Remember , effective risk management is an ongoing process that requires continuous evaluation , adaptation , and collaboration with your carrier partners . By implementing these strategies , you can navigate the dynamic insurance landscape with confidence and set your agency up for long-term success . •
to your policies positions you to instantly pull a report to plan your re-marketing strategy for affected clients .
Takeaway : Carrier appetite guides are great for reference , but having accurate data in your AMS can give you a more accurate appetite guide from your client base . Seeing which carriers write which types of policies for your client base can also give you guidance on which other carriers to approach if one changes their underwriting guidelines .
Having the ability to pull this report also positions you to respond quickly when receiving a communication from a carrier they are no longer writing a certain line of business or even geographic area .
In the agencies I worked for , it was a regular occurrence to analyze the book of business due to a carrier changing their program , exiting a territory , or even terminating a contract . However , having the data available turned a potentially disastrous situation into a manageable process .
To summarize , managing risks within your insurance agency ’ s book of business requires a proactive and strategic approach .
By aligning with multiple partner carriers , focusing on the right markets , and maintaining good AMS data , you can minimize risks , enhance profitability , and deliver even more exceptional service to your clients .
Remember , effective risk management is an ongoing process that requires continuous evaluation , adaptation , and collaboration with your carrier partners . By implementing these strategies , you can navigate the dynamic insurance landscape with confidence and set your agency up for long-term success . •
Colby Allen has over 10 years of experience working in analytics for insurance agencies and carriers . He ’ s worked with hundreds of producers on understanding the data within their book of business for growth and profitability .
42 KANSAS INSURANCE AGENT & BROKER