Utilizing Your Underwriter to the Fullest

Try the following five strategies to utilize your underwriter and field marketing specialist to the fullest:

Strategy #1 – Competitive Landscape

Your underwriter and field marketing specialist have a firm grasp on the strengths and weaknesses of your competition.  Their competitive analysis will enable you to gain insights on your competitors:

  • Strategies to acquire and retain business
  • Value-added services
  • Strengths and weaknesses

Strategy #2 – Pipeline Development

Like you, underwriters and field marketing specialists have aggressive goals.  As a trusted business partner, they are often willing to share their marketing plans including specific accounts that they covet.  Underwriters often have vast knowledge of their market and can pinpoint “best-in-class” opportunities.

Don’t underestimate the amount of data in underwriting files.  It includes, but is not limited to, risk control surveys, historical premium and claims information, as well as operational overviews.

Strategy #3 – Ideal Client Profile Development

Your underwriter and field marketing specialist will serve as an invaluable resource in helping you gain a clear picture of your ideal prospect through one or more of the following strategies:

  • Industry and product knowledge
  • Where to spend your time to gain knowledge
  • Competitive landscape
  • Risk and claims issues
  • Specific prospects who fit the profile

Strategy #4 – Risk Analytics

Today’s astute consumer is expecting you to serve as a “risk strategist.”  It is a given that you are able to identify, prioritize, measure, and mitigate their risks.  That being said, your underwriter and field marketing specialist can arm you with technical know-how including white papers, case studies, and risk maps.  Don’t be surprised if they bring in risk control and claims specialists to aid the process of risk analytics.

Strategy #5 – Mutual Accountability

In a symbiotic relationship, your underwriter and field marketing specialist will help you win and retain more business.  They will also help you solve problems.

Mutual accountability means that you, your underwriter, and field marketing specialist are committed to building long-term relationships – with each other and with the insureds.  You each understand the need to support the other’s goals, and you are willing to work toward a common objective – protecting your clients’ assets.

Try implementing these four steps to improving performance and accountability:

  1. Measure.  Establish performance goals for yourself and for your carrier team.  Then take ownership of tasks.  It’s important to know who is responsible for the result, and that your plans are clear, collaborative, and agreed upon by both parties.
  2. Appraise. Periodically throughout the year, assess both parties’ progress against the agreed-upon goals. 
  3. Action.  Move through each day with a sense of confidence that your performance is appreciated and supported by your underwriter.  As you execute your plan, your underwriter will also execute his or hers.
  4. Monitor.  Document your progress and share it with your underwriter and field marketing specialist.  This enhances support and collaboration.

When mutual accountability emerges, it increases productivity and propels you, your underwriter, and field marketing specialist to grow more profitable.

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