AGENCY/PH 2 - roles and responsibilities of an marketing and sales representative, the participant will apply that knowledge to support the insurance company and create a successful companyͲagency relationship

Roles and Responsibilities of a Marketing and Sales Representative

1-Meet Production and Financial Objectives 2-Territory Analysis and Management 3-develop and Manage Agency Relationships 4-Evaluation of Agencies 5-When Necessary,Recommends Rehabilitation 6-When Needed,Recommends Termination

Roles & Responsibilities of a Marketing and Sales Rep - Develop & Manage Agency Relationship

1. Agency assignments - appoints qualified agents a. Appointment process b. Manage agency contacts/agreements c. Assists agencies with appointment process 2. Maintain agency relationships 3. Liaison between the insurance co and agency 4. Assists with book rollovers

Roles and Responsibilities of a Marketing and Sales Representative-Territory Analysis and Management

1. Analyze performance of the territory 2. Gathers data & info on trends to stay competitive - conducts agency surveys/producer profiles 3. Evaluates number of appointments (review existing agencies in territory & determine appropriate number of agencies needed)

Roles & Responsibilities of a Marketing and Sales Rep - Meet Production & Financial Objectives

1. How to sell the products - features & benefits; differentiate from competition 2. Leads and conducts the agency management process for assigned territory to meet financial goals and objective 3. Coordinates and facilitates the relationship between the agency and all insurance company departments, esp. with underwriting which pays a critical role in meeting objectives 4. Works with the agent to address customer acquisition and retention 5. Accountable for driving growth

Roles & Responsibilities of a Marketing and Sales Rep - -When Necessary, Recommends Rehabilitation

1. Production - identifies shortfall (cause of the issue); help agents identify new source of business; offer sales and marketing assistance, financial incentives, new target markets, etc. 2 Loss Ratio - re-underwrites all or portion of agent's book; identifies factors that contribute to poor loss ratio; investigates ways to prevent future claims trends •3Retention - determines where lost business is going; polls lost insureds as to why they left agency

Roles & Responsibilities of a Marketing and Sales Rep - Evaluation of Agencies

1. Usually a result of agency review process a. Formal and informal b. Held at least annually; sometimes semiͲannually 2. Benefits and services may vary based upon the ranking of the agency a. Preferred agents often get better financial rewards b. Preferential treatment by underwriting, customer service, and other departments

An insurance company's expectation of an agency is for the agency's track record to indicate

Profitable growth High retention ratio, Low loss ratio

Roles & Responsibilities of a Marketing and Sales Rep -When Needed, Recommends Termination

When rehabilitation attempts have failed; follow language in contract