RISKY BUSINESS
SMALL STEPS, BIG IMPACT We spent the last year at home cleaning and remodeling. It is time to clean up and remodel the agency now. I have not met anyone in the last twelve months who has argued that our lives have not changed during the pandemic. Many experienced financial hardships, sadness over not being able to see family and a general exhaustion from adapting to new circumstances. Others embraced their newfound family time, welcomed saying goodbye to commutes and started a healthier lifestyle. Whatever your experience, you may not have planned for this lifechanging event and had to navigate your way through it. As we start to see the light at the end of the tunnel, it is time to reflect, learn and adjust. Where do we start? Professionally speaking, start with some small steps at the agency level. We have all been through a lot. Now may not be the time to take on big projects.
Communicate Over the last year what has been caused the most professional stress for yourself and your employees? I speak to agents around the nation and most of them report to be “figuring it out”. Well, that is a good start! When working arrangements were altered, many agencies quickly recognized operational workflows that were not flexible for employees. Now is a great time to step back and make a new plan. As our world changed, the exposure for E&O claims did too. Here are some questions to ask of your agency and some solutions if the answers are not as favorable as you would have expected. 12 | JUNE 2021 |
wisconsin INDEPENDENT AGENT
1. What is the process for reviewing the exposures of new business customers? If the answer is just looking at their previous policy, you may be inheriting the last agent’s mistakes and missing an opportunity to build the relationship with a new customer. With so many tools available, you have the power to decide how to deliver an exceptional customer experience and provide the correct coverage. 2. Does your agency use waivers to show a client acknowledgment when they opt out of a recommended coverage? Not clearly documented a customer’s declination of coverage is the easiest way to find yourself struggling to defend an E&O claim. They would have purchased the coverage if you would have offered! Signed waivers or written follow ups are key for a solid defense. Do not relay on “notes” in the system. Get it in writing from the customer. 3. How do staff communicate changes to a customer’s policy? Your customer asked you to find better pricing, so you had to shop the policy and move it to a new carrier. Does the customer understand the changes in coverage terms and conditions? Do not assume that individuals who are not insurance professionals understand the terminology of the industry! We love insurance, but not everyone is like us.
