FEATURE
“... if you don ’ t understand the nuances and issues of
a specialty line , you are likely to put yourself and your agency at a great risk .”
WHY DO YOU FEEL IT ’ S IMPORTANT TO BUILD COMMERCIAL LINES SPECIALTIES AND EXPERTISE AS AN INDEPENDENT AGENCY ?
Tim : We specialize in aviation insurance . Every line of insurance has very specific issues with required insurance and industry knowledge . Given the nature of the aviation industry , aviation insurance has a higher need for specialization . each of those situations which led to the agency we ’ ve built today .
HOW HAS YOUR BACKGROUND AND / OR AGENCY CULTURE GUIDED YOUR COMMERCIAL BOOK OF BUSINESS ?
Tim : I have been a learner for many years . The adage of “ a reader is a leader ” is something I ’ ve taken to heart and experienced to be true .
I make investing in my growth and education , and that of our team , which is a key foundation of our company . Through these efforts , along with life and business lessons , I ’ ve learned to be a stronger leader , to build a better organization , and utilize some of the best methods and tools available to help grow the agency .
While it has many similarities to other P & C lines of business , it has considerably more differences and larger exposures than others .
Specializing in specific commercial lines niche can be critical to agency growth and customer service for several reasons . From a service , and quality management perspective , if you don ’ t understand the nuances and issues of a specialty line , you are likely to put yourself and your agency at a great risk for Errors & Omissions ( E & O ) exposures . You also won ’ t be able to provide the customer with the expertise their business needs .
The other side of the conversation is related to sales . When you niche into key specialties you develop relationships , knowledge , and referral partners in your niche which are critical for growth . The more specialized your knowledge and relationships in a niche , the more you set yourself apart from your competition . With key relationships , and knowledge
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