Commercial P&C Newbie Thread

[Ashmeade]

Hey all,

I recently obtained my P&C license and, long story short, will be expected to write/service commercial business accounts. Not much in the way of training here. I will be studying in the off hours because my knowledge from the insurance course/exam and my limited experience equates to a very shaky foundational understanding.

Reading and understanding policies/dec pages is not a too difficult task. My problem seems to lie in determining appropriate coverages and who I should be going through for those risks. I haven't really gotten much in the way of product training.

So, I suppose, I'm asking for any decent resource you can provide to help my understanding. How did you start off writing this line of business? It seems like there are soo many insurers, with different appetites, for many objects/situations. Is there a resource that tells you what all types of policies there are?

I know this probably sounds ridiculous for the experienced agents here. Thanks for your help and time!

 

[AZDave]

Here are two resources to look at:

[EXTERNAL LINK] - Products & Resources | Rough Notes Advantage-Plus . This is thru the Big I in AZ, but check your State or they may also allow outside subscriptions.

Another great resource for commercial lines is IRMI. [EXTERNAL LINK] - International Risk Management Institute (IRMI)

What companies does your Agency have direct contracts with? Every company have sales reps. Reach out to all of them and they will assist in training and product knowledge. You will see each carrier has their own "what's hot" market.

Select a market and target that market.

Commercial insurance is a relationship of trust, not price. If you sell price, you will lose thar account to price.

I wish you the best! This is an extremely difficult business to succeed in, especially without training and support.

 

[AshwithanE]

I'm in the same boat so to speak as you are. I've been in it longer...about 8 months now but I was off for 3 months on maternity leave. I have written a couple of commercial policies but so far just apartment complexes. I have one now I'm working on that requires a flood policy as well. I don't know what it is about insurance agents but I also had like 0 training. The exam and classes were nothing like the actual practice. We are also a small agency with just 5 total employees, only 2 of us in this office. I guess it's literally trial and error...or it has been over here. I would say get a commercial policy you are going to write and have a training session set up with your carriers and have them go through it with you. Some are better at this than others. It's also helpful if you can start with a policy where the insured can provide you their current policy or previous policy from another agency, etc...it's nice to have a template to work through your 1st time. I've also been nosey and looked through other in force policies at my agency and printed off those to go by. The underwriters will help guide you through it somewhat....but usually not until you have submitted the policy. I've had a terrible time trying to get help or questions answered by them.
I actually just ended up on the website yesterday looking for answers for loss history information and how important is it to actually have that or not. Getting ready to make my own post. I've had access to loss history for clients pretty readily in the past but now I'm working on a new purchase complex where I don't have access to previous carriers, losses, etc...
I was a diagnostic scientist before this, I completely switched careers when I was pregnant to not have to be on call, work weekends, holidays, etc....I think I liked my previous life better or maybe because I actually knew what I was doing. I have not ruled out just going back to that.
btw...GO STEELERS!

 

[m102269]

Reading and understanding policies/dec pages is not a too difficult task.

Never underestimate the complexity of an insurance contract. If you misrepresent something to sell a policy and that client has a loss, you're going to be in a world of hurt. I have seen very seasoned CIC/CPCU and former carrier underwriter agents make mistakes in policy interpretation. Treat the insurance contract with respect, like you would a stick of dynamite.

My problem seems to lie in determining appropriate coverages and who I should be going through for those risks. I haven't really gotten much in the way of product training. So, I suppose, I'm asking for any decent resource you can provide to help my understanding. How did you start off writing this line of business? It seems like there are soo many insurers, with different appetites, for many objects/situations. Is there a resource that tells you what all types of policies there are?

No, there is no resource that is going to spell it all out for you. Carrier appetites are constantly changing. I think you may need to narrow down what you're trying to write. If you try to write everything, you will never master anything. I started by picking an easy type of business to write, like a restaurant BOP or something and pursued those until I was proficient in prospecting business and writing it. Many of these were smaller accounts, but I would rather screw up a restaurant than a large manufacturing or transportation account. Reputation is huge in this industry, and if you get a bad one, it can be difficult to reverse.

