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Taking Orders or Providing Financial Security: How to Beat the Big Players

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Taking Orders or Providing Financial Security: How to Beat the Big Players

Quick Overview

When the market gets tough, it is tempting to sell on price, or default to getting the insured just what they ask for. It's a time when many simply struggle to write business. Fred Fisher advises another path. Join us as he asks the question. Do you want to be an order taker or provide financial security?

Regular Price: $99.00

Special Price: $69.00

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Date Jun 20, 2024
Time 10:30am Pacific / 1:30pm Eastern
Duration 1 hour
Location Online Webinar
Formats Live
Instructor Frederick FisherFrederick Fisher

It's not easy being an insurance production facility these days. Market consolidation of insurance companies has placed insurance companies in the position of being more selective with whom they might do business. Further, due to this consolidation, production minimums may equally be higher than what we have become accustomed to. Independent agencies are also running into stiff competition from much larger organizations not only due to market consolidations, as well as mergers and acquisitions but national distribution chains that are relatively new. The question is, how can you compete?

The obligation of an insurance producer is generally to diligently obtain the coverage requested, i.e., being an order taker. Most states now follow that rule, but not all. Nonetheless, the point is, under that standard, you have no duty to advise the client about anything. You are only obligated to diligently obtain the coverage requested. Only if you hold yourself out as an expert, misrepresent coverage, agree to do risk management review, and in some states, have a lengthy ten-year relationship, would you have a possible duty to advise your clients. Under the order taker standard, you can win a lawsuit unless the exceptions can be proven. How absurd is that?

You can beat many large brokerages including some of the biggest in the country as management, or their lawyers, tells their salespeople not to give any advice. They are being told they cannot be held legally responsible for any wrongful act or error and omission if they don't give advice. Of course, this isn't going to prevent a lawsuit. The point is, if your competitors are not giving any advice and are being instructed not to, how do you win the account?

You do so by using your knowledge and experience to give advice and dive into your client’s needs. Even if the competition is able to provide some coverage at a cheaper premium.

Give the advice, avoid a lawsuit, and impress your customer with that advice and you will usually always win the account over the competitor who is simply an order taker.

Regular Price: $99.00

Special Price: $69.00

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