Insurance Journal's Academy of Insurance
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This one hour training session teaches agencies about the three most common carrier contracts. Additionally, this class details what agents must and should consider before signing any carrier contract.
Agency owners and managers may not be aware of all the reasons carrier contracts are important to their agency's success. Rather than closely guarding their carrier contracts and relationships, some agencies apply the practice of "the more contracts the better;" believing that if something goes wrong with one carrier, there are two, three or four other carriers "waiting on the bench." In actual operation, practicing "quality over quantity" is a much healthier choice for the agency. Knowing the companies and their contracts allow agency owners to minimize the number of necessary or needed carrier relationships thereby achieving much more, with more efficiency and with much less risk.
Carrier contracts outline the contractual duties between an agency and it carrier/business partner – this protects an agency's value. So how can agencies best protect themselves when entering into an agreement with a carrier? This one hour training session teaches agencies about the three most common carrier contracts. Additionally, this class details what agents must and should consider before signing any carrier contract.
The following seven steps to agency protection are covered in detail: 1. Ownership of Expirations2. Rights to Client Information and Client Sharing3. Cancelation & Change of Agreement4. The importance of defining the Agency vs. Broker Relationship5. Dispute Resolution6. Claim Reporting – who's responsible?7. Contingency Contracts – negotiate!