I know this probably sounds ridiculous for the experienced agents here. Thanks for your help and time!

Not ridiculous at all. I don't think I've ever met anyone who was a natural-born insurance agent.

 

[m102269]

I was a diagnostic scientist before this, I completely switched careers when I was pregnant to not have to be on call, work weekends, holidays, etc....I think I liked my previous life better or maybe because I actually knew what I was doing. I have not ruled out just going back to that.

It takes 3-5 years before you have a basic idea of what you're doing in insurance. It also doesn't help that you joined the industry in possibly the worst insurance market in history. Also, do you have a good mentor in your office or are you 100% winging it?

 

[AZDave]

Treat the insurance contract with respect, like you would a stick of dynamite

That is a great anology!

 

[adjusterjack]

Never underestimate the complexity of an insurance contract. If you misrepresent something to sell a policy and that client has a loss, you're going to be in a world of hurt. I have seen very seasoned CIC/CPCU and former carrier underwriter agents make mistakes in policy interpretation. Treat the insurance contract with respect, like you would a stick of dynamite.

That's right.

Even us incredibly intelligent and highly experienced claim reps occasionally require the assistance of our company attorney for an interpretation.

 

[Ashmeade]

I appreciate the insight and the just criticism there. I should clarify that was probably a poor choice of words. Perhaps, I should state that the fundamentals are there. I didn't mean to imply any sort of bravado or over-confidence. I am writing these posts as proof I am not comfortable enough to adequately advise, or possibly interpret, a contract to my satisfaction.

Unfortunately, I'm an LOA. I am unable to pick the business I wish to solicit. I'm really looking for any insight (which you have given and I greatly appreciate that) or possible further educational/informational opportunities.

Because I am in a downline, it seems to simply be appointing me and here's a go at it. There a few insurers where I haven't even gotten access to any sort of product library or quoting tool.

Never underestimate the complexity of an insurance contract. If you misrepresent something to sell a policy and that client has a loss, you're going to be in a world of hurt. I have seen very seasoned CIC/CPCU and former carrier underwriter agents make mistakes in policy interpretation. Treat the insurance contract with respect, like you would a stick of dynamite.



No, there is no resource that is going to spell it all out for you. Carrier appetites are constantly changing. I think you may need to narrow down what you're trying to write. If you try to write everything, you will never master anything. I started by picking an easy type of business to write, like a restaurant BOP or something and pursued those until I was proficient in prospecting business and writing it. Many of these were smaller accounts, but I would rather screw up a restaurant than a large manufacturing or transportation account. Reputation is huge in this industry, and if you get a bad one, it can be difficult to reverse.




Not ridiculous at all. I don't think I've ever met anyone who was a natural-born insurance agent.

 

[Ashmeade]

It takes 3-5 years before you have a basic idea of what you're doing in insurance. It also doesn't help that you joined the industry in possibly the worst insurance market in history. Also, do you have a good mentor in your office or are you 100% winging it?

I'm somewhat reluctant to expound on that here. If you are really interested you can PM me. Thanks for asking. I realize it's a giant cluster.

 

[Ashmeade]

Here are two resources to look at:

[EXTERNAL LINK] - Products & Resources | Rough Notes Advantage-Plus . This is thru the Big I in AZ, but check your State or they may also allow outside subscriptions.

Another great resource for commercial lines is IRMI. [EXTERNAL LINK] - International Risk Management Institute (IRMI)

What companies does your Agency have direct contracts with? Every company have sales reps. Reach out to all of them and they will assist in training and product knowledge. You will see each carrier has their own "what's hot" market.

Select a market and target that market.

Commercial insurance is a relationship of trust, not price. If you sell price, you will lose thar account to price.

I wish you the best! This is an extremely difficult business to succeed in, especially without training and support.

Thank you for the support and info! For commercial, Encova/Westfield/Hartford. In a pretty rural area here. I will review the links when I have more time.

There's a couple that aren't very forthcoming about information. There is one that is extremely knowledgeable and friendly, but tends to ignore questions about policy specifics in lieu of sales talk and techniques. Not a bad thing, but my sales background is strong. I need the knowledge to support it.