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A form of excess of loss reinsurance which, subject to a stated limit, pays the ceding company in excess of a specified retention for the accumulation of losses that result from an occurrence or series of occurrences from one or more disasters. Catastrophe contracts can be written on an annual aggregate deductible basis whereby protection is afforded for losses over a certain amount for each loss (the attachment point) in excess of a second amount in the aggregate for all losses (otherwise recoverable but for the aggregate deductible) in all catastrophes occurring during a period of time (usually one year).
Insurance Industry News from ProgramBusiness.comTop Performer Characteristics
One of the most common mistakes in hiring is looking for "potential" rather than "ability". And, trust me, there is a huge difference.
Your next Top Producer should have the potential to develop additional skills. However, what you need is someone to start on day one with a defined skill-set that is proven to produce. Here are some key characteristics to look for in your next Top Producer.
Flexibility to Grow
Does your next Top Producer have the ability to grow in their job? The question is not, "Do they have the potential to grow?", but "Do they demonstrate a commitment to personal growth?"
Experienced Producers are continually challenged to deal with the reality that the industry they knew 20 years ago is collapsing around them. Every member of your staff must be able to learn, change and adapt as our industry continues to adjust to 21st century ways of doing business.
Decision Making Skills
Does your next Top Producer have the ability to make decisions critical to their success in the agency? In many situations, the ability to make quick, correct decisions can be the deciding factor in closing or losing a potential sale. It is the responsibility of your Top Producers to know:
When to change sales strategy
When to move to a different product
When price is a deciding factor
An overly impulsive Producer might promise unrealistic service, inappropriately comment on competition or even act in an unprofessional manner - and any one of these decisions could potentially cost the agency a sale or a customer.
Attention to Detail
Does your next Top Producer have the ability and discipline to avoid the "It's not my job" excuse and provide the CSRs with the detail they need to do their job? In spite of a common belief that Producers cannot or should not be responsible for detail work, it is a necessity of doing business.
Organization and Time Management Skills
Does your next Top Producer have the ability to manage their own life and work day so that the agency gets the full benefit of their efforts? Many Producers are so "easy going" that play is more important than managing their day.
Does your next Top Producer have the ability to effectively communicate with your staff? This includes listening skills as well as the ability to clearly and respectfully communicate their needs to the CSRs.
Ted Baker is the President of Advanced Automation. As a frequent conference speaker, author and consultant, Ted and his team have worked with over 2,000 independent agencies in the past 17 years in various areas of agency management and development. Ted can be contacted by e-mail at Ted Baker.
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