Jun 2017, 08:58 AM Agree 0

    “The bitterness of financial loss due to inadequate coverage,
    remains long after the sweetness of a cheap price is forgotten” JCW
  • RICHARD CALFA | 25 Jun 2017, 12:05 PM Agree 0
    WHILE TRUE AND THE CONCEPT OF EFFECTIVE RISK MANAGEMENT IS WORTHY OF PURSUIT ........ UNFORTUNATELY PRICE CONTINUALLY DOMINATES OVER SUBSTANCE IN THE MARKETING AND PURCHASE OF INSURANCE, UNTIL SUBSTANCE IS FOUND TO BE WANTON, THEN COMES FINANCIAL DISAPPOINTMENT AND FINGER POINTING AS TO CAUSE. TO BLAME AGENTS .... HOW MANY INSURANCE COMPANIES MARKET AND ADVERTISE COVERAGE OVER PRICE, PRICE, PRICE. UNFORTUNATELY NOT ALL INSURANCE POLICIES ARE CREATED EQUAL NOR DO ALL INSURANCE COMPANIES REACT IN A SIMILAR MANNER AT THE TIME OF NEED. SUBSTANCE IS THE INVOLVEMENT OF A PROFESSIONAL INDEPENDENT INSURANCE AGENT WORKING IN BEHALF OF THE CLIENT (RATHER THEN JUST DEALING WITH ANOTHER CUSTOMER). WITH REGRET, PRICE DOMINATES OVER SUBSTANCE. REGARDLESS ............. WE PURSUE PROFESSIONALISM.
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