Effective communication. So much depends on it, especially for insurance professionals.
For agents and brokers, building new personal relationships every day is essential to acquiring new business. Maintaining those relationships, holding on to those clients, is equally important.
The biggest obstacle to maintaining communications is, of course, time, and modern methods of communication do little to screen out the noise and help us distinguish between what's best for our business and what is not. That comes from insight — and experience.
As editor-in-chief of National Underwriter Property & Casualty, I have to ensure that we're tackling the right topics that matter to you, our readership. It's critically important to make certain that our value proposition to you is solid; that we provide you the best intel on the markets that provide the most opportunity; that we keep you abreast of the latest technology to empower producers; that we offer actionable advice on selling from successful, veteran agents; and that editorially, we speak directly to the concerns of independent agents and brokers.
Everyone in this business is busy selling. I get that. Yet there's often an invisible wall that seems to exist between a trade journal and its audience, some kind of silent implication that for whatever reason, the journalists at NU, especially its editor, are too busy or would not want to hear from you — that we wouldn't want to hear about what's on your mind, what your concerns are, or the issues that affect you most.
Only we do. I want to smash that wall with a bulldozer, and I need your assistance.
My e-mail address is noted at the end of this column. Reach out. I want to hear your concerns.
For example, I want to know: Are you optimistic about the future of the P&C business? A recent Vertafore/Aite Group study reports that optimism among independent P&C agencies is down by eight points year over year, a sentiment driven primarily by midsize to large agencies — those with revenue of $1 million or more, and only half of which felt as positive in 2015 about the future success of their agencies than they did a year ago.
Is that true for you? Are you feeling less optimistic going into 2016 than you did last year? If so, why? Revenue for both commercial and personal lines is positive, according to Vertafore, with only 5% of agencies reporting a loss. Yet the reporter in me wonders (and I'm implying no disrespect whatsoever here to Vertafore's data or its methodology), are some of the agencies that have taken a hit being honest when reporting their numbers in surveys like this one? Are losses more widespread than some principals would admit?
Is your agency more concerned about retaining existing clients, rather than acquiring new business? The number of respondents who said they were looking to aggressively grow their business fell by 13 percentage points this year, with many agencies saying they are instead focused on working toward moderate growth. Seven percent more people than last year said they are working to maintain current sales levels. Where does your agency stand on this? What are the factors that drive this shift in strategy for you?
I'll let you in on a secret: We have plans in the works for 2016 to execute the most comprehensive agent and broker survey ever attempted by a trade journal. Your responses, along with your communications with me and my staff, will help facilitate that goal, and help shine a light on the issues that directly affect your business.
In the meantime, let's you and I break down the wall and talk. I look forward to hearing your thoughts.
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. He can be reached at smoynihan@sbmedia.com.
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