Today's carrier marketplace is quite diverse. While diversity among carriers provides agencies with opportunities to build a strong stable of carriers, it also requires them to more carefully investigate their carriers. Neglecting to do so can open the door to failure.
Some companies, even prominent ones, focus intently on growth and seem unconcerned with profitability. Many agency owners working with such companies become frustrated because their agencies can deliver profitability, but not the significant growth the companies demand. Some agency owners spend a lot of time and energy trying to explain the advantages of their profitable books, but to no avail. If you want to do business with a company that values growth over profitability, consider the following:
–According to A.M. Best, fast growth is the second-leading cause of carrier insolvency. Will a rapidly growing company be stable enough to meet the needs of your agency and its customers?
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