The cardinal rules of feedback

A few tips gleaned from our feedback:

Don't take your agents for granted. They have other carriers to choose from. J.D. Power says that on average, agents maintain relationships with eight carriers for personal lines and 11 for commercial lines.
Don't think you know it all. Don't stop looking to improve, and remember that some of the best ideas come from the field.
Make it easier to do business with you, especially when it comes to underwriting. A fast, streamlined underwriting process that delivers quick answers is a leading priority for agents.
Nurture a culture of trust and mutual respect. Agents will see right through you if all you do is pay lip service to their comments and suggestions. Show them you are serious about feedback. You can do that by following up and then informing them about improvements and enhancements you've made.
Recognize agents. At a bare minimum, thank agents for bringing up an issue and contributing to your business. Use emails and newsletters to keep your agents informed about changes that originated from their suggestions.

How feedback makes a difference

Agent feedback can result in dramatic improvements in your processes and products — if you take the time to listen and act on your agents' suggestions. I'll just mention three from our experience:

Change order endorsement. Thanks to producer input, this optional coverage automatically insures a homeowner's upgrade that adds value to their home. This way, agents don't have to worry that their client's insurance to value may be too low. Policyholders can select a range of percentage increases, say 10%, 15% or 20% that adjust the policy's limits if they purchase upgrades such as wood flooring, designer cabinets or custom tile.
Insurance applications. Input from agents led us to create a streamlined, express application system for simpler, more routine residential coverages. Agents can quickly complete a six-question application and get coverage of up to $500,000 in just a few minutes.
Process improvements. Agent suggestions have led to reductions in the time it takes to complete a process. A good example is the time it took to provide us with a copy of a blueprint. We've now made it possible for agents to upload these types of documents on our website. Another important process change that came from agent feedback is the ability to change the factors in a quote (such as the deductible and limits) and compare them online.

As J.D. Power says, "Satisfied agents are more likely to recommend an insurer to their clients." A key ingredient of satisfaction is a two-way relationship between the agent and the insurer in which honest and genuine feedback is valued — and that results in action, not just empty talk. What better way to achieve that than with a formal agent feedback program?

Special Reports /

Why agent feedback is essential for insurers

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