NU Launches Award For 'Agency Of The Year'
By Sam Friedman, NU Editor-In-Chief
NU Online News Service, Feb. 25, 4:00 p.m. EST–For most independent agents, getting coverage for clients during the soft market was almost like shooting fish in a barrel. An agent's quest rarely focused on whether insurance was available, but instead on how low a price, how high a limit, or how broad a policy an agent could secure.
It's an entirely different ballgame today, however, as agents are finding it increasingly difficult to keep premiums down, limits up, and coverage from shrinking. Commercial buyers need their agents more than ever to help them navigate the hardening insurance market, or to explore alternative risk-transfer options if the traditional market is no longer viable.
How are independent agents helping clients cope with the hard market? Are they making risks more attractive and easier to shop by providing or arranging for loss control services? Have they put together a pool for buyers, formed a rent-a-captive, struck a group deal with a managing general agent, or clustered with other agencies to increase their leverage with insurers?
The most creative and resourceful innovators in the independent agency system will be recognized this fall by National Underwriter, which is launching a "Commercial Insurance Agency of the Year Award." The award will spotlight five agencies that have done an outstanding job servicing their commercial lines clients this year.
Members of the winning agency will appear on the cover and be profiled in the Sept. 23 edition of NU, along with capsule profiles of the four runners-up.
The winner will receive their award during the Independent Insurance Agents of America annual meeting, to be held in New Orleans from Sept. 21-24. A principal from the winning agency and one guest will receive free roundtrip airfare, hotel accommodations for three nights, and complimentary registration for the IIAA conference.
The award program is open to principals of independent agencies in the United States. Those wishing to enter must fill out an entry form available online via NationalUnderwriter.com. Entries must include the agency's promotional brochure, a sample proposal for a new prospect or renewal account, as well as letters of reference from commercial clients.
In addition, entrants must also describe, in no more than 750 words, "How My Agency Is Helping Commercial Clients Survive The Hard Market," which should detail:
? Innovative use of traditional, specialty, excess and surplus, and/or alternative markets.
? Demonstrations of outstanding customer service in risk management, loss control, employee benefits, tech support, and/or claims.
? Introduction of new risk financing ideas, solutions, applications or techniques.
? Creative responses to the risk management and coverage challenges posed by emerging risks, such as terrorism, employment practices liability, ergonomic exposures, environmental hazards, international liabilities, and cyberrisks.
For more information on how to enter the award program, go to NationalUnderwriter.com, and click on the "NU Commercial Insurance Agency of the Year" icon. Entries must be received by June 10, 2002.
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